House appraised at 450K My debt is 200k s my equity is 250k. is it profitable to remodel and resell?
tony a asked:
I would like to remodel into a sort of macmansion.I can easily get a loan for the 150K and I am very handy.Most of the work will be done by me and my crew. House located in alexandria, fairfax county, Northern VA 12 miles from DC. Looking for the next 5 years. Feasible?
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I would like to remodel into a sort of macmansion.I can easily get a loan for the 150K and I am very handy.Most of the work will be done by me and my crew. House located in alexandria, fairfax county, Northern VA 12 miles from DC. Looking for the next 5 years. Feasible?
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February 14th, 2009 at 8:26 pm
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Sounds like it to me!
February 18th, 2009 at 12:46 am
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Check with an appraiser in the area before you sink that much into it.
HGTV had given the general public a HORRIBLE impression on what remodeling a home will do for the overall sales price of a home.
People think all you have to do is invest $25,000 and you get $40K back….WRONG!
It all depends on the other homes in your neighborhood, what their conditions are, what the overall trend is for your city, etc.
I listed a house about 3 months ago where a lady bought a BRAND NEW house, and she hated the kitchen b/c it was spec home and the builder used oak cabinets…she did a $18,000 kitchen remodel…but guess what most of her neighbors had? Oak Cabinets.
She about broke down in tears, when I showed her comps that wouldn’t even support HALF of what she spent….we did the best we could, but she spent $18,000 that only made about a $5K difference in sales price.
Appaisers know what affects a home’s value better than any Realtor does.
I would **** for you to spend $150K only to find out that you flushed $100K down the toilet.
February 20th, 2009 at 6:59 pm
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anything is feasible.
is it purdent ? probably NOT.
given the housing market next 2 yrs , if u put in 150K, u will out price ur house for immediate area and not get back nearly enough.
how many McManssions in 2mile radius of house.? will ur s be one of many or one of one?
do ur homework b4 starting.