Dwan Jones, Other/Just Looking in Calumet City, IL

I just prchased a property in April '08. Since then I have put in about 20K in renovations (new windows,

Asked by Dwan Jones, Calumet City, IL Thu Jul 10, 2008

fresh landscaping, opened floor plan, added recess lighting in the living room and kitchen, changed ceramic tile in the kitchen and painted the entire interior in neutral colors. My question is this property is in Calumet City, IL. and I got it for 112K and I'm wondering if I'm beginning to over spend in this proerty for this area. I'm trying to build equity and not out build the neighborhood. It's not a prestigous neighborhood but is nice and quite in my area. Zillow says the price range for the area is 82K - 124K which blew my mind and if this is true I have almost put that much in this property already. Need advice BAD.

Help the community by answering this question:

Answers

5
Daniel’s answer
Look your living in the house, right?? Make the house your home. Make it comfortable.

Who cares if your neighbors do not have granite counter tops, if that makes you happy, be happy. Dont worry about over spending the neighborhood. Make YOUR home a home
2 votes Thank Flag Link Thu Jul 10, 2008
Hi Dwan,

Sounds like your project is going well.

Highest closing in Cal City for for a Rehab in the last six month is 200K. Slightly higher for new construction. There is a large range of values, so I would caution you to get an agent involved if you're unsure about the market conditions in your area.

I agree with the previous comments. Your home is just that. You should make it the place you want to live and not be overly concerned about value. If having to sell in the near future is a possibility, then you need to take a look at the cost and effort involved in remodeling and weigh that against how long you will enjoy the home. If your doing this for investment purposes, get an expert agent involved to help you understand the local market conditions. Zillow is neat, but shouldn't be used to guide investors or those making financial decisions with their real estate.
0 votes Thank Flag Link Fri Jul 11, 2008
Zillow is not true comp's where is your agent who sold the home to you stay in touch with them. http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 10, 2008
Hello Dwan. I think you have done what you can to upgrade and update the home without turning it into the Taj Mahal. You can't go back and undo what you have already done. So far, I think you are still ok and don't have to worry about overdoing it, but you are prudent to think about the overimprovement factor. Keep it simple and within what the neighborhood supports. One word of caution about Zillow's Zestimates. They are many times not accurate as they are not based on the most up-to-date sales data information and they also don't account for different features. We all know that you have to compare apples and apples and Zillow does not always do a good job at it. We still need the human touch to arrive at more accurate fair market value conclusions and that's why appraisers have to do many appraisals before they become full-fledged appraisers. If you bought through a real estate agent, I would contact the agent and ask him/her to come over and take a look at all the improvements and ask whether he/she would prepare a CMA for you taking the improvements into account. Enjoy your newly remodeled home to the fullest.
0 votes Thank Flag Link Thu Jul 10, 2008
Ute Ferdig -…, Real Estate Pro in New Castle, DE
MVP'08
Contact
IF you are looking to recoup your investment in the short term, you need to pull back. If you're going to live there for several years, make it comfortable for you - keeping in mind that you COULD over-invest. Some of what you've done could be perceived as maintenance - fresh landscape, new windows and paint, and it's a good idea to stay current with maintenance tasks. Just don't make your place the neighborhood palace,and enjoy your home!
0 votes Thank Flag Link Thu Jul 10, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer