fartness (banned)Donald Trump 2016 join:2003-03-25 Look Outside 1 edit |
to 35245635
Re: What to do with dining room?My kitchen is likely the original... it's terrible.
Having the kitchen done can probably let me raise the rent another $100 a month since the whole house will look uniform and well done. Being able to get another $100 a month for spending $4000 on a kitchen re-model would pay for itself in about 3.5 years. Plus, I'd get to use the brand new kitchen for the time I'm still here. I got my house for about $20k less than other houses in this neighborhood when I bought it. It needed work. I haven't put nearly 20k into it, and even another 4 or 5 grand for the kitchen would only be near 10k or so. If I wanted to sell it with everything re-modeled, I could easily get 10 to 15k more than I bought it for without trying.
Painting $1000 or so Flooring $3000 or so Bathroom $3000 or so Kitchen est. $4000 to $5000 Misc items or repairs $1000 or so
Forgot I got the 10% first time homebuyer tax credit, so I'd do even better. I was paying $75/month less for a 1 bedroom apartment, so for these 3 years here, I'd still make out in the deal if I did the kitchen and used it for a few years, then rented this out. |
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35245635 (banned) join:2013-03-04 North Reading, MA |
35245635 (banned)
Member
2013-Mar-27 7:08 am
said by fartness:My kitchen is likely the original... it's terrible.
Having the kitchen done can probably let me raise the rent another $100 a month since the whole house will look uniform and well done. Being able to get another $100 a month for spending $4000 on a kitchen re-model would pay for itself in about 3.5 years. Plus, I'd get to use the brand new kitchen for the time I'm still here. I got my house for about $20k less than other houses in this neighborhood when I bought it. It needed work. I haven't put nearly 20k into it, and even another 4 or 5 grand for the kitchen would only be near 10k or so. If I wanted to sell it with everything re-modeled, I could easily get 10 to 15k more than I bought it for without trying.
Painting $1000 or so Flooring $3000 or so Bathroom $3000 or so Kitchen est. $4000 to $5000 Misc items or repairs $1000 or so
Forgot I got the 10% first time homebuyer tax credit, so I'd do even better. I was paying $75/month less for a 1 bedroom apartment, so for these 3 years here, I'd still make out in the deal if I did the kitchen and used it for a few years, then rented this out. If you can redo a kitchen for $4-5k go for it. I've done 2 and neither has been under $20k. They can approach $40-50k depending on what you want. The kitchen is the most expansive room in the house. I'd love to hear your experiences once you start renting. See if you really get $100 more for a kitchen upgrade. I could see $25-30 maybe in reality. I've seen other units like a few of mine be completely remodeled and rent went up $25/month. If I could get $100/month more I'd do it tomorrow myself. |
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stevek1949We're not in Kansas anymore Premium Member join:2002-11-13 Virginia Beach, VA |
to fartness
You said: Forgot I got the 10% first time homebuyer tax credit, so I'd do even better.If you took the tax credit, you may have to pay it back if you convert it to rental. I am not a tax expert, but I remember that there was a time that you had o keep the home as your principal residence. Look here: » www.irs.gov/uac/First-Ti ··· Credit-1 |
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fartness (banned)Donald Trump 2016 join:2003-03-25 Look Outside |
fartness (banned)
Member
2013-Mar-27 9:40 pm
Yes, I had to live here for 3 years. I'll be past that is two months. No worries. |
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fartness |
to 35245635
One of my family members just did their kitchen and parts/labor was $4000. These aren't rich $300,000 homes we're talking about... |
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35245635 (banned) join:2013-03-04 North Reading, MA |
35245635 (banned)
Member
2013-Mar-28 7:07 am
said by fartness:One of my family members just did their kitchen and parts/labor was $4000. These aren't rich $300,000 homes we're talking about... What did they do is the real question. Cabinets cost more then that alone. Appliance can reach that alone. Counter tops can reach triple that. That's just material costs not including labor! |
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fartness (banned)Donald Trump 2016 join:2003-03-25 Look Outside |
fartness (banned)
Member
2013-Mar-28 6:40 pm
That does not include appliances. Their appliances were pretty new (as are mine). Cabinets were around $1500 from Lowes. Bottom priced ones, but they're still "decent". Waaay better quality than Grossmans, Ollie's, etc. $1000 cabinets which I'd consider junk. I'd get something similar that is around $2000. No need for fancy granite counter tops. A cabinet functions the same whether they cost $1500 or $15,000. Again, these aren't rich preppy $300,000 homes that doctors around here live in.
After doing research, new construction in the city/suburbs goes for around $120k to $150k for a house similar sized than mine. Mine isn't worth even close to that. Doctors live in $300,000 to $500,000 houses around here, which are beautiful and have a $40,000 kitchen in them. Some areas of the country, $300,000 gets you garbage. Not here though. |
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to 35245635
Re: What to do with dining room?Kitchen renovation budget is majorly affected by kitchen cabinets and the dining wood furniture hence whenever you go for renovation don't go for big brand names this may raise your budget and lead to over investment.
The RTA Store. |
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