Refinancing Home

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

How much did you do in improvements?

It really would depend on where you were in the market when you bought and sold and the desirability of the area.

I bought my last house for $150K and sold it for $190 in 2 years after putting around $15K into it.

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

Depends on what you’ve done, but ya, generally, from what I understand improvements don’t typically increase dollar value all that much. They might help you sell quicker, which is obviously valuable, but not to the bottom line.

I can tell you from personal experience, we bought in 2012 and just sold at a $20k loss. Now we are in a unique situation, but the point is we spent about $15k in improvements and still took the loss.

[quote]usmccds423 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

Depends on what you’ve done, but ya, generally, from what I understand improvements don’t typically increase dollar value all that much. They might help you sell quicker, which is obviously valuable, but not to the bottom line.

I can tell you from personal experience, we bought in 2012 and just sold at a $20k loss. Now we are in a unique situation, but the point is we spent about $15k in improvements and still took the loss.[/quote]

It really depends on the improvements.

Kitchens and baths can add a lot.

Of the last three houses I have sold I lived in each less than three years and made $10-$30K after subtracting the cost of improvements to each.

Of course I did the work myself so that matters on the bottom line.

[quote]Testy1 wrote:

[quote]usmccds423 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

Depends on what you’ve done, but ya, generally, from what I understand improvements don’t typically increase dollar value all that much. They might help you sell quicker, which is obviously valuable, but not to the bottom line.

I can tell you from personal experience, we bought in 2012 and just sold at a $20k loss. Now we are in a unique situation, but the point is we spent about $15k in improvements and still took the loss.[/quote]

It really depends on the improvements.

Kitchens and baths can add a lot.

Of the last three houses I have sold I lived in each less than three years and made $10-$30K after subtracting the cost of improvements to each.

Of course I did the work myself so that matters on the bottom line.
[/quote]
Ya, I agree with that.

[quote]Testy1 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

How much did you do in improvements?

It really would depend on where you were in the market when you bought and sold and the desirability of the area.

I bought my last house for $150K and sold it for $190 in 2 years after putting around $15K into it.
[/quote]

'Ive done a few smaller upgrades, not $20k worth but the upgrades combined with the houses desireability make me believe that $20-$30k is realistic…but of course i could be completely wrong.

I am in the process of adding a bathroom, i am doing all the work. Its a 4br/1bath currently so going to a 4/2 should spike the value and make those numbers more than realistic.

I remember my old coworker saying* that his house went up $30k in 2 years with no major upgrades.

[quote]carbiduis wrote:

[quote]Testy1 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

How much did you do in improvements?

It really would depend on where you were in the market when you bought and sold and the desirability of the area.

I bought my last house for $150K and sold it for $190 in 2 years after putting around $15K into it.
[/quote]

'Ive done a few smaller upgrades, not $20k worth but the upgrades combined with the houses desireability make me believe that $20-$30k is realistic…but of course i could be completely wrong.

I am in the process of adding a bathroom, i am doing all the work. Its a 4br/1bath currently so going to a 4/2 should spike the value and make those numbers more than realistic.

I remember my old coworker saying* that his house went up $30k in 2 years with no major upgrades.[/quote]

Are you familiar with your market? You should be able to find out what houses within a couple of miles of you have actually sold for (as opposed to asking price) over the past 6 months or so. I am intimately familiar with my area and its housing and know that the improvements we’ve made in the year we’ve been here would bring us a quick $20K. Our house had both systems issues and serious cosmetic. Most of those have been remedied, with minimal financial output. We’ve added curb-appeal type things (lamp post and walkway in front) that will impact buyers’ willingness to pay close to asking price (we did not, we bought “as-is”). In the spring we’ll replace siding and paint - that money will not be recovered if we sell quickly because we’ll probably pay someone to do it. We’re getting ready to undertake an add-on with kitchen overhaul that will probably never pay for itself, even though we’re doing the work ourselves. That’s okay, because we don’t have a mortgage and so are saving there, but it’s something we’ve thought a great deal about. Is this the house we want to stay in?

You should know your market. One guy’s experience is not particularly significant in the big scheme of things, and neighborhoods vary so greatly you can’t necessarily assume that increases in one will impact another. Maybe a school was added? Or whatever.

[quote]EmilyQ wrote:

[quote]carbiduis wrote:

[quote]Testy1 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

How much did you do in improvements?

It really would depend on where you were in the market when you bought and sold and the desirability of the area.

I bought my last house for $150K and sold it for $190 in 2 years after putting around $15K into it.
[/quote]

'Ive done a few smaller upgrades, not $20k worth but the upgrades combined with the houses desireability make me believe that $20-$30k is realistic…but of course i could be completely wrong.

I am in the process of adding a bathroom, i am doing all the work. Its a 4br/1bath currently so going to a 4/2 should spike the value and make those numbers more than realistic.

I remember my old coworker saying* that his house went up $30k in 2 years with no major upgrades.[/quote]

Are you familiar with your market? You should be able to find out what houses within a couple of miles of you have actually sold for (as opposed to asking price) over the past 6 months or so. I am intimately familiar with my area and its housing and know that the improvements we’ve made in the year we’ve been here would bring us a quick $20K. Our house had both systems issues and serious cosmetic. Most of those have been remedied, with minimal financial output. We’ve added curb-appeal type things (lamp post and walkway in front) that will impact buyers’ willingness to pay close to asking price (we did not, we bought “as-is”). In the spring we’ll replace siding and paint - that money will not be recovered if we sell quickly because we’ll probably pay someone to do it. We’re getting ready to undertake an add-on with kitchen overhaul that will probably never pay for itself, even though we’re doing the work ourselves. That’s okay, because we don’t have a mortgage and so are saving there, but it’s something we’ve thought a great deal about. Is this the house we want to stay in?

You should know your market. One guy’s experience is not particularly significant in the big scheme of things, and neighborhoods vary so greatly you can’t necessarily assume that increases in one will impact another. Maybe a school was added? Or whatever.[/quote]

I look at zillow sometimes, but i wouldnt say that I’m intimately in touch with home values in my area.

However, i am 2 blocks from the mass transit light rail system. St. Paul will be getting a major league soccer team and stadium put it about a mile from my house. And also, i put an offer in on my house 36 hrs after it went on the market…there were a few buyers right behind me who were also ready to offer/buy the house, but i got there first.

I do live in a higher rental area, a 5br/2bath house across the street was renovated and sold at auction by the city last yr for $190k, so i think there is headroom in the neighborhood.

Ive jacked up my house by 1" and added supplemental columns in the basement
I replaced all old/iron waste line plumbing with pvc
The old iron gas lines were replaced with sst flex line
I put sod in the back yard, and some other miscellaneous landscaping
I put all new glass block windows in the basement

Again, nothing major is completed yet (bathroom underway) but with the above items and the market im in, i believe $20k+ is within reach.

[quote]carbiduis wrote:
I remember my old coworker saying* that his house went up $30k in 2 years with no major upgrades.[/quote]

When though? The housing market is not exactly what it use to be.

[quote]carbiduis wrote:

[quote]EmilyQ wrote:

[quote]carbiduis wrote:

[quote]Testy1 wrote:

[quote]carbiduis wrote:

[quote]usmccds423 wrote:
I wouldn’t count on your house appreciating by $20k in 2-3 years. [/quote]

Is that considering the improvements that I’ve made to it?[/quote]

How much did you do in improvements?

It really would depend on where you were in the market when you bought and sold and the desirability of the area.

I bought my last house for $150K and sold it for $190 in 2 years after putting around $15K into it.
[/quote]

'Ive done a few smaller upgrades, not $20k worth but the upgrades combined with the houses desireability make me believe that $20-$30k is realistic…but of course i could be completely wrong.

I am in the process of adding a bathroom, i am doing all the work. Its a 4br/1bath currently so going to a 4/2 should spike the value and make those numbers more than realistic.

I remember my old coworker saying* that his house went up $30k in 2 years with no major upgrades.[/quote]

Are you familiar with your market? You should be able to find out what houses within a couple of miles of you have actually sold for (as opposed to asking price) over the past 6 months or so. I am intimately familiar with my area and its housing and know that the improvements we’ve made in the year we’ve been here would bring us a quick $20K. Our house had both systems issues and serious cosmetic. Most of those have been remedied, with minimal financial output. We’ve added curb-appeal type things (lamp post and walkway in front) that will impact buyers’ willingness to pay close to asking price (we did not, we bought “as-is”). In the spring we’ll replace siding and paint - that money will not be recovered if we sell quickly because we’ll probably pay someone to do it. We’re getting ready to undertake an add-on with kitchen overhaul that will probably never pay for itself, even though we’re doing the work ourselves. That’s okay, because we don’t have a mortgage and so are saving there, but it’s something we’ve thought a great deal about. Is this the house we want to stay in?

You should know your market. One guy’s experience is not particularly significant in the big scheme of things, and neighborhoods vary so greatly you can’t necessarily assume that increases in one will impact another. Maybe a school was added? Or whatever.[/quote]

I look at zillow sometimes, but i wouldnt say that I’m intimately in touch with home values in my area.

However, i am 2 blocks from the mass transit light rail system. St. Paul will be getting a major league soccer team and stadium put it about a mile from my house. And also, i put an offer in on my house 36 hrs after it went on the market…there were a few buyers right behind me who were also ready to offer/buy the house, but i got there first.

I do live in a higher rental area, a 5br/2bath house across the street was renovated and sold at auction by the city last yr for $190k, so i think there is headroom in the neighborhood.

Ive jacked up my house by 1" and added supplemental columns in the basement
I replaced all old/iron waste line plumbing with pvc
The old iron gas lines were replaced with sst flex line
I put sod in the back yard, and some other miscellaneous landscaping
I put all new glass block windows in the basement

Again, nothing major is completed yet (bathroom underway) but with the above items and the market im in, i believe $20k+ is within reach.[/quote]

Everyone experience may differ, as Emily said; however, we bought our house after it was on the market for just 4 days and 3 years later it took us 3 months to sell. That was with a remodeled bathroom, a new $10K roof, significant landscaping work, and some other little stuff. Now, I’m in rural Maryland so obviously the markets are different. I’m just throwing my experience out there so you aren’t blindsided if things don’t go your way. I hope you get that $20K+ gain though.

Also Zillow is not a very good indication of the value of a house in my experience anyway. Their zestimates are way off. You could have a local realtor pull comps for you.

When is the stadium supposed to be built?