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+--- Thread: Anybody in Richmond? (/showthread.php?tid=10263)
Re: Anybody in Richmond? - .RJ - 05-03-2013
Its going to be another 5 years before its complete out to dulles, and the Wiehle station will be the end of the line until that's done, they cant bring stations online as the rail is completed going west. The county/airport authority/toll road owners/state/fed and I dont even know who else are still arguing about who's paying for what and they havent picked a contractor yet. And there's no real plan for dealing with the traffic increase around the station either. It'll be a shit show for a while.
So who knows. If prices start to jump up, I'll start thinking hard about a kitchen renovation - I'd love to knock down a wall and extend my countertop space. Right now I dont think its worth it.
Re: Anybody in Richmond? - HAULN-SS - 05-03-2013
Wouldnt you guys be better off selling your places if the prices jump up to 03/04 prices? Seems like part of the problems that we saw were people cashing in on equity and doing big renovations and shit that made them negative when prices swung back down?
Re: Anybody in Richmond? - .RJ - 05-03-2013
I dont want to cash in equity to do any renovations, my concern is that I dont want to put a bunch of work into the house that I wont ever get a return on when I sell.
Although if prices go up over their peak in 05, I might just cash out, fuck off and go to mexico.
Re: Anybody in Richmond? - D_Eclipse9916 - 05-03-2013
HAULN-SS Wrote:Wouldnt you guys be better off selling your places if the prices jump up to 03/04 prices? Seems like part of the problems that we saw were people cashing in on equity and doing big renovations and shit that made them negative when prices swung back down?
I wouldn't be using equity at all. And part of the problem is over renovation. My house needs renovation in terms of needs hardwood floors and an updated kitchen. We are talking ~20-30k here. My house has more than quadrupled that in appreciation in the past 15 months. And it would need to be done to sell well. I have not done it yet, because obviously I don't have that money. I think at the end of this season, I will be paring down the racing expenses, and going back to paying "just my mortgage amount" (instead of overpaying to knock out interest). That way I can start to save up for a kitchen remodel.
Or like RJ said, put $10k into it to get it modern to sell well enough, and then boogey on down to somewhere cheap. I had no intent on staying in this area forever anyway.
Re: Anybody in Richmond? - G.Irish - 05-03-2013
.RJ Wrote:Although if prices go up over their peak in 05, I might just cash out, fuck off and go to mexico.Fuck yeah 8)
Re: Anybody in Richmond? - HAULN-SS - 05-03-2013
Oh, and just to throw another anecdote into the mix..my neighborhood in WV had 3 or 4 houses under construction right now after a several year hiatus. Somebody must be making some money somewhere. The houses are a bit smaller and not quite as nice though (thus cheaper) than the original houses like mine that were in the neighborhood. I'm just glad to see some movement because I think I am about ready to GTFO WV.
Re: Anybody in Richmond? - WRXtranceformed - 05-03-2013
HAULN-SS Wrote:Oh, and just to throw another anecdote into the mix..my neighborhood in WV had 3 or 4 houses under construction right now after a several year hiatus. Somebody must be making some money somewhere. The houses are a bit smaller and not quite as nice though (thus cheaper) than the original houses like mine that were in the neighborhood. I'm just glad to see some movement because I think I am about ready to GTFO WV.That's not necessarily a good thing. It could pull down your own home value.
Anyone who has bought a house within the last couple of years without putting a lot of money down, unless it is in certain markets that are always hot (DC) and they got a short sale or foreclosure on it are not really going to have equity to pull out of their home. I am in the same boat because although my townhouse is big enough for two people to live in (~2k sq ft) I would really like a bigger home that I can start a family in. Buying my home was the single worst investment I have ever made though so I am not really super excited about buying another one. It looks like I will put a little money into the place to make it more livable for the both of us and wait until the home values come up more in my area (which they are, Ballantyne is like a nicer Ashburn). At some point I will probably rent it out and buy in SC where the property taxes are less than a 1/3rd of what they are here a few miles across the border and the public schools are better.
Probably going to do hardwoods, granite, redo the bathrooms and repaint. And maybe turn the useless room on my first floor into a movie / entertainment room. Don't expect to ever get 100% of what you put into a house back into it when you sell it though. I worked in home improvement for a while and I can tell you almost exactly what the %s are going to be.
Re: Anybody in Richmond? - D_Eclipse9916 - 05-03-2013
WRXtranceformed Wrote:Don't expect to ever get 100% of what you put into a house back into it when you sell it though. I worked in home improvement for a while and I can tell you almost exactly what the %s are going to be.
This goes against what my uncle (also a real estate agent in Charlotte, NC) says. Now if we are talking Home audio/video, customizations to the house that are person...yes. Absolutely. But putting in granite countertops, nice flooring, and refacing the cabinets, at least according to him, is worth every penny if the rest of the neighborhood has it.
Re: Anybody in Richmond? - G.Irish - 05-03-2013
Definitely. The wifey did some home reno work and it definitely returned a lot more in value than what she put into it. Granted the DC neighborhood her house is in is on the come up but either way putting the upgrades in has been a net value add.
Re: Anybody in Richmond? - Evan - 05-03-2013
.RJ Wrote:I hope this insanity continues, along with a boost in values from the metro opening this year, so I can sell in 2 years and fill my bathtub with gold coins.
![[Image: scrooge-mcduck-make-it-rain.jpg]](http://topcultured.com/wp-content/uploads/2010/10/scrooge-mcduck-make-it-rain.jpg)
any 'profit' is a wash unless you move out of the area.
in the meantime you get assraped on property taxes.
Re: Anybody in Richmond? - HAULN-SS - 05-03-2013
WRXtranceformed Wrote:It could pull down your own home value.
Well, it definitely sucks for the other people in my neighborhood, but I paid 100k less for my house (whcih in hindsigh should have been a red flag). The new houses that are smaller and less nicely appointed, and don't have a basement, are listing for about what I paid for mine. I know newer is going to add some value for them, but it will be interesting to see whenever I get ready to do sometihng with my house. I am comfortable enough to rent it out for a while if I have to, and I think it would rent for at least what my mortgage is. Same as you though, kinda wish I hadn't bought. My whole financial situation changed since then, so it would have been nice to know that ahead of time. Oh well, hindsight..yadda yadda
Re: Anybody in Richmond? - WRXtranceformed - 05-05-2013
D_Eclipse9916 Wrote:WRXtranceformed Wrote:Don't expect to ever get 100% of what you put into a house back into it when you sell it though. I worked in home improvement for a while and I can tell you almost exactly what the %s are going to be.
This goes against what my uncle (also a real estate agent in Charlotte, NC) says. Now if we are talking Home audio/video, customizations to the house that are person...yes. Absolutely. But putting in granite countertops, nice flooring, and refacing the cabinets, at least according to him, is worth every penny if the rest of the neighborhood has it.
Not saying your uncle is wrong, but:
<!-- m --><a class="postlink" href="http://money.usnews.com/money/personal-finance/articles/2012/10/25/renovations-that-yield-the-best-return-on-investment">http://money.usnews.com/money/personal- ... investment</a><!-- m -->
<!-- m --><a class="postlink" href="http://www.remodeling.hw.net/2010/costvsvalue/national.aspx">http://www.remodeling.hw.net/2010/costv ... ional.aspx</a><!-- m -->
Re: Anybody in Richmond? - WRXtranceformed - 05-05-2013
That is also assuming that you are not doing the work yourself. Some HI stuff is very doable but a lot of it isn't unless you have built homes or have a hookup with someone who does.
Re: Anybody in Richmond? - Nis01 - 05-06-2013
Beej Wrote:Thanks! It's in the Oxford area.
Nah, only pass it along if you liked the guy a lot and if the information is handy. I have no idea if there's any merit to the idea, but we're just looking for a third party, instead of anyone who might have a relationship with the realtor and incentive to push the sale along.
Congratulations on the purchase. If you are still looking for an inspector, I'm assuming you are beyond this necessity now but I can give you the contact of the person we used. Seemed somewhat expensive but incredibly thorough and had extremely clean documentation. Good luck with the move and enjoy Richmond.
Re: Anybody in Richmond? - D_Eclipse9916 - 05-07-2013
WRXtranceformed Wrote:That is also assuming that you are not doing the work yourself. Some HI stuff is very doable but a lot of it isn't unless you have built homes or have a hookup with someone who does.
He does a lot of the work himself. I do myself as well as I have a few contracting friends that help me out. When tiling prices are $4-5 a square foot at the cheapest up here in labor alone, I can see why that wouldn't be a good return on investment
Re: Anybody in Richmond? - WRXtranceformed - 05-07-2013
Same thing with upgrades like replacement windows, additions, arguably granite...there are just some things you should leave to the professionals. Flooring / appliances / fixtures are easy.
Re: Anybody in Richmond? - .RJ - 05-07-2013
And drywall.... no thanks
Re: Anybody in Richmond? - WRXtranceformed - 05-08-2013
Yeah...I mean there is a lot of stuff that is just not worth the hassle to do yourself even if you can do it. I am looking at putting down the faux-hardwood laminate planks after the wedding. The really nice ones that look like hardwood but are more durable. They are super easy to do but I don't know if it is worth spending a weekend of my free time (which I have little of) to put it in myself and save a little money.
Re: Anybody in Richmond? - .RJ - 05-08-2013
As long as there's no strange subfloor issue, I'd DIY. Its pretty easy to do. A lot of my house projects are done an hour or 3 at a time on the weeknights... if it takes 2 weeks to get it done, so what?
Re: Anybody in Richmond? - WRXtranceformed - 05-08-2013
I am usually traveling 2-4 days a week. The last thing I want to do when I get home is tear up my floors
