Fixer-upper survey results
I wrote about neglect in houses last summer. If you buy a fixer-upper, you need sense of how deep the neglect is. Just like it costs more to fix bridges that are falling down than it does to maintain them, houses cost more to rehab than if they have been kept up, year after year.
Now your fellow readers share their experiences of buying neglected homes and bringing them into the 21st century. First timers, before you consider a fixer-upper, consider what readers say about the time and money it will cost you.
The respondents report that they were happy with the results, the process, or both. Most say they would recommend a fixer-upper to a friend or family although conditions and advice apply. They were forthcoming about what they spent and how long it took. Thank you all!
Another thing to consider is the resale return on your improvement. What do you think of this site? It’s general, is it useful?
So, first timers, do you have more questions? Experienced owners, do you have more advice?
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That ROI site is useless, Rona, as they all are. They have a very strong implicit assumption, which goes
(For the average home owner, of low construction knowledge, low real estate market knowledge, and questionable taste) "Adding a bathroom will return 65% of your money.
There's a general urge not to tell people they are incompetent, so the part in parens gets left out. But it requires that to be true.
If renovations and development were quite such money losers for the knowledgable as this states, there would be no such field as developer.
For me, sometimes I see places where a 10k bathroom would add 15k to the house value. Sometimes I see places where that 10k bathroom would add not one penny. Average that out and you get 75% payback, but in fact I'd only do the first, not the second.
The other cruel truth is that many renovations I see don't even get 50% payback - its not unusual to see "renovations" that actually make the house worth less.
Rona, love the ROI site - it's a very valuable tool and one that I will use often. Thanks for posting it!
Do we have another imposter on the blog, pretending to be me? I think we should limit ourselves to one handle per person.
First, you put a lot of work into that survey, but the results serve as a testament to people's inability to read and respond to a simple question. One kitchen renovation cost $16 million, apparently, with work completed in 1913. Another respondent added an entire bathroom for $500. Oy.
Second, my biggest problem with ROI sites is that they don't report ROIs. If you "recoup" half the cost of a reno, you're really down -50%. A positive ROI always denotes that you get more out of an investment than you put into it. And that's not what happens with these "average" renos.
Hi Marcus and Marcus,
The "new guy" is really a Marcus. You can't blame him for using his own name. However, I asked him to write in with another handle.
As for the garbage answers on the survey, I consciously decided to keep them there. I assume that my readership know someone was goofing on me with the million dollar answers. The $500 bathroom was probably a typo. Again, I think my readers are smart enough.
As for the ROI site. My "happy homeowners" (buyers who now own after working with me) find it helpful. It gives a benchmark to decide about what changes to make if re-sale is an important part of the decision.
Sorry Marcus, didn't realize you had the market cornered on that name. Believe me, the last thing I want is for anyone to think we share the same views.
I had absolutely been wondering about post #2, I confess.
Clarification:
The Marcus we all read, know and -- uh -- love is still Marcus, Our Marcus-come-lately is calling himself "the real Marcus." Don't be confused. More than one mother named her bouncing baby boy Marcus.
I'd think most would be rather pleased to share the original marcus' acumen, by the way.
rona, thank you for the undertaking. while the results weren't perfect, they were interesting and i appreciate them.
This blogger might want to review your comment before posting it.
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