Are home repairs worth it?
I started to come over to my husband's viewpoint. I'd love to knock those repairs off my to-do list, but both the bathroom and the sunroom could wait a year, and we could save the cash instead of borrowing the money.
Then again, if the water damage in the sunroom hit the foundation, we could be looking at a $10,000 repair next year, not $5,000.
I called Ben Fenton, a local real-estate agent with Coldwell Banker, to get his opinion. It might be worth taking out a loan if the repairs would enhance the value of our home, right?
Fenton was cautious. "I get this question a lot," he said. "My stock answer is: When you want to spend non necessary money, like putting up a room, it's really a lifestyle choice for you."
Well, at the very least, would those repairs recoup their value when we sold the house?
A bathroom upgrade is usually a good investment, Fenton said. But it was hard to know what our home was worth now or what it might sell for down the line. Although our area never became terribly overinflated in the real-estate bubble and values hadn't plunged, Fenton said, sales were pretty slow. There weren't enough sales of homes like ours to give him a realistic idea of where we stood or what we stood to gain or lose...msn.com
Then again, if the water damage in the sunroom hit the foundation, we could be looking at a $10,000 repair next year, not $5,000.
I called Ben Fenton, a local real-estate agent with Coldwell Banker, to get his opinion. It might be worth taking out a loan if the repairs would enhance the value of our home, right?
Fenton was cautious. "I get this question a lot," he said. "My stock answer is: When you want to spend non necessary money, like putting up a room, it's really a lifestyle choice for you."
Well, at the very least, would those repairs recoup their value when we sold the house?
A bathroom upgrade is usually a good investment, Fenton said. But it was hard to know what our home was worth now or what it might sell for down the line. Although our area never became terribly overinflated in the real-estate bubble and values hadn't plunged, Fenton said, sales were pretty slow. There weren't enough sales of homes like ours to give him a realistic idea of where we stood or what we stood to gain or lose...msn.com
Comments
Post a Comment