Anonymous
12/05/2011 11:45
Subject: Re:convincing my husband to invest money in our kitchen and finishing the basement
We recently did both these things in the last year. While I'm sure it will help in resale, the motivation was our quality of life, not investment. We had a small but functional and nice kitchen, but it was too dark for my taste and too small. We expanded it and now have a beautiful open, sunny kitchen. We decided if we were going to do it that we'd be in the house for at least 10 years. It was time consuming to start with our "vision" and then pare it down based on what we could afford (we first considered a two story addition - uh, no, can't afford that) and worked with a design build firm who was very patient at showing us different options.
It has totally changed our home and was 100% worth it. As for the basement, we had a largely finished basement but my husband and dad did a major overhaul - ripped up carpet that had been damp too many times and laid down flooring, sectioned off a portion for a nice office/guest room, painted it, etc. Also gave us so much more space and has improved our life in the house.
I would suggestion doing some research on kitchen renovation companies, and start meeting with folks to see what is doable in your budget.
It has totally changed our home and was 100% worth it. As for the basement, we had a largely finished basement but my husband and dad did a major overhaul - ripped up carpet that had been damp too many times and laid down flooring, sectioned off a portion for a nice office/guest room, painted it, etc. Also gave us so much more space and has improved our life in the house.
I would suggestion doing some research on kitchen renovation companies, and start meeting with folks to see what is doable in your budget.
Anonymous
12/05/2011 11:14
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Tell him you'll compromise -- do the kitchen or the basement but not both. Leave the undone project for later.
Anonymous
12/05/2011 10:23
Subject: Re:convincing my husband to invest money in our kitchen and finishing the basement
Anonymous wrote:If you do anything, the kitchen is a good bet. But I'd have to be the nay-sayer to argue that right now, renovations probably aren't going to give you a lot of resale value. Most people get a 70% return on investment, but in this market with leveling of home values it won't add much to the bottom line.
The finished basement - will give you even less return. Even IF a basement is finished it isn't included in the total square footage, so its more of an 'added bonus.' Finishing a basement can be really expensive too ($100,000 easily) so you have to decide if its really worth it.
How long have you been in your home? Another option would be to sell your house and upgrade if you have some equity because that would also be a little less stressful than doing renovations.
A finished basement will help a house to sell faster. Also, $100K for a basement is on the high side. A lot depends on what is already there. If you already have a concrete floor, wiring, and plumbing, you are really looking to spend money only for insulation and finishing (carpet, drywall, paint, maybe new sink and toilet). However, if your basement is totally unfinished, e.g., dirt floor that needs to be dug out to make the ceiling tall enough, you are talking a lot more $$$.
Anonymous
12/05/2011 09:42
Subject: Re:convincing my husband to invest money in our kitchen and finishing the basement
Anonymous wrote:If you do anything, the kitchen is a good bet. But I'd have to be the nay-sayer to argue that right now, renovations probably aren't going to give you a lot of resale value. Most people get a 70% return on investment, but in this market with leveling of home values it won't add much to the bottom line.
The finished basement - will give you even less return. Even IF a basement is finished it isn't included in the total square footage, so its more of an 'added bonus.' Finishing a basement can be really expensive too ($100,000 easily) so you have to decide if its really worth it.
How long have you been in your home? Another option would be to sell your house and upgrade if you have some equity because that would also be a little less stressful than doing renovations.
I am the pp who recently did the basement. We spent 11k. Definitely worth 11k to us.
Anonymous
12/05/2011 09:35
Subject: Re:convincing my husband to invest money in our kitchen and finishing the basement
If you do anything, the kitchen is a good bet. But I'd have to be the nay-sayer to argue that right now, renovations probably aren't going to give you a lot of resale value. Most people get a 70% return on investment, but in this market with leveling of home values it won't add much to the bottom line.
The finished basement - will give you even less return. Even IF a basement is finished it isn't included in the total square footage, so its more of an 'added bonus.' Finishing a basement can be really expensive too ($100,000 easily) so you have to decide if its really worth it.
How long have you been in your home? Another option would be to sell your house and upgrade if you have some equity because that would also be a little less stressful than doing renovations.
The finished basement - will give you even less return. Even IF a basement is finished it isn't included in the total square footage, so its more of an 'added bonus.' Finishing a basement can be really expensive too ($100,000 easily) so you have to decide if its really worth it.
How long have you been in your home? Another option would be to sell your house and upgrade if you have some equity because that would also be a little less stressful than doing renovations.
Anonymous
12/04/2011 22:50
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Anonymous wrote:Definitely worth it to renovate the basement. We just did that and it was very satisfying to gain additional space for much less than an addition.
Not the OP, but we have also been thinking about a basement remodel. A fair number of our neighbors have done this, but from talking to them, it doesn't sound like they really use the space as much as they imagined they would when they were in the planning process. Our basement is not a walkout and to be honest, I just don't like the feeling of not being able to look out the window. So while it sounds great to have an additional family room down there, I just don't know how much use it would actually get.
On the one hand, I feel as though we should finish it because so many other houses in our neighborhood have finished basements, but on the other hand, I'd hate to spend that much money for a space we would use only occasionally. Would it hurt us that much at resale not to have that space finished?
Anonymous
12/04/2011 21:55
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Definitely worth it to renovate the basement. We just did that and it was very satisfying to gain additional space for much less than an addition.
Anonymous
12/04/2011 20:30
Subject: convincing my husband to invest money in our kitchen and finishing the basement
I'd also be thinking about your neighborhood and how the renovations would affect your house's place in it. If it's a very small house in a neighborhood where rebuilds are happening, it could be a waste of money. If the renovations make the house the most expensive on the block, it could be a waste of money. On the other hand, if you're suggesting changes similar to those in other houses nearby, the renovation may be more worthwhile.
Anonymous
12/04/2011 20:11
Subject: convincing my husband to invest money in our kitchen and finishing the basement
OP, having been somewhere near your shoes, I'd suggest the following - start researching costs. Kitchens get expensive very quickly, and I say this as someone who has a teensy tiny ancient kitchen. Gardenweb's Kitchen forum is great for info, although I get the sense that these are mostly women in other parts of the country where real estate is very different than here. Then talk your husband through the pros and cons - energy savings, better home value, etc. What finally sold my husband was the mouse who came to live in our kitchen last winter - we finally got rid of him, but it horrified my husband enough that he realized it was time. Unfortunately I promised him I could make it happen for about half what it will ultimately cost to do a mid-range remodel, which is why I'd advocate getting your numbers right first. It's not hard to spend $30k on a small kitchen without doing a lot.
Anonymous
12/04/2011 19:36
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Remind your husband that just because he thinks the kitchen is fine, doesn't mean potential buyers will agree. In general (yes, I'm stereotyping) it's going to be the woman who decides whether or not she can live with your kitchen, so he would be smart to listen to a woman's opinion on whether or not it needs to be renovated. Maybe get him to watch a few of those real estate shows on HG, where people are trying to sell their houses. He should learn pretty quickly that kitchens and baths are what sell homes (or cause them not to sell). Ask how he would feel if he ended up having to spend thousands of dollars on kitchen renovations just so your family could move. I'd be seriously pi$$ed if I had to shell out that kind of money on upgrades I'd never even get to enjoy. This is the argument that won over my husband when we did our kitchen reno this summer.
Good luck!
Good luck!
Anonymous
12/04/2011 19:12
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Anonymous wrote: I think we should do modest improvements now and enjoy them for 5-7 years[\quote]
I think this is the key. My mom would say when you fix up your home to sell, you don't get the full amount back of that kitchen or basement so better you do it earlier and get to enjoy it. I'm surprised your spouse doesn't want the finished basement. When kids come to visit, they love to head to the basement. When not a kids playground, it is espn/sports on the weekend. Would the vision of a nice tv at the end of the tunnel tempt him?ndonyou have relatives visit and have the possibility of a guest room down there? Could you get him to agree if you could do it within a certain budget? The kitchen may be a tougher sell if he thinks things are fine. Basement has the kids, man-cave, office, possible guest room, large screen tv - something for everyone. The kitchen primarily impacts the person cooking and washing dishes. If you are the primary cook, maybe you can work the angles of preparing family meals and improving that experience.
Anonymous
12/04/2011 17:42
Subject: convincing my husband to invest money in our kitchen and finishing the basement
I think you need to rename your subject: "convincing my husband to SPEND money in our kitchen and finishing the basement."
Anonymous
12/04/2011 17:20
Subject: convincing my husband to invest money in our kitchen and finishing the basement
You will never, ever recoup 100% of the costs of a reno in resale. No, not even for the kitchen. The stats are pretty clear on this. I agree with the pp. You need to figure out a budget-friendly way to do it, and focus on what YOU want and need to have functional space. Forget resale.
Anonymous
12/04/2011 16:15
Subject: convincing my husband to invest money in our kitchen and finishing the basement
Can you do some research on ways to do some improvements in a cost effective way? For example, you could look into Ikea cabinets or Cabinets To Go. Or maybe you could update the cabinets by painting them and maybe put in a less expensive granite for the counters.
Maybe if your husband saw that you could update the look of your kitchen without spending $40,000, he might be more comfortable with the idea.
Maybe if your husband saw that you could update the look of your kitchen without spending $40,000, he might be more comfortable with the idea.
Anonymous
12/04/2011 15:06
Subject: convincing my husband to invest money in our kitchen and finishing the basement
We live in a very small home with not much space. We have a kitchen that badly needs renovation -- not much usable storage space, terrible lighting, counters that are too high for me, etc. And if the basement were finished, that would provide some much needed space for kids to play and me to have my own desk. We are going to stay here at least 5-7 more years. I think we are going to have to do the kitchen renovation to get a decent price on resale anyway. I think we should do modest improvements now and enjoy them for 5-7 years. How can I convince my husband? Would it help to consult with a real estate agent on strategies for resale even though we don't plan to sell anytime soon? We are not rolling in money, but we do have enough cash to pay for modest renovations without a loan and without dipping into emergency savings. DH doesn't think we need the space and that the kitchen is fine. I am no prima donna but I think a little investment would greatly improve our quality of life and add much needed storage space. DH doesn't have the final say--we decide jointly--but since we must agree on major purchases, his veto prevails.
Thanks!
Thanks!