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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Scenario WWYD
Thanks for your advice!
Message edited 2/22/2010 2:52:59 PM.
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Posted 2/22/10 2:12 PM  |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Scenario WWYD
Without a doubt I would stop spending money on the home. You don;t want to overimprove. maybe get an appraisal done. It will cost around $350 but you will have a good idea what type of mortgage someone could get to buy your current home
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| Posted 2/22/10 2:16 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Scenario WWYD
Message edited 2/22/2010 2:53:12 PM.
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| Posted 2/22/10 2:20 PM |
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diva7531
My Peanut
Member since 2/07 5199 total posts
Name:
Ryan 3 boys EDD 11/6!
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Re: Scenario WWYD
You could always have a REA come over and give you an idea of what it would go for now, as opposed to doing a few "less expensive" updates. If you think they needed updating, wouldn't a new buyer think the same thing?
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| Posted 2/22/10 2:25 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Scenario WWYD
Posted by MrsFlatbread
[
let's just say that you don't need to sell the house for a down payment...would that change the scenario?
regardless of this
do you need to sell this house to get another loan?
are you willing to sell it for a loss?
I would maybe give the bathrooms a quick facelift to match the rest of the house but I would not go super high end or spend alot
if you want to FM me your address I can run comp sales for you- that will give you an idea of what similar houses in your area are selling for now...I wouldn't plan on a huge increase between now and when you want to sell
plus it is better to "trade up" in a down market
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| Posted 2/22/10 2:28 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Scenario WWYD
Posted by MrsFlatbread
Posted by DRMom
Without a doubt I would stop spending money on the home. You don;t want to overimprove. maybe get an appraisal done. It will cost around $350 but you will have a good idea what type of mortgage someone could get to buy your current home
let's just say that you don't need to sell the house for a down payment...would that change the scenario?
Well I guess because that is what I was thinking. BUT depending on your area-you don't want to lose money do you? Or do you just have that much to throw away (totally kidding not sure if it came across that way)
Anyway-like I said I would probably get the appraisal done or even have a RE agent come over to value your home and work from there.
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| Posted 2/22/10 2:35 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Scenario WWYD
We are in this same exact senario. Thought it MIGHT be our forever home, could be our forever home. Put ALOT of money in, thought we would likely get it back if we sold.
Now our lives have changed, our needs have changed and some other things have changed and we decided we are moving. So we don't put in anymore $. We know we will lose some $ and also we don't need to sell first to buy our next home.
So that's the plan. We are ok with the loss b/c in real estate you can't predict how things will go, plus with the market being down, we will also buy the next one for less than we would have gotten it for years ago anyway.
Message edited 2/22/2010 2:39:31 PM.
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| Posted 2/22/10 2:38 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Scenario WWYD
Posted by DRMom
Posted by MrsFlatbread
Posted by DRMom
Without a doubt I would stop spending money on the home. You don;t want to overimprove. maybe get an appraisal done. It will cost around $350 but you will have a good idea what type of mortgage someone could get to buy your current home
let's just say that you don't need to sell the house for a down payment...would that change the scenario?
Well I guess because that is what I was thinking. BUT depending on your area-you don't want to lose money do you? Or do you just have that much to throw away (totally kidding not sure if it came across that way)
Anyway-like I said I would probably get the appraisal done or even have a RE agent come over to value your home and work from there.
of course we do not have that kind of money to throw away...money is money!! I would just like what we paid for the house...we would not sell for like two years if...and that is a big if...but now I am concerned about refinishing the basement and redoing bathrooms...if this is a possiblity in the next few years...
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| Posted 2/22/10 2:41 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Scenario WWYD
[
Message edited 2/22/2010 2:53:30 PM.
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| Posted 2/22/10 2:43 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Scenario WWYD
Posted by MrsFlatbread
Posted by Goobster
plus with the market being down, we will also buy the next one for less than we would have gotten it for years ago anyway.
see this is what I am thinking even if we just break even we can get a great deal on a new construction right now.
Can you clue me in where b/c we want new construction too!!! 
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| Posted 2/22/10 2:44 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Scenario WWYD
If you are not sure you are going to be there for the long hall... I wouldnt put any more money into it.
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| Posted 2/22/10 2:44 PM |
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Re: Scenario WWYD
I didn't get to see the original post but from what I did read, I would do your basement. When we sold our basement was completely unfinished but you could easily see the potential it had to be a great family room. I don't think anyone that came and visited it ever mentioned that being a con.
I also think that if the if the house is in excellent condition and the bathrooms and kitchens are updated buyers don't mind doing a little bit of work in some areas to make it there own.
It took us a long time to sell and we went back and fourth about redoing the main bath and in the end we did and it made a difference. We did it on a budget but it fit in with the rest of the house.
Again, I didn't see the original post so I hope this was somewhat helpful.
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| Posted 2/22/10 3:06 PM |
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