Remodel & Renovate in 97215>Question Details

Tiffanyrensh…, Home Buyer in Portland, OR

love it or list it?

Asked by Tiffanyrenshaw, Portland, OR Mon Aug 5, 2013

Hi, i have a home we've owned for 6 years in the Sunnyside neighborhood just off of Belmont and upper 40's. We love the house and neighborhood but the house needs some updates to make it a fully functioning house that I can stay in long term. This includes adding a dormer/master bath project amongst other things. However, my concern is with investing too much money in this house. While we are in a great neighborhood, our next door neighbors do not keep up their house and its essentially falling apart. We also have an empty parking lot behind us and while it doesn't bother us at all and its not visible from our backyard, we wonder if we'd have a hard time reselling. So the question is to invest $$ in the house or move on... thanks!

Help the community by answering this question:


The first place to start is getting a value for your property and talk to a lender to see what you can afford or with a refinance of your project getting a new loan with a possible lower interest rate. Then go look at homes to see what you like and can afford. Remodeling is a large step and a project that can take months and are you ready for that? Then get a couple of estimates for the remodel. I currently am remodeling my home and have a contraction back ground and I am a trade ally of Energy Trust so I have taken many of the new energy courses. The parking lot might not bother you but is it buildable like for an apartment or high rise or town homes that would then be looking in your back yard. You can find zoning information at and see what your house and surrounding property is zoned for now and if any property it touching commercial then it is pretty easy to get a variance and get a zone change because the city wants higher density housing. I am currently working with some past clients now and they are getting estimates to do a complete remodel or take the house down that they inherited. The market was hot this spring but it has slowed down a little due to the increase in interest rates and the normal late summer slowdown.
I would be happy to come over and give you an evaluation of your current property. Thanks, Tom Inglesby, Broker, RE/MAX
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Tiffany,

That IS a great neighborhood. In order to answer your question though, you would want to gather a little more information.

1. How much of an investment are you talking about in order to get your house remodeled to the your standards to continue to live there long term?

2. How much would your home sell for in the current market with out any updates.

3. What could you buy with the net profits that you could get from your home sale.

That would allow you to see how best to use your savings. Whether you take the money and purchase in a different area and house. Perhaps one that you feel may have better neighbors or surroundings. Or if you wouldn't be able to find something that is better or at least equivalent with the updates that you would want, then perhaps doing the remodel is a better use of money.

Gathering basic information for the 3 questions above is fairly simple.

0 votes Thank Flag Link Mon Aug 5, 2013
Complicated issue which needs a lot of information gathering. Have an agent work with you to place a value on your home, and show you what you might be able to buy. Talk to a contractor to get an estimate of what your remodel would cost. You are probably aware of what a headache it is to live through a big remodel! I'd be happy to help. 503-310-2336
0 votes Thank Flag Link Mon Aug 5, 2013
That is the ultimate question, isn't it?! My wife and I debated back and forth on this issue for 4 years...
The best place to start is with a market analysis to see where your home currently sits in today's market. Then, we can factor in your additions to see how they will affect the value of your home and if it will be worth it financially. Then you compare the numbers against what you can get in today's market for the price you are willing to pay if you were to leave the home.
I have worked with numerous clients on this very issue. Let me know if you would like my assistance.
Good luck!
0 votes Thank Flag Link Mon Aug 5, 2013
The best way to make a sound decision is to gather as much information as possible about all of your options.
1) Have a comparative market analysis done by a reputable real estate broker. I am happy to put these together for clients to help them make sound decisions. The market analysis will factor in the location and any challenges your property may have
2) Talk to reputable builders/remodelers to get ball park numbers about the costs and feasibility of your project.
3) Finally, look at what is currently on the market to see if you can find another home within your budget that you would be willing to move into.

Let me know if there is anything that I can do to help you out. You can also learn more about me by visiting my web page at:
0 votes Thank Flag Link Mon Aug 5, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer