We live in the Greenwood Forest neighborhood (FM1960 & Champions Forest Dr). Our house was built in 1972 and much hasn't changed. We did remodel our bathrooms last year and want to continue updating the rest of the house. Our house is a one story, 4 bed, 2.5 bath @ 2,462 SF.
We also considered buying a bigger place because the market is ripe for the picking. There are some awesome houses we found for the price....but the same houses also need updating to fit our needs. Do we get a bigger place and spend more money updating it or do we stay where we're at and spend a lot of money making the house the way we want it? That's the tough question.
My wife (Michelle) and I have 5 year old twins (boy-Joshua/girl-Sadee), a 2 year old daughter (Morgan). The girls share a room, and our son (Joshua) has a room. The third room is my dedicated office for the photography business and the four room is our master bedroom. We use the 'formal' living room as a second office for Michelle and a play room for the kids. Sometime next year we might try for another baby and in a few years Sadee will need her own room. So, that means we are in need of two more rooms.
Quote:
Originally Posted by d2creative |
Thanks Dennis. Those to links look promising.
Quote:
Originally Posted by tc95 Sonny....I would first determine if it is advantageous to remodel your home...if you put 40K to 50K in it...in this economy and the way the housing prices are in flux for most of houston..you might end up on the loosing side of this...unless you stay in the house for about 10 years....If you are in one of the area's that still has a good turn-over of used homes I would contact a local realtor and find out what the market is for your home...and from that consider a 5% to 6% appreciation...per year...and see if a re-model is worth it....most of the time when I have clients call...we go thru this and find out that it is risky...if they need to sell in the near future...(but sometimes it is more than worth it...)...just look at the numbers...first...you can also use www.Zillow.com helpful with letting you know what has sold recently so you can figure out price per square foot...(appraisers hate this...but has saved me and a client more than a few times)...
Sorry don't mean to stear you away from doing this...just would hate to see someone dump too much money into a home... |
If we remodel, then that means we'll live here for a very long time. Other than needing more space, we have no reason to move. I'm only 18 minutes from work. All our family is within 10 miles and we love the area.
Quote:
Originally Posted by d2creative Also depends what you are remodeling. Do the kitchen and you could most likely sell tomorrow and get 100% of your investment back. Also depends where you live. We are in spring branch and could make back every cent we've put into the home. We're lucky to live in one of the better real estate areas. Couldn't of said that for our previous home in Cypress. |
The one big advantage we have...one story homes in our neighborhood are in big demand. We're surrounded by huge houses and older people ready to retire and downsize.