What should I do?

[Italiahaircolor]

I''m really on the fence with this, so I thought I''d turn to you all to help me sort out some my issues...

Background:

A little more than year ago, before the housing market really collasped, DH and I redid our house in an attempt to update it and hopefully sell. We invested some money in bringing the bones of the house up to date in a way that would reflect the current market demands and make our cookie cutter condo stand out. We gutted almost everything and turned a pretty basic condo into a space that was more modern and more appealing. It was really nothing over the top, because we had big plans to sell and move on. A lot of the choices we made we did for the next owner...everything from paint to design ideas were either scaled down or elimanted for mass appeal. For example, my "sitting room" is really a dining room (open floor plan, btw)...I wanted to do built in book shelves, but in order to keep it buyer-friendly, I bought book shelves that can be taken away with us when we move leaving the space generic again.

Current Issue:

With the current market being what it is, we''re not going to be selling any time soon, probably 3-5 years. And this past week I got to looking around my home and feeling pretty "blah" about some of the things I decided to go without. I brought in a designer this weekend to do a walk through and give me some ideas and upgrade options. Needless to say, a lot of the house would be "redone" if I moved forward with this. I feel such guilt over that. I hate undoing the work we did...but I''m just not feeling "homey" here. It doesn''t speak to me, you know? I feel like we''re so close to having an amazing home, but we''re just not there yet.

So, I guess what my issue is...do I bite the bullet and sink more cash into our home, really flipping it out to a point where we''ll never get the money back...or do I sit on what I''ve done and make due knowing this isn''t our "forever home" and we''re more or less passing through?

If I go forward, we''d be redoing some of the flooring, doing a massive amount of built-in''s, buying all new furniture, redoing more "bones", turning the basement into a 3rd bedroom, upgrading the garage and of course paint, wallpaper and other finishes I didn''t do the first time since they are "my" taste but not "buyer-friend"....

If we stay put, I''ll be turning the basement into a 3rd bedroom, upgrading the garage and maybe some paint...but that''s it.

I''m on the fence for the obvious reasons--money, time, stress...and my DH, he''s happy when I''m happy--but I can tell he''s not totally stoked about living in a construction zone for another year....

What should I do???

TIA!!

 

[Hera]

Here are some of my thoughts as an Interior designer,a recent home buyer, and someone whom plans to sell in 6-8 years:

I think furniture would be good and for the most part can go with you when you sell. A common theory has always been to keep your furniture classic and mix up the accessories to make the room extra special. I think crown moulding is a good idea. I think built ins are not a good idea, because with creativity, I think a house can look great without them.

My belief is that you should compromise your desire for a beautiful environment with a good business decision. But that''s what my priorities are. If you have a lot of disposable income, you don''t care about getting the most appreciation out of your house, then make all the changes you want.

 

[rainwood]

Some things to keep in mind:

1. The more money you put in the condo, the longer it will take to recover the value and the longer you''re "stuck" there before you can sell without losing money.
2. Because you''re in what you describe as a cookie cutter condo, there is a real risk of overimproving to the point that you''d never get some of that money back. There will be a maximum value on your condo regardless of what you do to it because there are similar units that will be on the market and for cheaper prices. Most people don''t want to buy the most expensive unit in the complex.
3. You''d be spending money on both the construction of the improvements and the cost of removing/redoing them. This make the cost of the improvements even harder to recoup.

If it were me, I might do the basement build-out if I didn''t have to borrow to do so because that will increase the value of the condo. Anything that doesn''t fall into that value added category, I''d skip. And buying furniture is like buying a car. It depreciates greatly the minute you''ve made the purchase. Given that, there is little or no chance to recoup your furniture investment and you have no idea if it would suit your next home. So I''d only get the few pieces that will really change how I use the space, but not spring for a major redecorating just to change the look. You want to be happy where you live, but you also don''t want to feel trapped because you''ve spent so much on the place.

 

[Erin]

Not necessarily that you''ll get every penny back in a future sale, but it will make your home more attractive to buyers.
People will always change things to make it THEIR home, but your talking about doing some things that people would want to do anyway. These changes may make your home sell faster...

 

[KimberlyH]

In this market, with the intent to sell, I wouldn't do anything more than paint, build out the third bedroom and the garage.

That being said, our house is quite plain, and I would never spend a large amount of money making it exactly as I would like it as we intend to sell in the next few years, especially knowing I wouldn't get it back. We also know that's a clean slate is a plus for buyers. I don't walk in every day thinking "I love the way our house looks" but pictures, plants and such make it homey enough for now; our next move will be to a home we intend to live in for a very long time and that will be decorated to my taste. I'm also very practical when it comes to spending money.

 

[steph72276]

I agree completely with Kimberly. I would keep everything the same except things that will add value to the house when you go to sell it like building out the extra room and garage. If you do wallpaper and built ins that are to your taste and not a broad appeal, buyers will subtract from the price in their minds for all of the redecorating they will have to do. I would just make it more "homey" by adding more accessories and changing out furniture. The less you spend now, the more you will have to put toward your long term house.

 

[lyra]

I agree with the others. Change paint, furniture, anything you can take with you. Only upgrade something that will give you a return on your investment, otherwise you will price your home above the level of the rest of the development. We''re in a similar situation, only we have to do upgrading to sell, and there is so much to do it''s daunting. But like you, every choice is made with neutral mass appeal if possible. Bleah, it''s boring and it''s not what I would choose, but I do want to move one day!

 

[Italiahaircolor]

Thank you everyone for the advice...I am taking it, sort of.

I am going to curb some of the bigger projects and start by converting the basement into livable space, upgrade the garage, and change some paint. I am also going to really flip out the master bedroom. The built-ins will have to wait!!

 

[Maisie]

I would definitely stick with changing smaller things to make your home feel more comfortable. Using furniture and paint might be enough to change the way you see your home. I would keep hold of your money to do wonderful things to the home you eventually end up with

 

[D&T]

Date: 9/8/2009 2:36:40 PM
Author: Maisie
I would definitely stick with changing smaller things to make your home feel more comfortable. Using furniture and paint might be enough to change the way you see your home. I would keep hold of your money to do wonderful things to the home you eventually end up with

agreed. small changes that don''t dip into your pocket book too deeply

but enough to be noticeable and make it more comfy living.

 

[Steel]

I read great advice above and can''t constructively add to it.

Except if I were you I would try to distract myself. Perhaps you could overhaul your wardrobe (outfits not built in units!), then your DH''s wardrobe. Whatever keeps your finger off the speed dial of your designer!

I offer this advice with the best of intentions and speak from experience. The busier you are, the less you will consider your home decor.

 

[MichelleCarmen]

Seems like a waste to buy new furniture when you have no idea what your new place will look like. What if nothing matches the layout of the new place? Then you'll have to buy again.

Sorry to be blunt, but it sounds like you've put all the money you SHOULD put into the place. I'd leave it at is. Buy some paint and try and dazzle your walls up. Personally, I would never "invest" loads into a condo because they are, by definition, boring and cookie-cutter on the outside and a prospective buyer will be taking that into account when looking at a place. They're not going to want to pay tons extra for upgrades that they possibly can even do themselves. Some have the skill to dedicate to sweat equity.

I'm not sure where you live. . .the condos/townhomes we lived in were NOT selling at all. Some were on the market for over a year. Others went into foreclosure. They're just not worth the time/effort.

It's surprising (to me) that you were allowed to landscape the exterior of your condo. Where we use to live, the HOA hired out all the work and we were not even allowed to clip a branch if it extended over into our driveway.

 

[partgypsy]

If you were considering staying there a very long time (forever place) and you had the ability to pay as you go, I would say make it the way it would make you happy (knowing it''s more a personal happiness and not a business decision).

However as you are planning on moving and it''s not your forever place, it really does seem overkill to do any of those things. I''m not sure I would even add a bedroom unless there was a compelling need to (like, I need an additional bedroom, not it would improve the value of the home). I would just wait until after the move, when you can really enjoy them.

Think of things that would give you the biggest bang for the buck. Myself we are planning in the next year or so redoing the flooring of the main bathroom and flooring/ wall of main bedroom, and maybe buying a new bed, and not doing the major bath renovation or new closet we were originally going to do at the same time.

 

[HollyS]

Regardless of how ''homey'' it isn''t, don''t spend loads of cash to upgrade and redo. You don''t intend to stay put, the market will not give you what you want out of this sale when you do sell, and there is no sense in spending too much cash for no real return.

A decent designer should be able to pull a rabbit out of her hat, and give you a sense of ''homey'' without an outrageous outlay of money. Or you could get on over to Blogland where the DIYourselfers reside, and get some inspiration, courage, and know-how to transform your condo into The Condo You Are Proud To Call Home.

Hang on to your money. You''ll need it for your ''dream'' home later.