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Would u spend $100,000 in remodeling a house or would u just get a new house?

The house does not have a back yard,but plenty of
side yard. I need a new kitchen (completely gutted) added room, I want a laundry room,a pantry, oh a master bedroom with a master bedroom (that's the added room). I have to knocked down a wall its just too much work. When I can look at other houses and get aleast some of what I want,plus a back yard. The catcher is I don't have that much more to pay and I would be mortgage free,but I have to get a loan to get it remodeled. Or I can fixed this one up so I can rent it out and let it help pay for the new one. Any opinion is greatly appreciate.

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mamaofficer

Asked by mamaofficer at 1:38 PM on May. 20, 2010 in Home & Garden

Level 31 (50,120 Credits)
Answers (6)
  • IF you like the location and wouldn't mind doing the work... I say just add on and remodel it. I'm in the process of buying a house right now too and NO house meets everything I want but can you imagine being totally happy with your house because you're the one that has modeled it all to what you want. If you don't want to deal with the aggravation and stress from remodeling, I say just buy a new house! Totally up to you though! Follow your heart!
    Anonymous

    Answer by Anonymous at 1:41 PM on May. 20, 2010

  • That's a tough question. I think what you should do is see if you can find a house that you really like and than make the decision. I would re-model my house, but I really like the area and I have a large back yard.
    cherylw993

    Answer by cherylw993 at 2:12 PM on May. 20, 2010

  • Considering I can get a damn nice house for 100k, I'd buy a different one. 100k to remodel is crazy unless the house is worth at least 500k.
    Anonymous

    Answer by Anonymous at 2:24 PM on May. 20, 2010

  • Thank u I didn't even think about that.
    mamaofficer

    Answer by mamaofficer at 2:34 PM on May. 20, 2010

  • It depends on where you live. Will remodeling the house increase its market value? If you would decide to sell, how much of your investment would you recoup, if any? To be honest, the best person to ask this question is a local real estate agent, because they should be able to tell you your home's current value and whether or not making such changes would be financially worth it.
    mom2aspclboy

    Answer by mom2aspclboy at 7:01 PM on May. 20, 2010

  • Not that easy to answer because there are too many variables. We spent $75,000 on a kitchen remodel last year but that's not unheard of in our area. Our house has been paid off for 2 years and we plan to stay for at least 10 more. For us, it made sense.

    If you're thinking to stay where you're at for the long term, it might be worth it (you'll want to recoup your expenses when it's selling time). Remodeled kitchens and bathrooms will garner a bigger return on investment than other rooms in the house. You really need to do a cost/benefit analysis to see what's worth your time, $$$, and energy.

    Anonymous

    Answer by Anonymous at 11:58 AM on May. 26, 2010

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