Given the housing market, should I be investing in my current house?
NewMonarch asked:
I live in an 85 year old house in Kansas City, MO. We bought our house a year and a half ago for $120,500 after it had set on the market for 6 months at $130,000. The house definitely has some issues that I’d like to tend to before we sell it again. The floor joists need to be replaced, etc.
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I live in an 85 year old house in Kansas City, MO. We bought our house a year and a half ago for $120,500 after it had set on the market for 6 months at $130,000. The house definitely has some issues that I’d like to tend to before we sell it again. The floor joists need to be replaced, etc.
Considering the current housing crisis, I’m not sure what the right move is as far as making home improvements. We’d most likely plan on moving in a year or two and would like to make our house both valuable and desirable (for more than we paid for it!).
How should we be preparing considering the current market?
I’m wondering now
For the record, I live in the Waldo area. 75th & Wornall
December 31st, 2008 at 9:05 pm
don’t
home values are still dropping and are predicted to fall even more during 2008 and into 2009 as the recession sets in deeper and deeper
January 1st, 2009 at 10:13 am
It is your house.. Why would you not want to repair the floors if they are bad,, Then when the market picks back up you don’t have to pay to have it done then.. Plus us get the benifit of the improvements..
THIS IS YOUR HOUSE?? why would you not want to repair it.??
Prices will go back up, but not if you don’t do the repairs.
January 2nd, 2009 at 7:07 pm
Talk to a local Realtor!
Your current market may be very different from others, I know mine is. The media’s portrayal of this terrible market with home values spiraling down simply doesn’t exist where I live and may not where you live too.
January 5th, 2009 at 4:33 am
I will keep this real simple. Is it harder to sell a $10 shirt for $5 or a $5 shirt for $10? Advantages of owning real estate are: reducing taxable income, profit from sale, customization (adding a swimming pool, remodeling, etc.). Looks like the only benefit you are getting right now is being able to write-off the mortgage interest you are paying. Fact – home prices are falling and may continue to fall into the year 2011. If you make payments to principal, the odds are you’ll never see it again. If you are planning to move within 24 months, make just the MINIMUM payment you need to make to stay there. Save your cash.
January 5th, 2009 at 10:52 pm
Well depending on what part of KC Mo you live in depends on how much home improvment you should do right now. Are you in the VAN Horn school dist? I would like to know what area you are in to answer the question better. I would do the floor for sure, that is the major thing that would keep a first time buyer leary of purchase. Depending on what other improvements you decide to do some don’t increase enough to get it all back. If you like send me a message and maybe I could help. I’m a retired Agent and live in the Jackson county area and know it well. Good luck