Lost out on a house... but who really lost? 01/25/2012
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
Kate Jackson Real Estate
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