Michael’s Two Cents

I’m actually fairly handy and know how to build and make stuff. I’m also a do-it-yourself-er to a fault. So my solution to the mortgage nightmare many of us are beginning to see come to our neck of the woods is to make my house bigger and better as frugally as I can.

Before you take my word for it check with a real estate appraiser but there are a few things that usually increase a home’s value.

• Square Footage
• Number of Bedrooms
• Number of Bathrooms
• Remodeled Kitchens
• Remodeled Bathrooms

So I’m putting a plan into place to fix up my place as fast as I can. I’m not planning on moving or selling anytime soon but I want the option to be there and when I do move I want the most equity I can get. I’ll also sell my house without a real estate agent to save money there. I’ve done it before and it’s actually pretty easy to do, look into it.

My plan consists of 6 projects I can do myself or with a little help. The order of the projects has more to do with scope, cost, benefit, and skills. For example I want to build my own kitchen cabinets so I want to practice on the bathrooms first before I tackle the kitchen. The garage and laundry room will have the least impact (me thinks) on the value of the home but a big curb appeal value. There is a seventh project (landscaping) which will happen on it’s own as I work in and on the yard.

Project 1 : Refinish The Master Bath

My wife Julia has been asking for this for some time. It also buys equity back fast if I do it myself and keep material costs low. I’m not going to move any walls just pull the existing cabinets, put in a big tub/shower where a old tiled shower is now. I’ll refloor the whole thing with big nice tiles and build and install a new vanity and sink. I’d like to use a solid surface counter top but only if I can find a good price on it. I’ll also install new light fixtures and paint everything ina neutral color.

Project 2 : Refinished Bath

I’ll leave the existing cast iron tub since it is in great shape. I’ll pull the cabinet, sink, mirror, and light fixture. I’ll build a vanity that matches the master bathroom and finish it the same. I read somewhere that buyers like how everything matches in new model homes so I’ll try to keep the cabinets, colors, and themes consistent on all six projects.

Project 3 : Remodeled Kitchen

By this point I should have my cabinet building skills honed. I’ll begin by building all the cabinets in the garage before ripping out the old kitchen. I’ll keep the layout pretty much the same, especially where all the plumbing, gas, and electric connections are located. If Julia will let me keep the same appliances I will but I suspect she’ll want new stuff. If the budget allows I’m all for new appliances and they tend to really be appreciated by buyers… if we decide to sell and build a new home.

Once all the cabinets are ready I’ll rip out the old kitchen, repaint and install the new cabinets. I really hope to install top quality counter tops for us and resale value. I also plan to get into the ceiling a little and add some recessed lights. They always seem to create a much richer atmosphere for little money.

Project 4 : 380 sqft addition

Actually I hope to add as much square fottage as I can up to 500 square feet. A friend who just rebuilt his whle house told me that additions less than 500 square feet are much cheaper to get permits for. I think I can go as close as five feet to my property line so when I actually get out the tape measure to draw up my real plans I’ll try to get as many inches as I can.

In my current plan I think one bedroom, one bathroom, and an extension to my family room would buy me the most equity in my area. There are a lot of homes in my neighborhood with 4 bed and 3 baths. The dollar per square foot value of these homes is quite a bit more than the 3 bed, 2 bath homes. There are not many comparable five bedroom homes with similar square fottage so I think it’s better to add only one bedroom instead of two in my case. I may be wrong but I think it makes sense. If I change my mind I could convert the family room extension into a bedroom with a wall and closet.

Project 5 : Refinished Laundry

I want the laundry room to match the bathrooms but I don’t think it will add any value.

Project 6 : Finished Garage

Guys love garages right? Gals love clean garages right? I don’t think finishing the garage will cost much and the curb appeal is big. I don’t think it will add value so if I can do it cheap I’m definitely doing it.

Getting Started

First I need to solidify the plan with Julia and then get going on the first project. We don’t have to have everything mapped out to begin making progress, just some time and a little money. If I actually follow through with it I’ll be sure to post my progress here.

Right now Zillow.com has my house valued at $388,500.