If we plan to stay how can we over improve?

11 years ago

My wife and I love our house and especially our lot. As such, we have decided to stay here until we are carried out. Since we are staying we plan on a major renovation/remodel of our house. Sometimes people are cautioned about over improving a property and having the most expensive house on the block, but if we are staying how could be over improve it if we change it to our desires? Thanks for all responses.

Featured Answer

PRO

Ashwood Designs and Custom Homes

11 years ago

People caution you on not putting more money into your house than what your houses value is only if you plan on making that money back when selling. If you plan to stay put and call this your forever home, remodeling to fit your needs and desires makes sense if it's in your budget. There are a lot of simple updates you can do to give your home a more modern feel and not spend a lot of money. Our advice is to make a list of changes you want made and mark which features are the most important to you. Interview many remodelers and discuss all of your desired changes and once you have several proposals go from there on which design changes are most important and within your personal budget. The most important part to a successful remodel is to have a good working relationship with your contractor/builder- the first meeting will speak volumes.

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Comments (6)

PRO
Scott Design, Inc.
11 years ago
last modified: 11 years ago
It's really nice to hear that you have lived in a home that has brought you happiness and will continue to do so in the future. Typically, people look at real estate as an investment that will get a good return on their dollar when they sell and move on. Therefore, "over improvement" can be a factor. In your case, you will stay in your home so your return is in your quality of life. Temper this with a good plan for your financial and medical security while you live in the house and you will have a winning combination. Consider universal design concepts when planning your project. http://www.universaldesign.com/about-universal-design.html They will keep you safe, secure and flexible in supporting healthy and productive lives.
Henry Norcom thanked Scott Design, Inc.
apple_pie_order
11 years ago
I'm not sure what you are asking. If you go into remodelling debt that you cannot pay off before you retire (and your income goes down), you may have difficulties staying in the remodelled house. If you need to sell and the house sale doesn't clear enough for your needs because no one will pay for your improvements, that could be a difficulty. For example, you put on a new copper roof in a neighborhood where everyone has asphalt shingles. You will probably not find a buyer who will pay extra for the copper roof.

If you want to stay forever, you may want to consider universal design changes for doorways, bathrooms, kitchen, etc. that will accommodate wheelchair and walker use. A room with adjacent bath and sitting area for a live in assistant can be useful, too.
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angmyers24
11 years ago
Oi
User
11 years ago
Having the priciest house in the neighborhood can reduce resale value, because someone in that price range will want to be in a neighborhood of similar homes. Also, if you are not independently wealthy, it is important to consider the fact that the best ROI on remodels runs from under 50% to 70%. So, you put $50,000 into a remodel, you are guaranteed to lose at least $15.0. There is also a little formula that says that money doubles in multiples of 72, either 12 years at 6%, or 6 years at 12%. So, your $50.0 can either cost you $15.0, or grow into $100.0, depending upon what you do with it. Everyone hopes to stay in their house to the bitter end, but unfortunately, that is not always possible, as many people will tell you. Continuous or assisted living care is very expensive. Something to think about if you are close to retirement, even if you don't want to.
Henry Norcom
Original Author
11 years ago
Thanks for all the advice from the pros. I greatly appreciate it! Those others who are assuming to know our financial position, need not worry. We are in good hands.