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Home Owner Tips, Upgrades and Maintenance General information on what to do with your new home. Garden, yard, driveway, basement finishing, and everything in between.


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  #21  
Old 2010-07-07, 12:36 PM
minto_home minto_home is offline
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I would think that as long as the mortgage amount (total cost - downpayment) is less than or equal to the appraised value of the final home, the bank should have no problems. Because this way, you are using your own money to pay for the upgrades and taking on the risk of whether those changes add to the value of the home.
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  #22  
Old 2010-07-07, 12:40 PM
minto_home minto_home is offline
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I guess another question along the lines of this topic is ..

"What percentage of the base purchase price do people spend on upgrades for themselves ... i.e. upgrades that add little or no value to the home from a resale perspective?" Examples would include moving around electrical outlets, doors, windows, upgrading cabinets, countertops, tiles, wood etc simply to get the right colour combination etc.
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  #23  
Old 2010-07-07, 01:10 PM
SoNgMaN SoNgMaN is offline
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we were closer to 15% but we had $20K included from the builder so we only added about 8% ourselves
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  #24  
Old 2010-07-08, 08:03 AM
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M&H M&H is offline
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We spend around 8% on upgrades (Cabinets, hardwood stairs, etc) and another 20k on structure changes that I don't consider upgrades as they don't lose value (brick on the back of the house, basement walls finishing, expand the kitchen and masterbed room by 2 feet).
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  #25  
Old 2010-07-08, 08:19 AM
Trepex Trepex is offline
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Quote:
Originally Posted by momof4 View Post
Wondering id in fact most people do spend 10 percent of the purchase price of the home in upgrades.

Would anyone like to share what they actually spent in upgrades and on what?

thanks,
Unfortunately we were at 20%. That said, a big chunk of that came from a few structural changes that were pretty expensive, and then adding hardwood throughout - things that we were adamant about from the beginning and that made the house what we were looking for.

Personally, I think the 10% makes sense if you love the floor plan as is, don't make any real structural changes, and then just spend that 10% on the trimmings. If you make any fundamental changes then that number goes up quickly.
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  #26  
Old 2010-07-08, 08:20 AM
Trepex Trepex is offline
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We spend around 8% on upgrades (Cabinets, hardwood stairs, etc) and another 20k on structure changes that I don't consider upgrades as they don't lose value (brick on the back of the house, basement walls finishing, expand the kitchen and masterbed room by 2 feet).
Missed this post originally. This is exactly how I feel. Structural changes are most often a completely different thing in my books.
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  #27  
Old 2010-07-08, 08:23 AM
Trepex Trepex is offline
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Quote:
Originally Posted by minto_home View Post
I guess another question along the lines of this topic is ..

"What percentage of the base purchase price do people spend on upgrades for themselves ... i.e. upgrades that add little or no value to the home from a resale perspective?" Examples would include moving around electrical outlets, doors, windows, upgrading cabinets, countertops, tiles, wood etc simply to get the right colour combination etc.
Well, that's tough. I disagree that cabinet and counter upgrades have little to no effect from a resale perspective. We feel that the upgrades we chose were ones that added value in addition to pulled together a theme throughout the house that appealed to us. Sure specific colours and styles may not be à la mode when you go to sell, but having upgraded cabinets and granite (for example) will still often make a big different. A nice kitchen can often sell a house.
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  #28  
Old 2010-07-08, 08:37 AM
momof4 momof4 is offline
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Thanks to everyone for sharing!

I totally agree about structural being the bulk of the cost, and that with that included you quickly rise above the 10 % and that it's something different from the aesthetic upgrades.

I'm going to shoot for 20% including structural.
thanks again,
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  #29  
Old 2010-07-08, 12:03 PM
barrhaven barrhaven is offline
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We spend only %4 of our total house cost in upgrades. This seems low compared to everyone else's numbers!!
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  #30  
Old 2010-07-11, 02:29 AM
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springwater springwater is offline
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We spent about 17%, which was much more than we planned, but we got the basement finished by the builder, which accounted for a large chunk of that. 10% sounds like a reasonable figure, but really it's kind of a meaningless statistic as you are obviously going to spend as much as you can afford based on your needs, so the percentage is just a number...
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