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Author: meowmixx Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128074  
Subject: If you had $5000 to spend ... Date: 11/4/2004 12:06 PM
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If you had $5000 to spend on your house, what would you do (more like things you would want to do, rather than things that you have to do)?

My grandfather recently passed away and left us with some money and I'd like to use it to increase the value on our modest home.

Any suggestions?
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Author: millerpim Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57845 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:09 PM
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Then do the kitchen. It's generally the most expensive room to remodel and, if you DIY, can be done for around $5,000. (Long as you don't want marble floors, ha, ha.) But new cabinets, new light fixtures, new counters, sink, faucet, new appliances, new floor and painting. It will return the most bang for your buck.

With a bathroom, you can do little things one item at a time. For example, new light fixtures change the look dramatically, as do new window coverings or a new sink. Each of those can be replaced for under $200.

elizabeth

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Author: Goofyhoofy Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57846 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:14 PM
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My grandfather recently passed away and left us with some money and I'd like to use it to increase the value on our modest home.

I hate it when people don't answer the question asked, but I'm going to do it here.

Don't try to "increase the value of your modest home."

Do try to make your home more comfortable for yourselves and repair or remodel those things which make you unhappy.

If you are not planning on staying in the home for very long, then put the money in the bank, or in the market, or under the mattress, and wait and use it to help with the downpayment for the next home, or to fix the next home to your liking.

Making improvements just to "increase the value" is occasionally worthwhile, but not usually. I have never seen a list which says "You can get back 120% of your investment by putting granite counters in the kitchen." Indeed, I have never seen a generic statement of anything which returns more than 100%.

Which is not to say that spending $5,000 to tear off (and perhaps replace) the back porch that's rotting and falling down wouldn't help you sell the house better, but that's not really what you asked.
 


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Author: CatBarber Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57848 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:18 PM
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With $5,000 what would I...

Want to do? Probably nothing.
Have to do? Repair my broken stone wall out front.

If it ain't broke, don't fix it, IMHO.


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Author: chewiekiki Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57849 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:18 PM
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www.realestatejournal.com has some good articles on the types of improvements that add the most value.

I'd either put that money into updating my kitchen or doing my floors w/wood.

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Author: mykidsmom4 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57850 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:34 PM
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I would have to say that I agree with Goofy Hoofy. I would not use the money in the hopes of making more money on the sale of the home but would put the money in the bank for when you purchase a new home - if that is what you intend to do.

If I were staying in the home, it would be a toss up between the kitchen and the two bathrooms. The kitchen has this horrible PINK tile on the walls and really ugly vinyl flooring with gold flecks throughout. The gold flecks do hide the dirt though. The cabinets are in good condition and could either be restained or painted a new color. We would need new countertops too.

The bathrooms (both full - one with just a shower stall in the master bedroom) are both original to the house - around 1958. Guess what color they are? One is blue with pink accents and the other is pink with blue accents - including the floors. You know that floor tile - little, itty bitty squares - apparently they only made it in really ugly colors, LOL!

If I was made to choose, I would probably pick the kitchen. We spend the most time in there and it is the room everyone sees as soon as they come into the house - the door of the kitchen is right near the driveway so that is the one that we usually use.

Good luck with your decision.

Denise

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Author: WotPeed Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57853 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 12:47 PM
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60" Plasma TV. ;)


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Author: mlk58 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57854 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 1:07 PM
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I'd get new interior doors and have the whole inside of the house painted.

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Author: SteveNieters Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57855 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 1:09 PM
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Hmmm,

If I didn't already own them, I'd go shopping for a good table saw with extension table, a good planer, a router with table, a dust control system, etc. etc. Once you have these things, you can do a lot around the house.

Steve

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Author: meowmixx Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57866 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 2:54 PM
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There is one thing we're going to have to use it for: New carpets for the bedrooms (we currently have old carpet from the last tenants that is stained and gross).

DH really wants to replace the old school sliding glass doors with more secure (and better looking) French doors. Not necessarily to add value to our home but to make the living room that much better, while we're living there (5-7 more years).

I'm thinking about a few updates to the guest bathroom or kitchen.

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Author: earlieq Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57867 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 2:55 PM
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Meowmixx, I'm about to spend $4400 to re-grade and pave my driveway. I don't expect it to add a great deal of value to the home, though it might help since most of the other homes in the neighborhood have paved drives. But it will add a great deal to my comfort and enjoyment of life, not to be tracking mud and mess everywhere, on our feet, the dog's feet, etc. Plus the regrading will solve a drainage problem that affects the back yard. And best of all, once the basketball court lines are painted on, we'll be shooting hoops every evening!

Good luck with your decision
EarlieQ

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Author: Trini209 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57868 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 3:25 PM
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I'd spend whatever I could afford to replace as many windows as I could with good quality, better insulating windows. Our present windows are from 1950. They have a single layer of glass and all need re-puttying (a lost art which no one seems willing to do). We're too old to climb up ladders with the removable storm windows every fall and with removable screens every spring.

I bet new windows would pay for themselves pretty fast, as the price of oil is sure escalating through the roof.

Unfortunately, we have 37 large windows, not counting the sliding doors and two huge "picture windows" and 5 outside doors and $5,000 wouldn't go very far. Oh, well.

Trini

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Author: nmckay Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57871 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 3:56 PM
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Buy quality furniture. You can take it with you when you sell your house.

nmckay

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Author: sellers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57872 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 4:22 PM
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I would spend some of it on landscaping to create a wonderful outdoor living space for ourselves.

Joan

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Author: slowduck One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57878 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 7:35 PM
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Denise wrote:

If I were staying in the home, it would be a toss up between the kitchen and the two bathrooms. The kitchen has this horrible PINK tile on the walls and really ugly vinyl flooring with gold flecks throughout. The gold flecks do hide the dirt though. The cabinets are in good condition and could either be restained or painted a new color. We would need new countertops too.

The bathrooms (both full - one with just a shower stall in the master bedroom) are both original to the house - around 1958. Guess what color they are? One is blue with pink accents and the other is pink with blue accents - including the floors. You know that floor tile - little, itty bitty squares - apparently they only made it in really ugly colors, LOL!


Denise, I think you and I had the same person living in our respective houses prior to moving in. My kitchen walls are an ugly pink (ceiling too) with White cabinets that are in good condition, just need new hardware and paint.

The bathroom...well...along with the yellow tile with brown tile trim...has what must be the leftover pink paint from the kitchen covering the upper half of the walls. UGLY!!

LOL


Slowduck


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Author: slowduck One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57879 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 7:37 PM
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Oh, and in answer to the original questions about the $5000...

Unless I had something like a leaky roof that needed to be fixed or some emergency I would fix up the bathroom or kitchen. Paint, Tile, hardware. It would look nice...and hey, don't we all spend most of our awake home time in the bathroom/kitchen?

Slowduck

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Author: ogrecat Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57881 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 7:51 PM
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Denise, I think you and I had the same person living in our respective houses prior to moving in. My kitchen walls are an ugly pink (ceiling too) with White cabinets that are in good condition, just need new hardware and paint.

The bathroom...well...along with the yellow tile with brown tile trim...has what must be the leftover pink paint from the kitchen covering the upper half of the walls. UGLY!!


Pink (and other pastel) tile on walls and ceiling of kitchen and bathrooms; with brown trim.

Who the heck thought that was a good idea?

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Author: rsprang Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57885 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 8:06 PM
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I bet new windows would pay for themselves pretty fast, as the price of oil is sure escalating through the roof.

Possibly, but unlikely.

Have you considered insulating interior shutters? They will give you far higher energy savings than any window can, at substantially lower cost.

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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57887 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/4/2004 8:30 PM
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If you had $5000 to spend on your house, what would you do

I'd take the check to my favorite discount brokerage and deposit it. I'd buy a share of BRK.B. Then I'd save up another $1000 (more or less), and buy a second share.

Then I'd let it season for 20 - 30 years.

Then I'd cash out the $40k to $100k and spend it on my house at that time.

--Peter <== has a couple of household projects to do, but would use unexpected windfalls for long-term savings.

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Author: Rile72 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57891 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 7:56 AM
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Here's a different idea;
I'd add a sun/solar room off my den; one of those glass enclosed patio rooms to enjoy summer evenings as well as the off seasons.

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Author: kathcolo Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57898 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 10:57 AM
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>>Here's a different idea;
I'd add a sun/solar room off my den; one of those glass enclosed patio rooms to enjoy summer evenings as well as the off seasons. <<

This is our favorite room of our house (well, ties with the Boom Boom Room/ Home theatre in the basement). If we were to ever sell and move I have told S it has to come w/ a sunroom!

Kath

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Author: BrettJB Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57902 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 12:03 PM
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You do have an e-fund already established, right? Because in an emergency, that $5K could coem in really handy... Just because you've received an unexpected windfall doesn't mean it has to be spent.

Sorry to be a wet blanket-- just want to make sure you're covered in case of emergency before you go out and spend that money. New stuff / remodelling is great, but not when you suddenly find yourself with thousands of dollars in medical bills, or need to replace a car that was totaled in that accident, or...

My condolences on your grandfather's passing.

--Brett (professional worry-wart)

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Author: meowmixx Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57911 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 1:06 PM
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You do have an e-fund already established, right? Because in an emergency, that $5K could coem in really handy... Just because you've received an unexpected windfall doesn't mean it has to be spent.

Yep, we do have an emergency fund. I too would rather save the money for a rainy day (or at least part of it) but it was my grandfather's wishes that I spend it only on house stuff and my parents are holding me to that.

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Author: Rile72 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57919 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 1:53 PM
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Kath;
If you don't mind my asking, how big is your sunroom, and about how much did it cost to build?

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Author: kathcolo Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 57920 of 128074
Subject: Re: If you had $5000 to spend ... Date: 11/5/2004 2:10 PM
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>>Kath;
If you don't mind my asking, how big is your sunroom, and about how much did it cost to build?<<

It came with the house (1980's home)so I don't know what the cost was, sorry. It is 12'x16'. We are lucky in that it is on the south side of the house. We have bamboo blinds that we lower during the hottest days of summer or when we want privacy. During the winter when the sun is shining we can open the door into the family room and basically heat the house. Nothing like the feeling we are outside without bugs or weather interferring.

Kath

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