One of my clients sent me this email today
Hello Russ
Right now everything is great. I would like to pick your brain a bit actually. We are looking to do some home improvements in the early spring. We are realistic about not living there forever. In fact, I see us moving in the next five years. I wonder if you have any insight on how to most effectively prioritize home improvement projects projects based on return in value. Right now it seems on zillow (I don't know how much I trust it) our home is being valued between 102k and 103K depending on the day. That seems to be higher than similar homes in the area. I also want don't want to price ourselves out of the market. Here are the projects we had in mind.
-Main upstairs bathroom (new tub with shower fixtures, tile floor, vessel sink and vanity while moving door flush with the hall way adding two more feet to the restroom and storage space inside the bathroom.)
-Stoop and concrete patio off of the back door to replace crumbling steps. About 10 by 12 to 12 by 14.
-replace sidding, door and roof of garage. (at one time we were thinking about putting in a two car garage but I'm not sure we would get the money out of the additional work.)
-Tile kitchen floor to replace poorly installed pergo.
-Redo front stoop as some brick is crumbling.
We already replaced the gutters and painted the whole house interior. Also did minor things to have more concessive hardware for the plugs and switch plates. Again any insight would be appreciated.
Here was my response:
I am glad you both are doing well.
The front and back porch and garage roof are more or less maintenance items that you need to do. But my thoughts are on where the Michigan real estate market is headed.... it is going to be the same in five years. I think the Michigan real estate market is going to go up very little in the next five years. The banks and lenders are just too stingy with appraisals for home values to rise much. When the banks let loose then home values will rise.
My opinion is to do what you get pleasure out of and what you and Katie will enjoy. As to get the money back out, there are no guarantees at this time. I honestly don't think you will get the dollars spent back out of the house. So many people don't do any repairs or updating until they sell their home. They miss out on enjoying the updates or repairs. I think there is a "good feeling" when you get a project completed. It makes the wife happy and you are getting to enjoy your home.
There are always other things to do with the money! But an updated and well maintained home will sell quicker and for more money than a home that is just "average". So it is hard to tell you how much money to invest into the home.
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