When/how do you decide to do home renovations?

**disneysteve** · 12-14-2008, 10:39 AM

Heck, I wished my house looked like 1992. That would be an improvement.

Personally, my wife and I struggle with this a little. I am not at all interested in decor. As long as things are clean and functional, that's fine with me. She would like to update things but I see no reason to spend the money most of the time. We've done various things over the years, a little here and there, like new carpet, repainting rooms, replacing windows, new siding, replaced a door, etc. But we only did those things with cash, no debt, and only when what we had really wasn't acceptable to us anymore.

**CindyLu322** · 12-14-2008, 11:14 AM

This is something that my husband and I are struggling with too. We are trying to get completely out of debt and only spend money on the necessities, but when is remodeling a necessity? We have some problems in our bathroom (functional) and we're trying to decide if we should do more work at the same time or not. I think it just all comes down to what's important to you. Any money decision can be ok for you as long as it's working towards your personal goals. Would you rather get your debt paid off sooner or have a new kitchen? Or buy a newer car? Or take a vacation? It's all a matter of priorities.

**Gjowers** · 12-14-2008, 12:27 PM

Wait until you've saved the money to do it. When you can pay cash, and have sufficient savings otherwise, go for it. That's the way we did it.

**ScrimpAndSave** · 12-14-2008, 12:36 PM

Maybe I should open an ING sub account (after we are married) and plunk $50 a pay into it. It ain't much...but it will add up over time.

::sigh::

Again...I'm bit by the envy bug.

**minnie1928** · 12-14-2008, 12:52 PM

I look at several factors:
1. Can I afford to pay cash for it?
2. Can I do some of the work myself to lower the cost?
3. Is there a sale or some other circumstance where the price is too good to let it pass?
4. Will the improvement increase my enjoyment of my home?
5. Will the improvement increase the re-sale value of my home?

We sold our house in May '08. Knowing that we would be moving, we upgraded our appliances to stainless and had the house painted. We paid cash for the work and the house sold in 20 days. If we weren't selling, I would've painted the house myself (mostly anyway) and I wouldn't have upgraded the appliances yet. So, factor #5 above pretty much drove the project but we did do some small upgrades ourselves to help defray the costs.

In our "new" home we've been doing as much of the work as we can. We've also prioritized projects that will save us money in the long run (added insulation, window film, low flow shower heads, faucet aerators, etc). We've also paid to have the carpets stretched so that we don't have to get new carpet right away.

**Goldy1** · 12-14-2008, 02:04 PM

I don't think you have to do all home improvements with cash but make sure you have emergency savings and very little if any cc debt. My husband took a 30K or so home equity loan to do some improvements and but furniture on the house before we met and it was paid off in a few years. Back then economy was better and jobs more plentiful. Now I only do stuff on the house in cash.

I putin wood floors b/c they were roughly double good carpet and don't need to be replaced. I bought the wood online for a discount and negotiated labor costs which was easy in this economy. I do not plan to move, but it would help me sell.

I want granite countertops and have the cash to do it if I wanted but no way will I do it b/c I want the money in the bank and I can live without them. My counters aren't that bad. My carpet felt old and icky.

**MonkeyMama** · 12-14-2008, 02:58 PM

If we had the cash. That's how we roll.

That is precisely why we bought a new home and carefully considered the decor, as to prolong any remodel considerations into the distant future when we have more cash.

1992 wouldn't bother me, but we looked at a lot of homes that hadn't been remodeled since 50s/60s/70s. I think I draw the line around there.

We haven't ruled out the idea of moving and downsizing in 20-30 years and going new again, so we don't have to shell out the cash for a major remodel. Not that we wouldn't have to replace some appliances or replace some carpet in the interim. But overall I would hope the decor would hold up that long. & we also found in general newer homes had way longer lasting materials. Our roof for example, should never need to be replaced. We've got all the newest energy efficiency appliances so our utilities are very cheap.

We have painted, which is cheap, and done some landscaping. We actually want to add a loft perhaps, if it is possible, and maybe change our landscaping, but none of that is a serious consideration unless we had the cash - it's all just pure "want" at this point. Otherwise, 7 years in, there is nothing on the horizon for replacing or upgrading. We are pleased with our strategy thus far.

**jIM_Ohio** · 12-14-2008, 05:04 PM

We want the house in top form all of the time.

We entertain quite a bit-
all rooms need furniture
rooms we or guests will be in are painted.

For example we ha a party here saturay with 60+ people. We did not know all attendees, so first impressions are important.

When you move in, get it all done before you live there. Spend 2-6 vacation days. Paint what you need, renovate as needed too.

If renovation takes more than 6 days, I guess that is my threshold for what does not get done NOW. We spend 16-20 hours per weekday in the house, an 24 hours most weekends, no reason to live with something we are not happy with NOW.

Landscaping OTOH is being put off. Needs to get done, but it costs 60k and includes a Jacuzzi and similar.

**FrugalFish** · 12-15-2008, 06:14 AM

We did all our work as time and money permitted. A lot of our projects were based on when we just couldn't stand something anymore- for example, the dryer vent use to run through the garage where DH was always bumping into it and it was in his way. It was functional, but on his nerves constantly. As long as we had the cash to reroute the vent, it was time.

Paint and flooring can do a lot for a house, I think it's worth doing those things if you aren't happy with the style inside. Update other things as they break, or irritate you and you can afford them.

**segmond** · 12-15-2008, 03:44 PM

home renovations are overrated.

home repairs yes, home renovations nah, UNLESS you factored it in when you bought the house. most home renovations cost are never recouped when adjusted for inflation.

**disneysteve** · 12-15-2008, 04:04 PM

Originally posted by segmond View Post

most home renovations cost are never recouped when adjusted for inflation.

I don't think recouping the cost is a factor, personally. If we renovate something, it is because we don't like it the way it is. Either it is unattractive, doesn't meet our needs or otherwise just doesn't appeal to us the way it is. I couldn't care less if I recoup the cost.

It is just like people who look at the resale value of the car they want to purchase. Since I keep my cars long-term, I don't care what the resale value is. My current car is 11 years old. By the time I'm done with it, it won't have much resale value.

**snafu** · 12-15-2008, 05:45 PM

We've done many employment related moves and ended up with several fixer uppers due to wildly diverse house prices in different cities. We knew advancement often hinged on willingness to re-locate so we bought a home based on it's location aware we had less than 2 yrs. to update/upgrade to desireable [quick sale] to the next buyer.

Given your home is likely your most expensive investment as well as a reflection of who you are, some feel it's important to know what update/upgrade will keep it's value for at least 5 yrs. should your circumstances change. I think changes you plan need to be in keeping with your neighborhood. It's so tempting to go overboard.

While this isn't a good time to substantively increase your debt level, it's a great time to learn DIY skills. For example, paint can make a huge change for little learning, effort and $. If the lighting is inadequate and outdated, changing out light fixtures can be quickly learned with modest $$ @ re-seller or big box store.

If your carpet is threadbare installing Pergo type laminate flooring is hard on the knees but only moderately difficult and $$$.

R/R kitchen or bathrm cabinets can be DIY with the help of someone you know with experience but the cost is substantial. Painting cupboards [3 coats] and changing out hardware might give you a temporary fix.

If you need to change wiring and plumbing or planning to install granite you're out of my league.

**segmond** · 12-15-2008, 07:41 PM

Originally posted by disneysteve View Post

I don't think recouping the cost is a factor, personally. If we renovate something, it is because we don't like it the way it is. Either it is unattractive, doesn't meet our needs or otherwise just doesn't appeal to us the way it is. I couldn't care less if I recoup the cost.

It is just like people who look at the resale value of the car they want to purchase. Since I keep my cars long-term, I don't care what the resale value is. My current car is 11 years old. By the time I'm done with it, it won't have much resale value.

well, seeing this is savingadvice, i would imagine saving money should always be in the back of your mind. i agree that making your house comfortable should be important, but i think it is ridculous when people spend tens of thousands to renovate their kitchen, bathroom, etc. Sure, spend a few hundreds to paint it, or $1500 to lay new carpet. But if you are not going to live there for 30yrs, spending $10,000 to get hardwood falls is just plain crazy!

**Johansen8** · 12-15-2008, 09:53 PM

We have 2 schedules for house renovations (but little fixes only), every summer and/or every after Halloween...just in time for the New YEar

New YEar NEw Look

When/how do you decide to do home renovations?