Spending Money to Downsize
We continue with our downsizing plan by preparing to sell our large house in middle Tennessee. In 2012, we gutted and remodeled our master bathroom. Although the bathroom finishes and fixtures were not over the top, it was a significant investment. However, this money had to be spent so that this house would be marketable to anyone other than house flippers. At least we are getting to enjoy the new and improved master bath for a time before we sell. We are about to begin phase II of the remodel.
What is interesting and somewhat difficult about this project (as it was for the master bath project) is that we are selecting finishes and colors that make the most sense for resale purposes. We are asking vendors and contractors to suggest items that will (a) appeal to the broadest spectrum of potential buyers and (b) not be over the top expensive. Everyone we have worked with has been very helpful in this regard, particularly our contractor who has been in the remodeling business in our area for almost 30 years. If we were staying in this house ourselves, our selections would have been different in many cases.
The experts say that bath and kitchen remodels provide the highest return on dollars invested. We may not make back all of the costs incurred but by getting this work done now, we will avoid having potential buyers reject our home outright when they see an outdated kitchen. We will get to enjoy the new kitchen and floors ourselves for at least a year.
We will probably have one more round of remodeling work done next spring, primarily in the yard, deck, and driveway areas.
In preparing for the remodel activities, I delivered a bunch of old vinyl records, CDs and DVDs to our local used media store. This netted us $130 which pleased me. I also successfully sold a bike carrier and iPad on Craigslist. We will spend this money (and much more) in Alaska but it is a “bucket list” trip for us so I am not bothered by that.
I believe that real estate values in our area will continue to climb even as interest rates edge up. Nashville is an “it” city right now with lots of favorable national buzz attracting new money and new buyers. I hope this is sustainable until we sell.
Are any of you spending money as part of a downsizing plan?
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