Everyone has a number . . . I’m not talking about that number but a number for what they have spend on improving their home. It’s an important number to know because if your spending $50,000 on a kitchen upgrade to a house only worth $150,000 in a neighborhood of equally priced homes, you might not get your money’s worth when selling.
Side note: We are not looking to sell. Our goal is to enjoy all the hard work we put into the house for as long as possible.
Greg and I started discussing what our number really was. We had a habit of thinking in terms of project costs but not total costs for the house. We knew how much he paid for the house and it’s current estimated value on Zillow. We also knew how much the upgraded house two down sold for which provides us with a rough estimate. Since I love Excel and numbers, we dropped our project costs all into a nifty spreadsheet to see where we stood.
Shocked was the only word we could think of because we couldn’t fathom the fact we spent $32,200 on the house in three years. I was also shocked at how consistent we were with our spending for three years.
Side note: This total does not include painting any of the bedrooms or powder room. I also did not include furniture or anything we can walkaway with if we were to sell.
What I loved about this chart is how it put our projects into perspective. For example, the patio represents 30 percent of our total costs where as the Mud Room represents only one percent. Sometimes it feels that we the projects we work the hardest on should represent more of the total spent.
Every home owner isn’t house project crazy like us so their numbers might be lower. Our top five most expensive projects were all contracted out due to level of skill needed. We can’t install a patio (or if we could, it we couldn’t complete it in three days). Sure, we could have installed a fence but it came down to the value of me proposition— is it worth my time/saving $1500 to attempt this in my own. Don’t think we didn’t price it out and guess what, we realized it’s better for us to have someone do it in a day.
Then you have our living room at 3%– we factored everything in the value proposition and realized the value for us to complete it was greater than the estimated costs for a professional (we never had it quoted but I just imagine the cost would have doubled or tripled at the very least). The room took us five whole days to complete not including the dewallpapering.
As everyone keeps telling us, we have a lifetime of projecting ahead of us (some continue it with slow down) and we fully realize there are four people on this family– Greg, Hazel, Me, and the House. Each person requires continual care and maintenance. Our goal is to get as much done before life throws another person into this equation (not anytime soon) and our time/disposable income is required elsewhere.
So I guess this is the long way of looking at how much we spent on the house. Don’t forget to enter our giveaway to win a free custom dog leash or collar from Sew Dog Designs!
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