Renovating a "shithouse"

[Anonymous]

There is almost never a return on investment on renovations, that is like personal finance 101. You can expect some percentage on the dollar but really gauge your timeline and make the place comfortable. And honestly for an older house 150k is a pretty meager price to work with especially with environmental issues of older homes. So you wil be fine, just enjoy the renovation as consumption and don't fool yourself that it is investment (thata where over improvement comes in).

[Anonymous]

I thought the phrase was shit shack not shithouse. A shithouse is an outhouse.

[Anonymous]

Anonymous wrote:There is almost never a return on investment on renovations, that is like personal finance 101. You can expect some percentage on the dollar but really gauge your timeline and make the place comfortable. And honestly for an older house 150k is a pretty meager price to work with especially with environmental issues of older homes. So you wil be fine, just enjoy the renovation as consumption and don't fool yourself that it is investment (thata where over improvement comes in).

The best ROI is on this website, nothing gives you 100% and the low end options gives you better results

And get this, the best ROI at 92.2% is... (drum roll)....

A crappy steel front door

Next is a wood deck at 83.4%

http://www.remodeling.hw.net/2013/costvsvalue/division/south-atlantic/city/washington--dc.aspx

[Anonymous]

But, but, but....we spent a ton of money on high end paver stones. Does this mean the developer is just going to dig them up when they knock this shitter down? Lawdy, what to do?

[Anonymous]

Anonymous wrote:

Anonymous wrote: There are plenty of people who can't even afford a "shithouse."

OP here. No, I know that. I don't *really* think it's a shithouse. I'm just using that term because I know people on this board use it to refer to a small old house.

I think people replying here are getting hung up on the money and sq. ft. But my original point was just: here we are, spending all this money trying to make this old house look nice. I'm just worried that I still won't be happy with it at the end of the project. It's the best we can do with limited resources but it's not what I would choose if things were different, kwim? Like, we will we regret not moving to a further out suburb for a bigger, newer house? I'm just wondering if anyone else is in a similar situation and what you think of it?

I am in the same boat. We chose an uglier, smaller house closer in over a bigger, more traditional house outside the beltway. Our reno budget is smaller, but I feel good about it because I know that my house is going to appreciate and will sell when the time comes. The houses that we looked at outside the beltway don't sell quickly and, according to tax and sale records, don't appreciate nearly at the rate in our current neighborhood. It's a less risky investment and if I feel that I need more space, I'll have the option to sell without taking a loss. In the meantime, I'm enjoying the perks of being close-in and getting to know neighbors who share my values in that regard.

[Anonymous]

Anonymous wrote:But, but, but....we spent a ton of money on high end paver stones. Does this mean the developer is just going to dig them up when they knock this shitter down? Lawdy, what to do?

Honestly do dig them up and sell them on Craigslist or have someone dig them up by posting on freecycle. Same with landscaping. If the builder allows it (and many do) you can cannibalize the house for fun and profit

[Anonymous]

Anonymous wrote:I'd be thrilled with that size house.

+1.

I currently live with my husband and two kids, in a 1350 sq foot DC row house built in 1890 in a part of the city that is wonderfully convenient and really a lovely neighborhood that has terrible schools. 2500 sq foot sounds positively palatial. For me a "small, old" house is perfect.

[Anonymous]

Anonymous wrote:

Anonymous wrote: There are plenty of people who can't even afford a "shithouse."

OP here. No, I know that. I don't *really* think it's a shithouse. I'm just using that term because I know people on this board use it to refer to a small old house.

I think people replying here are getting hung up on the money and sq. ft. But my original point was just: here we are, spending all this money trying to make this old house look nice. I'm just worried that I still won't be happy with it at the end of the project. It's the best we can do with limited resources but it's not what I would choose if things were different, kwim? Like, we will we regret not moving to a further out suburb for a bigger, newer house? I'm just wondering if anyone else is in a similar situation and what you think of it?

You seem to be making an assumption that a newer house will be "better". Many people do not feel that way. I grew up in a house that was 400 years old. My house now is only 120 years old. It is not "better" simply because it is "newer". Personally I rarely see a house built after 1950 that I'd be interested in living in. Most modern housing stock has very uninteresting architectural details and frankly they are not build as well.

[Anonymous]

you might want to talk to a good architect. $150k is pretty decent reno budget and they may be able to do something to alter the look of your exterior, as well.