My husband and I just lost out in a bidding war on a house in Highland Ranch.  It's kind of a bummer... but is it really our loss?  The best advice I received in the process is:


"Sure, you can put money into renovating a home.  Last time I checked, though, Home Depot wasn't offering a 30-year fixed rate at 3.875%"  

Not that renovating isn't a bad idea if you have the cash floating around... but how much work do you really want to do?

The house probably went under contract for $15,000 to $30,000 less than some other homes in the neighborhood.  Here's a list of all that it needed, though.

- New carpet in the basement ($7,500)
- Repaint the exterior of the house ($1500 - 2000?)
- Remove popcorn ceiling throughout the home, re-texture, and repaint the ceiling($2000 - $4000?)
- Completely renovate two bathrooms ($10,000)
- Replace kitchen counter tops ($3,000+)
- Replace kitchen floor and entry-way floor ($2000+)
- Finish downstairs basement ($7500 - $10,000)
- Repainting, stripping wall paper, etc.  (Okay, technically not that expensive, but still a pain!)

Don't get me wrong, these additions will add tons of value to the home.  Will it be easier for us to buy a house that already has a lot of these renovations for a little bit more, though?  An extra $10,000 in a loan will only cost you 
 


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