that depends on the situation, if it's a old house then yes improving benefit your life but for I have seen a trend when people add sq converting extra space into a living room which will increase your market value. After all house is not just about life style, it's also a investment.

Almost 30 years in our house, and Yep. It's not a financial investment, although we could sell the land alone for about what we paid for the house back then. It's a place to live. We've paid for what was necessary...new roof, new oil furnace, new water tank, etc. Had to scrape out the attic insulation and replace it after a rat problem. Windows (not all, but some) are probably next. We need to scrape/sand/paint the siding again, which we did ourselves 20 years ago but are getting a bit too creaky to do it ourselves now. We have kitchen shelves, not counters, because the counter doors rotted out years ago. Bathrooms are original, although we did have to replace the shower faucets and one toilet. It's an old house, and frankly I figure anyone who buys it now will level it and start over. It's a nice piece of land. So all of our money has been just to live. Which is cool with me, that's what money is for. Best part...it's paid off. Property tax is there, but still.

yeah, don't do home renovation as an "investment". addition to square footage is the only guarantee of return as long as its permitted and of acceptable quality. just look up local price per square foot and you get a rock solid estimate of what the sqft expansion is actually worth. AND GARAGE CONVERSIONS DONT COUNT, i always shake my head when i see that amateur garbage and buyers hate it too.

stay employed and give it two years.. things will turn in your favor. the fed will reverse its policies. although, consider moving to somewhere with affordable housing and a strong demand for labor ;)

I LOL in order to not cry

Look into down-payment assistance programs that are available, either federally or in your state. Make sure you prep a realistic price range when house shopping though - huge when it comes to affordability.

Same bro. 😢

Haha we are in the end stage of capitalism haha, the bank says I can only afford a $900 per month mortgage so I’m stuck paying $2000 monthly rent instead

Yeah I remember the story of someone buying a Flip or Flop Vegas property and saying they had to do additional work because the job while good felt rushed and a bit cheap in places.

You're a teachable, humble human - one of the best kinds of human! May you have many great memories with your father. And lots of profits.

The only guaranteed way to improve ROI on your home is to live in a more desirable neighborhood. Consider how good your schools are, how many AP/honors/IB courses and extracurricular clubs their high schools offer, how strong the sports booster culture is, and how diverse and inclusive your neighborhood and community are. The places with consistently high ROI are in wealthy suburban neighborhoods with elite public high schools, where a big % of each year's senior class gets accepted into prestigious universities (including Ivy-League schools). Also, consider supporting your local library or library system. Better libraries = higher (and faster-growing) home values. Long story short, get involved in boosting your community's assets and be a positive force in local politics, that'll get you more ROI than tearing down walls and replacing tile or painting walls lol.

If you carry out your own major work then there can be positive ROI. Some walls are not structural and can be easily taken out. You can buy great kitchen units, doors and worktops online for a fraction of the price you would pay elsewhere. Units and doors are easy to fit yourself. Worktops I would make sure you hire a professional for an afternoon to help you with wooden or cheap worktops. Most other worktops are made to measure and will needed to be done by a professional. Still you can easily get a new $40000 kitchen fitted for under $20000 if you choose wisely. So you probably actually make a positive ROI.

Aren't wealthy neighborhoods some of the least diverse, most racially segregated places in the country?

@@djhero0071what is your point ?

Same. We don’t plan on leaving until we retire or have to, so we just want a nice house that we love.

All poor people tell themselves this lol

@@ihmpall jokes on you. Definitely not poor.

There are other returns that are not financially measured such as wellbeing

This. It's more a ROI on mental health over financial in my eyes.

I would have liked to have seen things like "adding a powder room" to a bathroom and bedroom-less first floor. Making an office a legal bedroom. Those will add serious value, I believe.

@@sharonfleshman6961 Even on those projects, the ROI is very dependent on the rest of the house and the market. Adding a full bathroom to a 3 bd / 1 ba house in a family friendly neighborhood is going to have a much higher ROI than the same bathroom added to a 4 bd / 3 ba house in a more industrial area.

It's a curb appeal thing. Most people replace garage doors when they're old and worn out, which means they also look old and worn out. This detracts from the value of the house.

Always so weird to me. My parents kept up their house and it was move in ready. When they sold it, it sold for the same price as the homes that are run down and need a lot of work.

@@1KingFisher probably because people are still going to change a “move in ready” place to suit what they like if they care about that. Or they don’t care and won’t pay for it. So your making changes in hopes that people will like your subjective tastes

No wonder your last name has awesome already 😂

In my opinion, most home improvement projects should be based on how it benefits you *now* rather than increasing sale value.

In pretty much every state they cannot not quote you. So some businesses and contractors will quote insane prices because it wouldn't be worth it to them to do it or they don't actually want to do it. So if you get a quote from one guy, get more, eventually you'll find like a sweet spot. This does suck of course in general, but yeah.

If it's doable in your area, try to sell the home and buy one that isn't damaged goods. You shouldn't need to be doing so many repairs at once. Unfortunately where I live everything that stays on the market for more than the weekend is damaged goods you really should not buy. I'm incredibly lucky to have won a bidding war on this house...

Same boat. I'm 30, bought our home in 2019. Can't afford to hire for maintaining the home. We'll be buying a ladder and cleaning our own gutters out 😂

Either you're a solar panel salesman or you fell for their line. Solar panels can be problematic when it comes to reselling and are not the investment the solicitor at your door is claiming it is. From gutter guards to window replacements and high efficiency furnaces people should be wary of sales tactics claiming to save you money or the environment if you spend money now.

How did the value went up by the cost of panels? Did you have an offer before and after the installation which demonstrated this difference? I am not criticising but asking. Solar panels are great things and everyone should have them. But I Didn't think they were so important as to being free additions.

The house probs oh would have went up regardless of the solar panels. But it makes you feel good phrasing it that way.

Best advice of the year yet you've made so much point. Saving a day off work is the best step to financial freedom. I would really love to get started investing

​@@bashirauwal5825 yes it's been helpful to my general income, I make about an extra 2k weekly from my investment portfolio

Wow that's awesome I'm really excited about this how do I get started

There's a lot of investing options, real estate, cr ypto, ETFs, st ocks, but my best advice get a professional lead you into profitable one

I definitely agree with you Hillary you're right a financial consultant will be of so much help about investing

Agree❤

It’s whatever the wife likes.

It's scaring me

Good luck!

🎉 congratulations

From a pure numbers perspective, a quality DIY job almost always has a positive ROI. This is because the majority of the cost of a renovation project is in labor.

It also depends on hiw skilled the DIYer is because a poor installed “improvement” can actually be something a buyer can legitimately deduct the projected cost to remedy the deficencies in the installation.

How not hiw

personally wouldnt remodel unless the house is paid off

Why would you sell the tool? That's dumb.

Reason to first look for used tools before buying new.

@@JohnDoe-ld8nr it’s not dumb, after doing something why would I keep a wood plainer or a huge table saw for example?

@@VictorPaixao4fun Consider renting first if you only need the tool for a short period. If renting is not possible due to unavailability or high rental cost then check used market. Purchasing new should be the final option.

@@AyoolaBoyejo Yeah, thanks. I'm definitely going on that direction in my Home Projects :)

Were you using a government-subsidized loan? (FHA, VA, USDA) Those are the only loans that I can think of that wouldn't lend on a house like that. Most banks will still lend on a house that needs repairs, as long as it's livable. They will appraise it lower, naturally, but your purchase price should be lower to reflect that.

@@FlyingSagittarius that's what my realtor told me, and the top Google results are agreeing. Note that for these houses I looked at, the kitchen and/or bathroom(s) were unusable in their current state, so that may be different from what you were imagining I meant.

@@lkjkhfggd Yeah, I was picturing something run-down but still functional. A kitchen or bathroom that is completely unusable would not be eligible for traditional financing, only a hard money loan.

These ROI figures include all the renovations that people do just because they want something different, and aren't considering them as investments. Buying a house with non-functional kitchens and bathrooms and renovating them into functional kitchens and bathrooms will have a positive ROI if you do it correctly, but it won't show up in these figures because there wouldn't be anyone living in the house in the first place.

The roi on any primary residence isn't derived by what we buy and sell it for. But, the ROI is simply how many people we can push through the working class phase of life to financial independence. If you renovate to boost the number of people in the family who get to financial independence faster, then it's a worthwhile investment. Ink is barely dry on the Emancipation Proclamation. Only financial freedom matters ❤