Upgrading a Property

[duh]

I watch those realestate shows all the time.  And they are always talking about not making upgrades that would make your property worth more than anyone else's in your neighborhood. 

How do you feel about that subject?

I know your wondering that I'm thinking right?  Well as you know I hate limits and there are things I would like to do to my place just because I would like to have them.  But I wonder if I'd be happier if I put that money towards the mortgage and had it paid off in 15 rather than 30 years.  If I maintain my place I won't loose any money on it.  My daughter won't either.  I got it at a price that as long as the property is maintained should hold it's fair market value. 

[Penny]

I guess it all really boils down to what you want Tammy......while it would be nice to make some upgrades, so would being "mortgage free"

What about calling the agent that you dealt with to buy your house, have them come out, and explain what you want to do, and they should be able to tell you, if its a wise investment or not.

Having their opinion will tell you whether any upgrades will be worth it, and whether you'll get your investment back, if you ever decided to sell, somtimes properties are "maxed out" as to what you can add.

[Tina]

I really believe in doing what makes you happy. not worrying bout the value of the property. And I also believe that tasteful upgrades raise the whole neighborhood value. You are not just doing yourself a favor but the neighborhood.
Now it really needs to get more specific.  Before spending on an addition to your home, like a sun room, I'd make sure I had the cash socked away that could handle a disaster. Like a new roof or termite infestation or something spectacular. A little pre-planning can save your behind.

[bestofour]

I don't know why I posted that post Tammy except to say it was before I had taken the Motrin.  It didn't have anything to do with your question.

[duh]

This is one of those questions I am on the fence about.  I suppose I really should just work on getting the emergency fund that Tina mentioned.  Once that is in the bank maybe I could split that disposable income in half.  One half for additional mortgage payments and half on improvements that I like. 

[Penny]

Thats a great idea Tammy, sounds like a plan to me.

[Tina]

I am a nut case about emergency funds. And secondarily about being debt free. Because I tightened my belt when I was young, and because John lived his life similarly before we met, I have both now. Part of the decay of my first marriage was a difference in money management. Pennies matter.

[duh]

I had that problem with my third husband.  But most of the problems with my marriages was me.  To bad I had to go through three of them to figure that out.

[Tina]

I will never marry again.

[bestofour]

I have been and am the problem in my marriages too.

[sunsoaker]

I've been married twice, the 1st for 6 yrs., the 2nd for 3 yrs., my problem was my choice of men. I'm done.

[duh]

i've been separated from the third since 1993 unless he has divorced me.  But like you I am done.  Finished. Finito. Not going there again!

[Jessica]

I was married once.  He became an alcoholic...as nasty abusive one. I stayed for too long.  So glad to be out of that.  James and I have been together for 6 1/2 years.  Someday we might get married.  No big hurry.  We are happy now.

[bayou girl]

i've been married 2 times.  5 years the first, 25 and counting this time.  i've told scott, if anything happens to him, i'm done.  never again.  and i've been saying that for at least 20 years.  nothing against him, men, or marriage.  i just think it is better if you can tell them to go home!

[bayou girl]

now, i just read that and realized his response has been all these years, "yeah right.  that's what you said the first time.  even when i asked you to marry me."  the things i said about marriage in response to his first 65 proposals (or so) would make a sailor blush

[Tina]

Going home is good. Or you can go home yourself.
Now how far would you upgrade that home beyond the neighborhood value? And when? After the mortgage is paid off? Or instead of paying it early? (After winning the lottery doesn't count here). I am trying to bring the topic back because I am interested in other's thoughts.

[Jessica]

I have seen the shows that Tammy is talking about.  I agree to point.  If you plan on selling your home in the next few years, don't put more in your home than you will get out of it.  If this is a house that you plan to stay in, I say do what you want.  We have no intentions of moving out of our house.  We have installed new flooring, a deck, etc.  Never once have we thought about what it might do or not do to the value of our property.  I say do what you want unless you plan to sell soon. 

With that said, I know nothing about anything...this is just my opinion and what we do.

[Tina]

I agree for the most part with you, Jessica. But I do like the idea of having enough to cover the unexpected first. 

[Jessica]

I agree for the most part with you, Jessica. But I do like the idea of having enough to cover the unexpected first. 

Oh yes. I definitely agree with that.  We do not take money out of our savings to do these projects.  We save the extra money and then do the project.

[Tina]

  smart

[Dianna]

Get the "emergency" fund built up and then do what you want to your home. You plan on living there. Might as well enjoy it...

[duh]

I suppose the problem occurs when I think about my daughter having to sell it after I am gone.  I want her to be able to get something out of it you know?  And the changes I'm thinking about would realllllllly personalize it.

These are the kinds of things I am contemplating:  Interior Doors - Take out the panel insets and replace with stained glass panels or marquetry panels and add real wood veneer over the manmade veneer on the frame.  Cabinets - Marquetry panels and again add real wood veneer over the manmade veneer.  Ceiling - put in a hung ceiling with marquetry panels rather than accustic and put insulation above.  Would have to angle ceiling near walls since the exterior wall is only 7 feet high.  These kinds of changes are very personal and probably would make selling the home very difficult.  Now me I'd love them but I doubt anyone else would. 

[Penny]

The stain glass panels would be pretty Tammy, very personal to do that.

Just a thought, do you have a good paint store near by? The one that is here, has clear plastic panels/stencils that are sticky and come in rolls, that you can add to clear pieces of glass instead of the cost of having the stained glass panels made.

[Dianna]

Tammy, I feel that as long as you are living, you ought to be able to enjoy your home. Until it becomes your daughter's, you should make all the changes that make you happy in this life and let her worry about her inheritance when it happens...

[Penny]

Tammy, I feel that as long as you are living, you ought to be able to enjoy your home. Until it becomes your daughter's, you should make all the changes that make you happy in this life and let her worry about her inheritance when it happens...

Exactly.......whatever makes you happpy.