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-   -   Taking DR/too frugal living too far....not updating home.... (http://www.diaperswappers.com/forum/showthread.php?t=1492257)

Leanbh 02-16-2013 01:13 PM

Taking DR/too frugal living too far....not updating home....
 
So I was just watching the show Love it or List it on HGTV. Basis of the show is a couple who are at odds, one hates the house wants to leave for a better home, other want's to stay and fix everything that is wrong.

This episode is seriously the worst house I've seen. A couple probably in their 50's, grown up kids, house has seriously not been touched in 30 years.....and not in a maintained way, but in a wallpaper in bits(70s of course), tiles falling off, just general dishevelled all over the house.

Normally the couple puts about 40-80k into the renovation.....they ALWAYS get more back in house value as it's done really well of course with designer. This couple said they have saved over the years and have 120K to put into the house:jawdrop:


Turned out they then had asbestos throughout the home, that cost $$$$ to fix.


I just don't understand the point of saving for 30 years, living in a crappy house and waiting until it's falling apart to put the money in? So you have spent probably at least the last 15 years living in the home which is really bad when you could have had it nicer, just some updates, 120k is a ton of course. Right?




This is the second time this issue has come up as we have sold our home and need to find a new home in 6 weeks. There is one home that seriously hasn't been touched since the 80's, but it's has been maintained, but entire kitchen gut job, every bathroom etc. The home is going for about 70K under what it could be going for as nobody wants to deal with this giant reno. Dh and I are considering it as it's a large home that would be great for our family. If they had of kept up a few updates through the years then it would have sold in a flash as it's an excellent neighborhood.

So....my thoughts are there is no point saving every penny until you are retired as sometimes money is better spent in updating etc or otherwise you could end up being very sorry and losing out on a huge $ amount later in life.........

cherylchoo 02-16-2013 03:51 PM

I saw that same episode and thought the same thing. :giggle2: It was clear she was never going to move, ever. And why did they *need* all that closet storage, if their kids were grown? To store her hoarder mess, I suppose. I would like to see that house 6 months after the reno, lol.

Anyhow, we did a similar thing you are considering. 60s house that had original kitchen and baths, 80s wallpaper in six rooms, 25yo hvac and roof, original windows and doors. We got it at a steal in a very desirable area because the agent messed up the listing and no one else knew it was for sale, lol. About $50k under market value as is. We reno-ed the kitchen with granite and stainless for $25k, and had mold remediation, front door and sump pump replaced, and stripped and painted the entire interior. We are about to get it appraised to remove PMI and expect it to appraise for at least $50k more.

BUT...we still need a new roof, new HVAC, new sliding glass or french door and the bathrooms while functional are still original. If the roof or HVAC fails this year we will have to scramble because we budgeted them for next year and the year after. So make sure you get a good inspection and all he quotes you need before you buy so you know what you are getting into. In our case it was the only way to get into this school district so totally worth it. But it would have been too much to just get a bigger house, KWIM?

KrisM 02-16-2013 05:38 PM

Re: Taking DR/too frugal living too far....not updating home....
 
You realize that is not at all what Dave Ramsey says, right? He's all about being frugal, having a plan, getting out of debt now so that you can live better later. clearly those people are not living better. DR's mantra is 'live like no one else so that later you can live like no one else'.

Leanbh 02-16-2013 05:55 PM

Re: Taking DR/too frugal living too far....not updating home....
 
Quote:

Originally Posted by cherylchoo (Post 16296968)
I saw that same episode and thought the same thing. :giggle2: It was clear she was never going to move, ever. And why did they *need* all that closet storage, if their kids were grown? To store her hoarder mess, I suppose. I would like to see that house 6 months after the reno, lol.

Anyhow, we did a similar thing you are considering. 60s house that had original kitchen and baths, 80s wallpaper in six rooms, 25yo hvac and roof, original windows and doors. We got it at a steal in a very desirable area because the agent messed up the listing and no one else knew it was for sale, lol. About $50k under market value as is. We reno-ed the kitchen with granite and stainless for $25k, and had mold remediation, front door and sump pump replaced, and stripped and painted the entire interior. We are about to get it appraised to remove PMI and expect it to appraise for at least $50k more.

BUT...we still need a new roof, new HVAC, new sliding glass or french door and the bathrooms while functional are still original. If the roof or HVAC fails this year we will have to scramble because we budgeted them for next year and the year after. So make sure you get a good inspection and all he quotes you need before you buy so you know what you are getting into. In our case it was the only way to get into this school district so totally worth it. But it would have been too much to just get a bigger house, KWIM?


That's so interesting that you bought a house similar to what we are thinking about. We are going back to look at it again on Monday. It's kinda a situation where you buy this house and make it what we love.....or buy another house for more(probably 30k more) but they are more....meh, nothing great. Even though this one would cost us more in the long run. It will need new windows in about a year or so, roof is the second one done 11 years ago, so not sure how long that is good for....I know you can't put a 3rd roof layer of shingles, you have to redo it from scratch next time.

Yes, it was a weird episode? Then she was complaining about all the other homes they saw that were a zillion times nicer than hers....saying that a dog and a bird? lived there and concerned about stuff(germs?dander?) left over from them.....meanwhile they found the asbestos in her home, funny as she was so particular but her house was a disaster.

Quote:

Originally Posted by KrisM (Post 16297293)
You realize that is not at all what Dave Ramsey says, right? He's all about being frugal, having a plan, getting out of debt now so that you can live better later. clearly those people are not living better. DR's mantra is 'live like no one else so that later you can live like no one else'.

But, that's my point.....those people.....lived like no one else.....now it was later and they had a boatload of money yes....so NOW they were living in a much nicer home. But what I'm saying is what a waste if you had THAT much money all these years I'm sure, then you couldn't redo the house a little? Seriously a few k in painting or 20k for a super nice kitchen and they could have enjoyed it for much longer.


I think what you are saying is that they should have....later lived like no one else....sooner, right?


But that's why I put "too frugal" in the title too........


BTW - it's one thing if you don't have the money, but in this case they did. Normally I would think a lot of people on the show up a HELOC to come up with the funds, but in this case she stated they had saved a lot. Kinda the mystery millionaires who go to their graves with a ton of money......

Rugbyfan 02-16-2013 06:20 PM

We have been in our 75 year old house for 10 years and have been putting off spending money to fix it up. We just didn't think that way and things were "good enough" for us. Now that we are thinking of listing we found out we have to do all the things we put off because it seemed more important to pay down the mortgage. Now all of the things we could have enjoyed we are doing for someone else. It makes me sad and everything we do makes me love our little house more. I'm kind of hoping we don't get a good enough offer so that we can stay here.

Leanbh 02-16-2013 09:18 PM

Re: Taking DR/too frugal living too far....not updating home....
 
Quote:

Originally Posted by Rugbyfan (Post 16297419)
We have been in our 75 year old house for 10 years and have been putting off spending money to fix it up. We just didn't think that way and things were "good enough" for us. Now that we are thinking of listing we found out we have to do all the things we put off because it seemed more important to pay down the mortgage. Now all of the things we could have enjoyed we are doing for someone else. It makes me sad and everything we do makes me love our little house more. I'm kind of hoping we don't get a good enough offer so that we can stay here.


I think that is very very common though. Even our home we did some small update, took down the vertical patio door blind I hated and put up a double rod with sheer etc, got rid of our giant entertainment center which I also hated, moved the couches and tv around. Well it's a zillion times nicer and wish we had changed it a long time ago.

The worst part about selling moving is that once you have your price set with your buyer, you then have to wait for the home inspection....we had to just fix a few small things and gave a $500 credit for other small things, but it's scary as you realize the price can go much lower :(

Honestly, I would just try to make it clean and pretty, get rid/store extra furniture, books, toys etc ....less cluttered and that makes it so much better for buyers. Sometimes it's better to fix, sometimes it's better to offer a credit instead...

Rdesonia 02-16-2013 09:49 PM

Re: Taking DR/too frugal living too far....not updating home....
 
I really don't understand how this has anything to do with Dave Ramsey??

I'm pretty sure he never said "Don't renovate your house".

Leanbh 02-16-2013 10:19 PM

Re: Taking DR/too frugal living too far....not updating home....
 
Quote:

Originally Posted by Rdesonia (Post 16298059)
I really don't understand how this has anything to do with Dave Ramsey??

I'm pretty sure he never said "Don't renovate your house".

Title of the thread say's "taking it too far" so saving, being frugal too much.....not getting to the spending part, ends up being to your detriment......

mama_to_DJM 02-16-2013 10:59 PM

Re: Taking DR/too frugal living too far....not updating home....
 
I haven't seen that show, but I get what you're saying. We live in a fairly old house, have been here for almost 6 years, and we are updating as we go. Typically we do one larger thing each year with our tax return-this year it was a new roof on the detached garage, last year it was a countertop, other years a fence. We are thrifty and don't have a lot in savings, but it's still important to us to fix up our house.

The way I see it is that these are all things we would do before trying to sell our house (which we would like to do whenever the market improves), so we might as well do it now, and spread out the cost. Like the garage roof- I didn't really want to do it, but it would HAVE to be done before we sell, so it makes sense to do it now!

briggsy13 02-17-2013 07:32 AM

Re: Taking DR/too frugal living too far....not updating home....
 
yeah the only reason we haven't done things around our house is money limiting us. If we had extra money to be stashing away we would be replacing windows, kitchen, and just in general have the house decorated nicer. Or add on so we had the space we need. It sounds like they totally took it too far. Or in general don't care about their home maybe?


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