Home Buying in Rochester>Question Details

mbph7773@gma…, Home Buyer in Rochester, NY

Should I stay or move?

Asked by mbph7773@gmail.com, Rochester, NY Wed Jul 18, 2012

Hi. My husband and I are 62 yrs old and we have lived in our house for 15 yrs. It is a ranch that is fully sided with a new walkway up to the house; plus all new top of the line windows; a 4 car garage; 3 seasons room; deck; finished basement; 2.5 baths that have been updated in the past year; kitchen cabinet are oak and fine but we updated the counter tops with a formica granite look a like and new sink. We live on a culdesac but our lot as far as I am concerned does not have a lot that my grandkids can run around in very well it is long and narrow. We were told with what we have done to the house so far we could ask $130,000 for it. We still would like to do some more renovations and after we everything we could only get $130.000 for the area. My question is at our age should we put the improvements into our house or find a property in another area that would be able to support the improvements to another house?

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Podzorov, Olga’s answer
There is no improvement that you can make that would return you 100% of e investment

Only put it if you need it for your own living / enjoyment

$130 seems low so ask for a second ( and third!!!) opinion

Olga Podzorov
Nothnagle Reltors
0 votes Thank Flag Link Thu Aug 23, 2012
Wow! Your question is loaded. It is a question that only you can answer. You will have to weigh the pros and cons and come up with an answer. From what I gather, you have put a lot of money in the things you wanted in a property. I doubt that you will get all that improvement for anywhere close to $150,000. So then the question is How much do you 'want it all' and are you willing to pay for it? Buy the way let me be the first to remind you that being 62 years young is wonderful! Seriously, decide what is really important to you. If you can afford it (with all of your other depts in mind) then by all means go for it. If the money is the big factor you might change your prespective and enjoy all the benefits that you do have and stay in your property for a long time more.
Best of Luck on your Choice,

Cathy Barton
Allison James Estates and Homes®
0 votes Thank Flag Link Mon Jul 23, 2012
You have to be aware that not all improvements will make a difference in the price. It may only add to the value. It is your choice whether to make the move or not, or whether to make improvements. I wish you best of luck.

Amy Liu
East Coast Realtors, Inc
0 votes Thank Flag Link Sun Jul 22, 2012
To stay or move is a decision only you can make; as for any renovations, consider any upgrades that will make the property more enjoyable to you--keep in mind that when selling, not all improvements add value, nor will they entirely repay your investment...
0 votes Thank Flag Link Wed Jul 18, 2012
Looks to me like you are in the home people your age are seeking out. The grandkids will adapt to the yard. Take them to Disney World with the extra money.
0 votes Thank Flag Link Wed Jul 18, 2012
Good morning and thank you for the question,

If you keep making improvements remember you may be adding value but not price.

The other side of the question is if you can find a property that satisfies what you are looking for in a lot as well as the amount of work you would want to do than go for it.

Good luck with your decisions.

0 votes Thank Flag Link Wed Jul 18, 2012
Be careful, don’t over improve, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jul 18, 2012
Generally speaking, if every other home in your neighborhood is selling for around 130,000 and the current estimated market value of your home is 130,000... you won't want to spend a lot of money on improvements. At least not if your desire is to sell the home and not lose the money you spent on renovations.

But, at age 62, having lived in the home for 15 years already... it's possible that this home is all you will need for the foreseeable future. If you love the home, love the area and want to make some changes to it that will make it more comfortable for you... Why not?
0 votes Thank Flag Link Wed Jul 18, 2012
Hi, If your value is maxxed out in your area it will most likely be that way for awhile. If you can sell it and make a decent profit, then consider doing it and taking advantage of lower prices in another area.

Good luck!
0 votes Thank Flag Link Wed Jul 18, 2012
For an investment point of view, I would not recommend to spend a lot on renovation if you would not be able to get some of the money back.

If you decide to do more renovations, would be because you want to live comfortable and would want to hold on to the property.

Whatever your decision is, I wish you the best,

Truly yours, 
Graciela Florimon
Exit Realty Search

3928 E. Tremont Avenue
Bronx, NY 10465
Office: 347- 202- 4965  
Mobile: 347- 338-8641
Fax:      347-202-4966 

0 votes Thank Flag Link Wed Jul 18, 2012
It sounds like you have a lovely home. You may want to just see what is available to you out there before you decide. Best wishes!
0 votes Thank Flag Link Wed Jul 18, 2012
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