Smart Remodeling Caveats
Fitzpatrick-I agree with Peg’s previous post on almost all points, but there are some times when putting more money into a house than the neighborhood warrants actually pays off.
The first of these, Peg mentioned; when it’s your dream house and you don’t plan on leaving except feet first out the door. But even then, your heirs and/or caretakers might grumble if you’ve used all your equity to make it comfortable to the point of having no reserves for other things, such as home health care.
The second situation is when improvements will make a huge difference in your quality of life. For instance, if you install a pool and actually swim laps in it every day, thus improving your health and perhaps extending your life, or when you add a guest wing so an elderly relative can move in.
The third situation is one in which I and my husband find ourselves; buying into an older neighborhood that appears to be gentrifying. We’re in our 40’s and we’re the youngest folks on the block, our house was architect-designed, and it's within walking distance of one of the most desirable shopping hubs in town, which is undergoing its own gentrification. We walk to grocery, dry-cleaning, post office, bookstore and many fun clothing and coffee shops, high-end restaurants as well as cafes, and the only Whole Foods within 200 miles. There are very few houses for sale around here, and those tend to be snapped up by younger, hip professionals, even in this down market.
Interest in neighborhoods within walking distance of services is growing, and if you can find a house with architectural integrity in this type of locale, your remodeling investment may pay off. Not only in quality of life, but in actually bottom line net worth. We hope it will, anyway!
The first of these, Peg mentioned; when it’s your dream house and you don’t plan on leaving except feet first out the door. But even then, your heirs and/or caretakers might grumble if you’ve used all your equity to make it comfortable to the point of having no reserves for other things, such as home health care.
The second situation is when improvements will make a huge difference in your quality of life. For instance, if you install a pool and actually swim laps in it every day, thus improving your health and perhaps extending your life, or when you add a guest wing so an elderly relative can move in.
The third situation is one in which I and my husband find ourselves; buying into an older neighborhood that appears to be gentrifying. We’re in our 40’s and we’re the youngest folks on the block, our house was architect-designed, and it's within walking distance of one of the most desirable shopping hubs in town, which is undergoing its own gentrification. We walk to grocery, dry-cleaning, post office, bookstore and many fun clothing and coffee shops, high-end restaurants as well as cafes, and the only Whole Foods within 200 miles. There are very few houses for sale around here, and those tend to be snapped up by younger, hip professionals, even in this down market.
Interest in neighborhoods within walking distance of services is growing, and if you can find a house with architectural integrity in this type of locale, your remodeling investment may pay off. Not only in quality of life, but in actually bottom line net worth. We hope it will, anyway!
posted by Remodeling Repartee at 9:55 AM
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