My wife and I have outgrown our current house. By all accounts it is a great house, we just need more space and outgrown the area. It is a three story, 5 bed, 2 bath, single family home just outside of Boston.
We do have a disagreement on how to move forward to selling it though. We have done a fair amount of work and up keep while we have lived here, such as put in a brand new backyard with irrigation, new water heater, refreshed rooms and bathrooms. We both agree on the common touch ups before selling like new paint, sand and refinish our hardwood floors that have a few years of dog scratches in them. Where we diverge is doing some additional renovations before we attempt to sell.
My wife is convinced we need to add an addition to the house so we can put a bathroom on first floor (we have one on the second floor and one on the third floor) and refinish our basement (standard unfinished New England basement, the floor is pretty uneven and could do with a better sump pump) or the house wouldn't sell. I'm struggling to see how this might be a good ROI for us.
We will already be taking a worse interest rate on our new home (bought right after covid before things skyrocketed) and think it would be worth putting the $100-150k in renovations into the down payment, or additional renovations for our new home. We also live in a pretty desirable area for a single family home, especially one with a yard and a 2-3 car driveway (depending on your car size), so I think it will sell fast regardless. Selfishly, it would also be nice to skip dealing with contractors to do a renovation of this scale.
What do you all think? This is our first home and first time selling one, so we are inexperienced and appreciate any advice! Thank you!
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1slb8wk/is_a_major_renovation_worth_it_before_selling/
Comments
Post a Comment