How much $ have you put into your house
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
Wow, that's an assumption :p. Lots of reasons for this information. I come here since I can get real information on what to expect when it comes to real-estate and prices for services within the local area. As you point out, it does depend on where you live, and this place can be a good resource getting a lay of the land. Getting what Houzz or Angi or whatever says the ballpark costs are for X renovation...they use nationwide surveys that include LCOL areas. The only way to get real apples to apples comps is to get estimates, but lately it's been a pain to even get someone to come to your house, much less write up a quote, so that's why people ask these questions. IME, Trades in this area seem hyper-expensive. There's a lot of people with tons of $$$ to put in renovations, and combined with a shortage of skilled tradespeople, it seems every estimate we get is like double the "top" range of what Angi or Houzz say. We make a modest income for the area, but can't afford to pay the premiums even for much needed work on the house. Plus the issues with contractors that others have mentioned, we really can't afford elective renovations at this point. But if you need a datapoint, we bought for $385K nearly 7 years ago, and have put in around $60K in capital improvements - remodeled kitchen, new roof/gutters/insulation, new electric panel, regraded/extended downspouts and 2 new egress window wells to help with drainage, hot water heater, laundry sink, and relined 3 chimneys. We have a 1,200 ranch with basement. I estimate today the house could sell for around $550K though Redfin estimates just over 600K. Maybe if we put in another 50K worth of work, which it needs haha. |
Anonymous
|
Bought in 2010 Home price: $820,000 ($400k down, $420k loan at 4.9 percent, since refinanced) Renovation: $150K Maintenance since purchase: guessing about $50K-$75K, we haven't kept close track. Current value: $1.35M |
Anonymous
Most of what your FIL did required permits - windows, roof, bathroom, deck. I hope he followed all the codes. You wouldn't likely know if he did or didn't, but whoever eventually buys her home better do serious inspections. |
Anonymous
|
Bought 3/20 390k.
Needed new hot water heater and HVAC within first 3 months $10k Had leaking bathtub in 2nd floor bath, multiple repairs $1k total Painted the 6/9 rooms in house $5-7k, they didnt use a bathroom primer in the 1st floor nor 2/enough coats in the 2nd floor bath or in the main living space so we have to redo both Dishwasher failed repair then replacement $1500k Fridge had problems, did 2 repairs to try to hold on to it, then replaced $3500k total Kitchen pipe leak under the sink, needed to replace all piping to stack $1500 Toilet rocking and we are on a slab so it needed to be re-drilled into the slab? $500? =24-25k minimum for 3 years of ownership. 8-10k per year is what we now plan for in our budget. We do the drywall and repairs so that saves us money but on our to-do list within the next year is: - bathtub resealed - attic insulation added - new door and framing -new garage door -new shed (unlikely getting done but itll just get moved to the following year) - repave the driveway Its worth 500-600k now but Im not entirely sold on home ownership to be frank |
Anonymous
He is very very highly skilled. I have never seen anything he could not fix. But his town homeowners performing “in kind repairs” require no permits. I used to do work my self years ago. My town plumbing and electrical done by homeowner directly require no permit. My FIL helped. He literally has like 50k worth of tools and massive workshop at home. My house I have currently I did work requiring a permit myself. I got permit and was a joke. Waste of money. My old town I was exempt from that |
Anonymous
|
Paid $1.2M in 2020 in Arlington (Westover/EFC area)
Approx. $40k in various upgrades like a built in bar in the dining room, converted the fireplace to gas, new windows/door in the front, etc. About to do $20k in bsmt remodeling to add more finished space. Worth approx $1.5-1.6M. |
Anonymous
|
$1.2 million in 2020
$120k - 2 bathrooms, outdoor landscaping, new roof, light refresh of kitchen It’s probably only worth $1.3 million. It’s a smaller house and probably will be worth $1.3 for a while. But my interest rate is 3% and I wouldn’t be able to buy a comparable house for $1.3 million at a rate over 5%, so I’m not complaining. Renting an equivalent place would be at least $6k a month |
Anonymous
|
Bought for $1.3M in 2016 - Mclean.
Put about $500k into renovations across the past 7 years - interior work upon purchase, new kitchen several years later, gut renovation of basement and one section of main floor several years later. House is probably worth $2M and would be worth almost that even without the renovations. I suppose it could go for more but then would be one of the more expensive in the neighborhood. Definitely makes the renovations seem like questionable expenses, but they were needed for quality of life. |
Anonymous
| Bought for $700K in 2013 in Chevy Chase, have put in $700K in renovations. Worth $1.8M now |
Anonymous
| These figures make you realize that home really aren’t great investments. That money could have done much better in the market; only makes sense if you’re highly leveraged at a low interest rate. |
Anonymous
Homes are where we live and we invest in our quality of life there. You can't measure that in dollars. |
Anonymous
|
We bought our brick rambler for $300k about 20 years ago. We've probably spent $100k on it since. That sounds like $5/year but the numbers sometimes come in large and unexpected bursts. Water heater, AC unit, roof, paint, windows, refrigerator, etc.
After all that, it's arguable that it is more worn out than when we bought it. The kitchen and baths are another 20 years older, we haven't done any additions and it looks like teenagers have been crashing around some time. |
Anonymous
How is this possible? I bought 1.22m in 2020 in McLean, put in 200k remodel. The house is max worth 1.7-1.8. |
Anonymous
|
Bought a 3/1.5 in fairfax for 540 in 2020
Put 150k in renovations worth approx 800 now |
Anonymous
| Not much, but we bought a relatively new house in good shape. We were also looking at older houses that needed more work. If we'd gotten one of them, we would have paid less upfront and paid more for improvements. |