The primary reason to improve a home should be because you live in it and would benefit from those improvements. And often, home improvements include numerous other benefits like less cost on upkeep by preventing leaks or mold or improving insulation, and these can even improve your health in some circumstances. Some upgrades can even eliminate hazards like from old or bad wiring. Again, it's all because you benefit from those improvements and not because of market value.
that depends on the situation, if it's a old house then yes improving benefit your life but for I have seen a trend when people add sq converting extra space into a living room which will increase your market value. After all house is not just about life style, it's also a investment.
Almost 30 years in our house, and Yep. It's not a financial investment, although we could sell the land alone for about what we paid for the house back then. It's a place to live. We've paid for what was necessary...new roof, new oil furnace, new water tank, etc. Had to scrape out the attic insulation and replace it after a rat problem. Windows (not all, but some) are probably next. We need to scrape/sand/paint the siding again, which we did ourselves 20 years ago but are getting a bit too creaky to do it ourselves now. We have kitchen shelves, not counters, because the counter doors rotted out years ago. Bathrooms are original, although we did have to replace the shower faucets and one toilet. It's an old house, and frankly I figure anyone who buys it now will level it and start over. It's a nice piece of land. So all of our money has been just to live. Which is cool with me, that's what money is for. Best part...it's paid off. Property tax is there, but still.
yeah, don't do home renovation as an "investment". addition to square footage is the only guarantee of return as long as its permitted and of acceptable quality. just look up local price per square foot and you get a rock solid estimate of what the sqft expansion is actually worth. AND GARAGE CONVERSIONS DONT COUNT, i always shake my head when i see that amateur garbage and buyers hate it too.
My dad renovated a 20 year old bathroom himself in our old house right before he moved. He was building some expensive homes in Denver and knew what he was doing. When they came to see what the house was worth, the guy commented that he knew that the bathroom had been renovated recently and guessed that it was five years old. Yeah... save home improvements for what you like in your own home
Seriously, if you have the money and the motivation, do the changes. I hate this idea of renovating with new owners in mind (unless you're really moving out and renovating to sell). It's like you don't own your place and just renting from the hypothetical buyers.
One thing to also consider when doing home renovations is that if you try to use the budgets that you see others use on TV, you'll be extremely disappointed since most TV renovations either leverage the celebrities' network to get a better deal or the renovations only look nice but in actuality are done horribly.
Yeah I remember the story of someone buying a Flip or Flop Vegas property and saying they had to do additional work because the job while good felt rushed and a bit cheap in places.
Wow this is insanely timely. I just bought a house and is currently fixing it up with my dad. We butt heads over what’s a good house improvement to do and argue what we think is going to increase home value! After this video, I have cooled my head and decide against doing major remodels like demo walls and creating new rooms. Thanks!
The only guaranteed way to improve ROI on your home is to live in a more desirable neighborhood. Consider how good your schools are, how many AP/honors/IB courses and extracurricular clubs their high schools offer, how strong the sports booster culture is, and how diverse and inclusive your neighborhood and community are. The places with consistently high ROI are in wealthy suburban neighborhoods with elite public high schools, where a big % of each year's senior class gets accepted into prestigious universities (including Ivy-League schools). Also, consider supporting your local library or library system. Better libraries = higher (and faster-growing) home values. Long story short, get involved in boosting your community's assets and be a positive force in local politics, that'll get you more ROI than tearing down walls and replacing tile or painting walls lol.
If you carry out your own major work then there can be positive ROI. Some walls are not structural and can be easily taken out. You can buy great kitchen units, doors and worktops online for a fraction of the price you would pay elsewhere. Units and doors are easy to fit yourself. Worktops I would make sure you hire a professional for an afternoon to help you with wooden or cheap worktops. Most other worktops are made to measure and will needed to be done by a professional. Still you can easily get a new $40000 kitchen fitted for under $20000 if you choose wisely. So you probably actually make a positive ROI.
There’s a house on my block that had a crazy flipping history. It sold around the same time I bought my house and it’s sold 3x in the past 4 years. The first buyers purchased for around $200k and spent over $80k in interior remodeling but the man who purchased ended up getting seizures from the noise at night from what we were told and they sold. The next couple purchased for about the same, $200k and put an additional $50k into the home and they ended up selling as well. The new buyers also bought for around $230k and then ended up redoing the driveway. Insane how much money has been thrown into that house for next to no increase in property value.
I love home improvements, but I plan on staying a long time in my place, so I"m not as concerned about the ROI as just getting my place the way I want it to be.
stay employed and give it two years.. things will turn in your favor. the fed will reverse its policies. although, consider moving to somewhere with affordable housing and a strong demand for labor ;)
Look into down-payment assistance programs that are available, either federally or in your state. Make sure you prep a realistic price range when house shopping though - huge when it comes to affordability.
Haha we are in the end stage of capitalism haha, the bank says I can only afford a $900 per month mortgage so I’m stuck paying $2000 monthly rent instead
A home's value is more than it's resale price! Our homes impact us physically, mentally, and emotionally, when something's not right in them, whether it's the lighting, the roof, a major appliance, a noisy garage door, or a bug infestation. Learning how to fix these problems builds equity in YOU. You build confidence, a sense of accomplishment, and with your new home maintenance skills, you pay fewer pros to do it for you, no matter where you live.
It depends on how old the home is. A very old home that will have to be updated will get more ROI if an upgrade is done. Just updating style in a perfectly functional home will not get as much ROI.
I would have liked to have seen things like "adding a powder room" to a bathroom and bedroom-less first floor. Making an office a legal bedroom. Those will add serious value, I believe.
@@sharonfleshman6961 Even on those projects, the ROI is very dependent on the rest of the house and the market. Adding a full bathroom to a 3 bd / 1 ba house in a family friendly neighborhood is going to have a much higher ROI than the same bathroom added to a 4 bd / 3 ba house in a more industrial area.
Aa, home improvements. I know them very well. My parents done a lot of little things, but never any big things. Replacing old carpet, painting a wall, or putting in a new pouch. I always wondered how my crafty parents dare not to redo the kitchen or bath despite my Mom complaining about it. They said it was too expensive. I guess they were right about don’t fix something unless it needs fixing.
I got my first condo two or so years ago and I view home improvement as a hobby. Customizing my place was enjoyable as a means to an end. But thinking of the ROI is always good too!
Adding more insulation (for both keeping heat in and keeping heat out) is the most cost-effective home improvement in many parts of the U.S. I'm guessing the garage door thing is only applicable if you live in one of those horrid places where the front of every house is 75% garage door, in which case the best home improvement is to just move away.
It's a curb appeal thing. Most people replace garage doors when they're old and worn out, which means they also look old and worn out. This detracts from the value of the house.
I’ve made a number of improvements in my home both minor and major, and it’s never been about the resale value; they’re all things I needed done for myself - for example replacing unused phone wires with ethernet cable or replacing a deck whose boards were literally breaking through. My main concern is what would it cost me if I _don’t_ make these changes?
Wood deck is around 70% and Windows in vinyl run around 66% and will then save you money on your energy bills. Vinyl siding is around 76% and can sometimes also save on energy consumption by reducing air infiltration and even adding a tad bit of insulation.
Too real. We're looking at homes, and the ones that need a lot of work aren't selling for that much less than those that look pristine even after accounting for things like location and (above ground) square footage. In our area, I'd guess typical ROI for improvements is, at best, 50%.
Always so weird to me. My parents kept up their house and it was move in ready. When they sold it, it sold for the same price as the homes that are run down and need a lot of work.
@@1KingFisher probably because people are still going to change a “move in ready” place to suit what they like if they care about that. Or they don’t care and won’t pay for it. So your making changes in hopes that people will like your subjective tastes
I just sent this to my husband because he is ALWAYS wanting to change things around the house in an effort to add value to our home. Thans for this always informative video!
My brother and I built a floating deck by watching youtube. We made sure that the deck followed the local code so that it is actually safe. Over all, we love our deck, and now it is an outdoor theatre. We planned the cost and made sure we did not have to borrow anything in order to buy the things we wanted. Some of the chairs were used and we refurbished them. Over all, we spend far less than what it would have if it was done by a contractor and we like the result
Don't have to worry about roi when you're not planning on selling the house anytime soon😊. We have replaced half a roof, put insulation in our walls and addict, started to redo the flooring to make it vinyl, installed mini splits, replace door water heater, made an outdoor BBQ area complete with gas and electricity, added additional breaker panels and so many more things all things to UA-cam and saved us so much money by doing it ourselves.
I appreciate the balanced approach you take to this subject. Sometimes the value of what you put into a house is reaped in terms of how great (or even just bearable) your living situation becomes post improvement. Big props to the DIY community out there as well, I know that I have benefited hugely from the resources available online and here on UA-cam! However, one thing to consider if you have kids: hiring someone to take on a job means that the job is often finished in a short enough timeframe to not be too disruptive to your life, and that can be well worth the headache.
Depends, how long are you staying there? Plan on staying there for 20 years, then make your house your own, as long as its not putting you into the red. But I mean a coat of paint as an update is way different than a got and moving stuff. Most builder grade stuff is setup like garbage anyway and setup without any flow. So if you make a kitchen the way you want it so its more useful and better and use that update for a decade, isnt that worth it? I just love the article like, "Experts say dont paint your front door this colour" Screw you expert, its my house.
We recently added solar panels and it's been paying itself off beautifully. Since they are add-ons rather than replacements, they do add value to a home (and save on your electric bill!) Our home's value went up by the full cost of the panels immediately! It's important to remember that if you are adding something new to your house, rather than replacing or redoing an old thing, you are more likely to get close to the full value back.
Either you're a solar panel salesman or you fell for their line. Solar panels can be problematic when it comes to reselling and are not the investment the solicitor at your door is claiming it is. From gutter guards to window replacements and high efficiency furnaces people should be wary of sales tactics claiming to save you money or the environment if you spend money now.
How did the value went up by the cost of panels? Did you have an offer before and after the installation which demonstrated this difference? I am not criticising but asking. Solar panels are great things and everyone should have them. But I Didn't think they were so important as to being free additions.
I bought my first condo last year and I wish this video had been around back then... I've spent thousands on renovations since then! Granted the bulk of that money was spent on essential electrical and lighting work, but the costs still added up quick and I blew through my emergency fund and then some. Definitely gonna wait until I get solvent before I rip up the carpet now!
I watched UA-cam to learn how to replace the windows on my house. DIYing it saved me substantial money, on the installation and energy savings. However, I did pay a pro to blow insulation in the exterior walls of my house. Investment? Only in my own comfort really. It is so much comfortable in my house now.
Haha we just bought our first home, a heavy fixer upper and we’ve decided one thing.. HGTV is a lie!!! We’re doing almost everything ourselves and the costs of just materials is astounding. Let alone the fact you’re trying to get everything done outside of your regular 8 hour per day job. I’m not sure I’ll ever do it again. The peace of mind of not worrying about anything that has to get done and just moving in is worth it’s weight in gold.
If you are going upgrade, Do plumbing, electrical, hvac and roof..(doesn't matter if you have fancy fixtures or bathroom if the pipes are galvanized or have bad water pressure. ) Keep the invoices and submit to your insurance company with state farm it saves money. (utility discount)
I just placed a deposit for a home and am going to modify the kitchen to extend the island. It's a lot better than sitting around waiting for a house that checks all my boxes when there's no inventory; instead i have a fantastic location and everything else I need and am just adding the final checkbox
Don't know if your data is considering commercial renovation prices or DIY. For example, I am doing my own covered patio ($12-15k for a contractor but $3k for me).
We bought a house in south florida right before everything exploded in 2020. I put about 10k worth of work into it with sweat equity, if I had payed someone to do everything it would easily have been double or more that, and sold it exactly 2 years later for a 108k profit in my pocket. There is always money to be made in real estate, you just need to know what your doing, where to do it and never get attached to an investment.
As someone who comes from a family that constantly is doing real estate improvements (houses and apartments), you need to have either a designers eye or just hire someone to do it for you. A lot of people fail in it, thus using more money all the time. If you have good desinger eye, the result will most likely make property/real estate value bigger, wich usually either helps you with your mortgage or helps you get another mortgage on a second real estate because now the bank can trust you.
Why do homeowners insurance companies give a premium discount of a roof for only 15 years before they charge you more, almost requiring us replace the roof completely to keep the lower rate?
Best advice of the year yet you've made so much point. Saving a day off work is the best step to financial freedom. I would really love to get started investing
I'm signing on a house this Saturday! Absolutely terrifying, but we're prepared as we'll ever be! I've never really thought of remodels as a ROI, I can totally see how people's budget's can be blown with those mindsets.
5:29 LOL I didn't know you guys included labor costs 😂😂😂 I didn't understand why you guys say that you LOSE money on "renovations." Usually a person makes some money. Though, numbers like 87% make sense *with labor* put in. It is something "better" put into the home that is worth more, but the person buying could just as easily pay someone else to do it (with labor) their own way. It helps a little if it's already done because it's less work, but people also like it their own way. So basically if one expects to do it themselves they can expect a good wage. That's good. It's something fun! So yes, if you want to DIY it, it'll probably make some money and what's nicer than working to make one's own space nice?
From a plumbers and cabinet makers prospective. Spend big money on the kitchens and bathrooms. They have the best ROI. The bedrooms and other rooms get new lights, switchs and paint only. Unless they are horrible wood pannel walls from the 70s like my house had. In which case, leave those rooms alone until your ready to drop 20Gs for drywall. You spend the most time at home in the kitchen and its also the center piece when you sell. Bathrooms are also a center piece of the house, make sure your shitter is a nice place to go drop the kids off at the pool. Your guess, family, and you have to use the bathroom everyday. Make it a nice room.
Still kinda depends on how much of the work you do yourself. You can save a significant amount of money if you learn to lay tile, hang and mud drywall, install hardwood, etc. I would like to see the difference in ROI between contracted versus DIY work.
From a pure numbers perspective, a quality DIY job almost always has a positive ROI. This is because the majority of the cost of a renovation project is in labor.
It also depends on hiw skilled the DIYer is because a poor installed “improvement” can actually be something a buyer can legitimately deduct the projected cost to remedy the deficencies in the installation.
my step mom wanted to upgrade their kitchen and they spent a fortune upgrading that entire Kitchen when they lived down here near me, they sold their house during the Pandemic in late 2021 and though they did sell it for more then they bought it for 10 years ago, I am almost 100% certain the "upgraded kitchen" brought less then half the additional value they put into it. Though I think at the time they expected to keep the house a few more years longer.
When you factor in the extra enjoyment and appreciation you get for the space you live in and spend a large amount of your time, even a 50% financial return on investment makes it worthwhile in my opinion. At the end of the day you should renovate for your own wants and desires. Any payback you get for it is icing on the cake.
I remember we had such a beautiful kitchen.. I only said to family to remodel and repair the roof but this remodel worm hit them and man what a sad and expensive kitchen we got at the end 😔
It really depends on the particular property what is the best bang for buck... And a garage door replacement is necessary if your garage door is broken, not otherwise.
Thank you both, for creating such a great content. I was thinking about rennovating my room. This video has brought much needed clarity to my decision maqking process regarding home improvement.
The data makes sense -- we went through a time period in 2022 where the month-to-month median home values were decreasing in the West and South. Inflation kept other costs (contractors, materials) high, so it makes sense the gap between cost and value increased.
31 yo millennial here. I bought a house right before pandemic January 2020. Everything cost so much money. I was quoted: Tree trimming: $4k Install gutters: $9k New HVAC for my "failing" unit: $15k Had a leak under my foundation and had a plumber install a new pipe line: $6k Who has that kind of money?! I'm about to go back to an apartment.
In pretty much every state they cannot not quote you. So some businesses and contractors will quote insane prices because it wouldn't be worth it to them to do it or they don't actually want to do it. So if you get a quote from one guy, get more, eventually you'll find like a sweet spot. This does suck of course in general, but yeah.
If it's doable in your area, try to sell the home and buy one that isn't damaged goods. You shouldn't need to be doing so many repairs at once. Unfortunately where I live everything that stays on the market for more than the weekend is damaged goods you really should not buy. I'm incredibly lucky to have won a bidding war on this house...
I recently changed my main entrance door for better insulation and security… thinking what the heck I’ll pick a really good door in terms of style and energy saving. The next day after having the door installed, a real estate agent came knocking on my door. 😂 my home did indeed look so much prettier with the new door on, but I’m not selling anytime soon 😂
Some states actually force renters to relinquish any installations, including stuff like lightbulbs. I had a landlord straight up threaten to sue me because I kept a box of the original light bulbs in a closet and put them back after I left when I switched to LED at fairly significant expense.
Really like your video! There are some home renovations, maybe not labeled ‘home improvements’ that could made sense on the long run. Everything that saves gas, water or electricity like improving your old attic insulation could be a net positive improvement!
I own both sides of a duplex and I plan on renting out the other side I’m not living in. How would you approach renovations as they pertain to rental ROI? I want to give my renters granite countertops and nicer faucets and amenities. But at the same time I feel justified that if I upgrade those things, it’s only fair to charge more rent than an unrenovated apartment. What’s the best way to go about analyzing strategic upgrades now to get the most bang for my buck?
Check the market for what other rental properties offer and what their price points are. Rental properties usually aren't finished as well as owner-occupied properties for a few different reasons. Renters usually don't have as much disposable income as an owner occupant, so they can't afford a property that's finished as well. The fact that the owner of the property doesn't also live there makes a difference too. Renters are harder on rental properties because they don't own the property, so the owner will need to spend more on maintenance and upkeep. An owner occupant would maintain the property a lot better because they own it. Owners of rental properties also have to spend more money on better finishes, but don't receive the benefits since they're not living there. Most landlords that I know just do the bare minimum to make the place livable, and that's about it.
If you can learn how to paint, nearly all of the cost is labour typically. If you can also learn to do a good job patching the odd hole, you can definitely more than make your money back by repainting a room.
Some remodels end up exactly like on TV ... horribly 😋 The best reason for a remodel is for your own use. Which is to say, at the start of your ownership, not the end.
So, the thing is, I didn't experience this when I was looking at homes to purchase a couple of years ago. My wife and I saw some houses that were in need of some renovations (kitchen and bathroom mostly), and those houses had a lower price than what is typical given the house's size and bedroom/bath count. I wanted to go for it, but it turns out the mortgage company I was using would not lend to a house that needed renovations like that (and I think that's normal - I didn't find this out till much later, so I could have saved myself some wasted time not looking at those houses haha). So I guess the price is cheaper because the only buyers are those that have the ability to pay in cash (and want to take on some renovation projects).
Were you using a government-subsidized loan? (FHA, VA, USDA) Those are the only loans that I can think of that wouldn't lend on a house like that. Most banks will still lend on a house that needs repairs, as long as it's livable. They will appraise it lower, naturally, but your purchase price should be lower to reflect that.
@@FlyingSagittarius that's what my realtor told me, and the top Google results are agreeing. Note that for these houses I looked at, the kitchen and/or bathroom(s) were unusable in their current state, so that may be different from what you were imagining I meant.
@@lkjkhfggd Yeah, I was picturing something run-down but still functional. A kitchen or bathroom that is completely unusable would not be eligible for traditional financing, only a hard money loan.
As someone buying from my parents, I will be asking that my family spend as much on home improvements from which I benefit as possible! If the fair market value of the house does not climb with improvement money spent, that’s a saving for whoever lives in the house long term, and that’s me!
Biggest $ Reno you can do is add another bedroom. Increases your property value by 15-30% and will cost you a few grand for a couple new stud walls. That is assuming you have the floorspace/layout to do so. That 2nd lounge room, nah, now it's an extra 1-2 bedrooms.
What about apartment block renovation? For example renovated old apartment building looks better, has much better energy efficiency. Is that an investment?
Sometimes what a tenant thinks is an “improvement” creates more work for the landlord when the poorly installed “improvement” needs to be removed and the damages created by the “improvement” needs to be repaired and/or cleaned up.
I noticed the JLC Report doesn't appear to evaluate painting, maybe because it's not really a "renovation." I've read before, though, that re-painting to the current "in" colors can up the value of your house by more than the cost of the paint. Alos, I haven't seen numbers on this, but I think probably the cheapest "renovation" that can be done to up the value of a house is to add some tiny "personal" touch that will make many buyers feel like the house is a "home", but can easily changed by buyers who don't like it. Such as, a cool knocker on the front door or a stained-glass transom window.
You're absolutely right. Updating the paint and fixtures are some of the (if not the most) highest ROI projects that you can do, and any homeowner with an internet connection can figure it out. You just don't see them recorded here because of how simple the work is.
Garage door replacement?? I'm lost on that one🤣🤣🤣🤣🤣🤣🤣🤣.. I was going to say the roof,bathroom, windows,kitchen, appliances etc,but garage door 🚪 wouldn't cross my mind at all.
Low ROI on bathrooms and kitchens make sense considering all these people put such specific tastes or basic grade replacements that the next person will want to change. Also sometimes people replace things that don’t make sense such as too small or not as functional sink, etc.
my father worked in selling carpets, he told me that the main reason people will change their carpets is so that the house can actually sell at all. Yes you might be only able to charge 50% of what you paid for the carpet but if no one is willing to buy your home because it looks gross that's the price you need to pay
In the Netherlands by far the best investment in house renovation is a dormer. It increases the amount of living space and that ,most of the time, is directly translated in the selling price.
I'm curious how this translates to Europe. Our houses tend to be older and actually do need real improvements such as Central heating, redoing a kitchen (that doesn't have the space for a dishwasher), or a bathroom without decent humidity management. Not even mentioning insulation that is usually lacking or even non-existing.
These ROI figures include all the renovations that people do just because they want something different, and aren't considering them as investments. Buying a house with non-functional kitchens and bathrooms and renovating them into functional kitchens and bathrooms will have a positive ROI if you do it correctly, but it won't show up in these figures because there wouldn't be anyone living in the house in the first place.
1:58 For me, DIY is a fulfilling hobby even before it was cool. I would dare even say it helps me greatly with depression but as of late, it is unbearably expensive. The cost of building supplies has surged so much in the past year that I feel like I need to save half of my salary just to do minor repairs.
Use referrals and small businesses for remodels, you could save THOUSANDS. Home Depot, Lowes, etc have a TON of overhead and need to markup to cover those costs.
One thing you did not cover is age. A remodle can be worth it if what you are remodeling is really old and worn out or damaged. For example say a 20 year old carpet that is very worn and stained. If it looks OK leave it alone.
I feel convenience trumps all else. So a fense I feel is a good investment for example. Another mistake people do is making updates too personal. Remember that unless it is your forever home, you will have to sell it to someone that most likely doesn't have your tastes.
Let's also add the expenses on power tools spent on Home Improvements projects, we buy these tools for hundreds and sell them (when possible) for peanuts. This was also the answer to my question when I went to North America "why these guys park their cars in their driveway not the garage?"... 🤣
@@VictorPaixao4fun Consider renting first if you only need the tool for a short period. If renting is not possible due to unavailability or high rental cost then check used market. Purchasing new should be the final option.
Maybe it's better to address the aging of a house, maintaining plumbing and wiring, upgrading LAN, getting more energy-efficient appliances and lights and improvments that make the living experience better
The primary reason to improve a home should be because you live in it and would benefit from those improvements. And often, home improvements include numerous other benefits like less cost on upkeep by preventing leaks or mold or improving insulation, and these can even improve your health in some circumstances. Some upgrades can even eliminate hazards like from old or bad wiring. Again, it's all because you benefit from those improvements and not because of market value.
that depends on the situation, if it's a old house then yes improving benefit your life but for I have seen a trend when people add sq converting extra space into a living room which will increase your market value. After all house is not just about life style, it's also a investment.
Almost 30 years in our house, and Yep. It's not a financial investment, although we could sell the land alone for about what we paid for the house back then. It's a place to live. We've paid for what was necessary...new roof, new oil furnace, new water tank, etc. Had to scrape out the attic insulation and replace it after a rat problem. Windows (not all, but some) are probably next. We need to scrape/sand/paint the siding again, which we did ourselves 20 years ago but are getting a bit too creaky to do it ourselves now.
We have kitchen shelves, not counters, because the counter doors rotted out years ago. Bathrooms are original, although we did have to replace the shower faucets and one toilet.
It's an old house, and frankly I figure anyone who buys it now will level it and start over. It's a nice piece of land. So all of our money has been just to live. Which is cool with me, that's what money is for.
Best part...it's paid off. Property tax is there, but still.
yeah, don't do home renovation as an "investment".
addition to square footage is the only guarantee of return as long as its permitted and of acceptable quality. just look up local price per square foot and you get a rock solid estimate of what the sqft expansion is actually worth. AND GARAGE CONVERSIONS DONT COUNT, i always shake my head when i see that amateur garbage and buyers hate it too.
My dad renovated a 20 year old bathroom himself in our old house right before he moved. He was building some expensive homes in Denver and knew what he was doing. When they came to see what the house was worth, the guy commented that he knew that the bathroom had been renovated recently and guessed that it was five years old. Yeah... save home improvements for what you like in your own home
Seriously, if you have the money and the motivation, do the changes. I hate this idea of renovating with new owners in mind (unless you're really moving out and renovating to sell). It's like you don't own your place and just renting from the hypothetical buyers.
One thing to also consider when doing home renovations is that if you try to use the budgets that you see others use on TV, you'll be extremely disappointed since most TV renovations either leverage the celebrities' network to get a better deal or the renovations only look nice but in actuality are done horribly.
Yeah I remember the story of someone buying a Flip or Flop Vegas property and saying they had to do additional work because the job while good felt rushed and a bit cheap in places.
Wow this is insanely timely. I just bought a house and is currently fixing it up with my dad. We butt heads over what’s a good house improvement to do and argue what we think is going to increase home value! After this video, I have cooled my head and decide against doing major remodels like demo walls and creating new rooms. Thanks!
You're a teachable, humble human - one of the best kinds of human! May you have many great memories with your father. And lots of profits.
The only guaranteed way to improve ROI on your home is to live in a more desirable neighborhood. Consider how good your schools are, how many AP/honors/IB courses and extracurricular clubs their high schools offer, how strong the sports booster culture is, and how diverse and inclusive your neighborhood and community are.
The places with consistently high ROI are in wealthy suburban neighborhoods with elite public high schools, where a big % of each year's senior class gets accepted into prestigious universities (including Ivy-League schools).
Also, consider supporting your local library or library system. Better libraries = higher (and faster-growing) home values.
Long story short, get involved in boosting your community's assets and be a positive force in local politics, that'll get you more ROI than tearing down walls and replacing tile or painting walls lol.
If you carry out your own major work then there can be positive ROI. Some walls are not structural and can be easily taken out. You can buy great kitchen units, doors and worktops online for a fraction of the price you would pay elsewhere. Units and doors are easy to fit yourself. Worktops I would make sure you hire a professional for an afternoon to help you with wooden or cheap worktops. Most other worktops are made to measure and will needed to be done by a professional. Still you can easily get a new $40000 kitchen fitted for under $20000 if you choose wisely. So you probably actually make a positive ROI.
Aren't wealthy neighborhoods some of the least diverse, most racially segregated places in the country?
@@djhero0071what is your point ?
There’s a house on my block that had a crazy flipping history. It sold around the same time I bought my house and it’s sold 3x in the past 4 years. The first buyers purchased for around $200k and spent over $80k in interior remodeling but the man who purchased ended up getting seizures from the noise at night from what we were told and they sold. The next couple purchased for about the same, $200k and put an additional $50k into the home and they ended up selling as well. The new buyers also bought for around $230k and then ended up redoing the driveway. Insane how much money has been thrown into that house for next to no increase in property value.
I love home improvements, but I plan on staying a long time in my place, so I"m not as concerned about the ROI as just getting my place the way I want it to be.
Same. We don’t plan on leaving until we retire or have to, so we just want a nice house that we love.
All poor people tell themselves this lol
@@ihmpall jokes on you. Definitely not poor.
There are other returns that are not financially measured such as wellbeing
This. It's more a ROI on mental health over financial in my eyes.
I don't know if I will ever be able to afford a house LOL
stay employed and give it two years.. things will turn in your favor. the fed will reverse its policies. although, consider moving to somewhere with affordable housing and a strong demand for labor ;)
I LOL in order to not cry
Look into down-payment assistance programs that are available, either federally or in your state. Make sure you prep a realistic price range when house shopping though - huge when it comes to affordability.
Same bro. 😢
Haha we are in the end stage of capitalism haha, the bank says I can only afford a $900 per month mortgage so I’m stuck paying $2000 monthly rent instead
A home's value is more than it's resale price! Our homes impact us physically, mentally, and emotionally, when something's not right in them, whether it's the lighting, the roof, a major appliance, a noisy garage door, or a bug infestation. Learning how to fix these problems builds equity in YOU. You build confidence, a sense of accomplishment, and with your new home maintenance skills, you pay fewer pros to do it for you, no matter where you live.
It depends on how old the home is. A very old home that will have to be updated will get more ROI if an upgrade is done. Just updating style in a perfectly functional home will not get as much ROI.
I would have liked to have seen things like "adding a powder room" to a bathroom and bedroom-less first floor. Making an office a legal bedroom. Those will add serious value, I believe.
@@sharonfleshman6961 Even on those projects, the ROI is very dependent on the rest of the house and the market. Adding a full bathroom to a 3 bd / 1 ba house in a family friendly neighborhood is going to have a much higher ROI than the same bathroom added to a 4 bd / 3 ba house in a more industrial area.
Aa, home improvements. I know them very well. My parents done a lot of little things, but never any big things. Replacing old carpet, painting a wall, or putting in a new pouch. I always wondered how my crafty parents dare not to redo the kitchen or bath despite my Mom complaining about it. They said it was too expensive. I guess they were right about don’t fix something unless it needs fixing.
I miss the stash, but I love the advice.
I got my first condo two or so years ago and I view home improvement as a hobby. Customizing my place was enjoyable as a means to an end. But thinking of the ROI is always good too!
Adding more insulation (for both keeping heat in and keeping heat out) is the most cost-effective home improvement in many parts of the U.S.
I'm guessing the garage door thing is only applicable if you live in one of those horrid places where the front of every house is 75% garage door, in which case the best home improvement is to just move away.
It's a curb appeal thing. Most people replace garage doors when they're old and worn out, which means they also look old and worn out. This detracts from the value of the house.
I’ve made a number of improvements in my home both minor and major, and it’s never been about the resale value; they’re all things I needed done for myself - for example replacing unused phone wires with ethernet cable or replacing a deck whose boards were literally breaking through. My main concern is what would it cost me if I _don’t_ make these changes?
In my opinion, most home improvement projects should be based on how it benefits you *now* rather than increasing sale value.
don't forget when mother nature decides to remodel for you. thank you hail storm and home owners insurance for helping us upgrade our tired roof 👌
Wood deck is around 70% and Windows in vinyl run around 66% and will then save you money on your energy bills. Vinyl siding is around 76% and can sometimes also save on energy consumption by reducing air infiltration and even adding a tad bit of insulation.
Too real. We're looking at homes, and the ones that need a lot of work aren't selling for that much less than those that look pristine even after accounting for things like location and (above ground) square footage. In our area, I'd guess typical ROI for improvements is, at best, 50%.
Always so weird to me. My parents kept up their house and it was move in ready. When they sold it, it sold for the same price as the homes that are run down and need a lot of work.
@@1KingFisher probably because people are still going to change a “move in ready” place to suit what they like if they care about that. Or they don’t care and won’t pay for it. So your making changes in hopes that people will like your subjective tastes
I just sent this to my husband because he is ALWAYS wanting to change things around the house in an effort to add value to our home. Thans for this always informative video!
Can't loose money on a home renovation if you'll never own a house!
My brother and I built a floating deck by watching youtube. We made sure that the deck followed the local code so that it is actually safe. Over all, we love our deck, and now it is an outdoor theatre. We planned the cost and made sure we did not have to borrow anything in order to buy the things we wanted. Some of the chairs were used and we refurbished them. Over all, we spend far less than what it would have if it was done by a contractor and we like the result
No wonder your last name has awesome already 😂
And yet I see house after house reappear on the market with renovated kitchens and baths and an extra 100k on the price tag.
Don't have to worry about roi when you're not planning on selling the house anytime soon😊.
We have replaced half a roof, put insulation in our walls and addict, started to redo the flooring to make it vinyl, installed mini splits, replace door water heater, made an outdoor BBQ area complete with gas and electricity, added additional breaker panels and so many more things all things to UA-cam and saved us so much money by doing it ourselves.
I appreciate the balanced approach you take to this subject. Sometimes the value of what you put into a house is reaped in terms of how great (or even just bearable) your living situation becomes post improvement.
Big props to the DIY community out there as well, I know that I have benefited hugely from the resources available online and here on UA-cam! However, one thing to consider if you have kids: hiring someone to take on a job means that the job is often finished in a short enough timeframe to not be too disruptive to your life, and that can be well worth the headache.
Depends, how long are you staying there? Plan on staying there for 20 years, then make your house your own, as long as its not putting you into the red. But I mean a coat of paint as an update is way different than a got and moving stuff. Most builder grade stuff is setup like garbage anyway and setup without any flow. So if you make a kitchen the way you want it so its more useful and better and use that update for a decade, isnt that worth it? I just love the article like, "Experts say dont paint your front door this colour" Screw you expert, its my house.
We recently added solar panels and it's been paying itself off beautifully. Since they are add-ons rather than replacements, they do add value to a home (and save on your electric bill!) Our home's value went up by the full cost of the panels immediately! It's important to remember that if you are adding something new to your house, rather than replacing or redoing an old thing, you are more likely to get close to the full value back.
Either you're a solar panel salesman or you fell for their line. Solar panels can be problematic when it comes to reselling and are not the investment the solicitor at your door is claiming it is. From gutter guards to window replacements and high efficiency furnaces people should be wary of sales tactics claiming to save you money or the environment if you spend money now.
How did the value went up by the cost of panels? Did you have an offer before and after the installation which demonstrated this difference?
I am not criticising but asking. Solar panels are great things and everyone should have them. But I Didn't think they were so important as to being free additions.
The house probs oh would have went up regardless of the solar panels. But it makes you feel good phrasing it that way.
I bought my first condo last year and I wish this video had been around back then... I've spent thousands on renovations since then! Granted the bulk of that money was spent on essential electrical and lighting work, but the costs still added up quick and I blew through my emergency fund and then some. Definitely gonna wait until I get solvent before I rip up the carpet now!
I watched UA-cam to learn how to replace the windows on my house. DIYing it saved me substantial money, on the installation and energy savings. However, I did pay a pro to blow insulation in the exterior walls of my house. Investment? Only in my own comfort really. It is so much comfortable in my house now.
Well I’m not looking to sell right away, and my kitchen is falling apart so…gotta remodel! Labor is mostly free, my dad and husband.
Haha we just bought our first home, a heavy fixer upper and we’ve decided one thing.. HGTV is a lie!!!
We’re doing almost everything ourselves and the costs of just materials is astounding. Let alone the fact you’re trying to get everything done outside of your regular 8 hour per day job.
I’m not sure I’ll ever do it again. The peace of mind of not worrying about anything that has to get done and just moving in is worth it’s weight in gold.
I have watch this channel since 2015. Happy to see them still on youtube
It’s the labor costs that get you. I’m rebuilding part of my home due to insurance claim: plumber flooded my house. 2/3 to 3/4 of cost is labor.
If you are going upgrade, Do plumbing, electrical, hvac and roof..(doesn't matter if you have fancy fixtures or bathroom if the pipes are galvanized or have bad water pressure. )
Keep the invoices and submit to your insurance company with state farm it saves money. (utility discount)
I just placed a deposit for a home and am going to modify the kitchen to extend the island. It's a lot better than sitting around waiting for a house that checks all my boxes when there's no inventory; instead i have a fantastic location and everything else I need and am just adding the final checkbox
Don't know if your data is considering commercial renovation prices or DIY. For example, I am doing my own covered patio ($12-15k for a contractor but $3k for me).
We bought a house in south florida right before everything exploded in 2020. I put about 10k worth of work into it with sweat equity, if I had payed someone to do everything it would easily have been double or more that, and sold it exactly 2 years later for a 108k profit in my pocket. There is always money to be made in real estate, you just need to know what your doing, where to do it and never get attached to an investment.
What about if you reno an unfinished basement and make it a livable space? Going from a 2 bedroom to 4 bedroom etc.
Agreed this video wasn’t actually helpful. Increasing usable square footage will always be higher ROI. Doing the same with our attic 🤌🏼
As someone who comes from a family that constantly is doing real estate improvements (houses and apartments), you need to have either a designers eye or just hire someone to do it for you. A lot of people fail in it, thus using more money all the time. If you have good desinger eye, the result will most likely make property/real estate value bigger, wich usually either helps you with your mortgage or helps you get another mortgage on a second real estate because now the bank can trust you.
Why do homeowners insurance companies give a premium discount of a roof for only 15 years before they charge you more, almost requiring us replace the roof completely to keep the lower rate?
I don't know who needs to hear this saving for a better investment is a step to financial freedom you're saving a day off work
Best advice of the year yet you've made so much point. Saving a day off work is the best step to financial freedom. I would really love to get started investing
@@bashirauwal5825 yes it's been helpful to my general income, I make about an extra 2k weekly from my investment portfolio
Wow that's awesome I'm really excited about this how do I get started
There's a lot of investing options, real estate, cr ypto, ETFs, st ocks, but my best advice get a professional lead you into profitable one
I definitely agree with you Hillary you're right a financial consultant will be of so much help about investing
I'm signing on a house this Saturday! Absolutely terrifying, but we're prepared as we'll ever be! I've never really thought of remodels as a ROI, I can totally see how people's budget's can be blown with those mindsets.
When you’re living good off the UA-cam money and decide to become Mr. Brightside.
5:29 LOL I didn't know you guys included labor costs 😂😂😂
I didn't understand why you guys say that you LOSE money on "renovations."
Usually a person makes some money. Though, numbers like 87% make sense *with labor* put in. It is something "better" put into the home that is worth more, but the person buying could just as easily pay someone else to do it (with labor) their own way. It helps a little if it's already done because it's less work, but people also like it their own way.
So basically if one expects to do it themselves they can expect a good wage. That's good. It's something fun! So yes, if you want to DIY it, it'll probably make some money and what's nicer than working to make one's own space nice?
From a plumbers and cabinet makers prospective.
Spend big money on the kitchens and bathrooms. They have the best ROI.
The bedrooms and other rooms get new lights, switchs and paint only. Unless they are horrible wood pannel walls from the 70s like my house had. In which case, leave those rooms alone until your ready to drop 20Gs for drywall.
You spend the most time at home in the kitchen and its also the center piece when you sell.
Bathrooms are also a center piece of the house, make sure your shitter is a nice place to go drop the kids off at the pool.
Your guess, family, and you have to use the bathroom everyday. Make it a nice room.
Fantastic Video! I highly agree everything in the video and the solutions given, especially to renters.
Still kinda depends on how much of the work you do yourself. You can save a significant amount of money if you learn to lay tile, hang and mud drywall, install hardwood, etc. I would like to see the difference in ROI between contracted versus DIY work.
From a pure numbers perspective, a quality DIY job almost always has a positive ROI. This is because the majority of the cost of a renovation project is in labor.
It also depends on hiw skilled the DIYer is because a poor installed “improvement” can actually be something a buyer can legitimately deduct the projected cost to remedy the deficencies in the installation.
How not hiw
my step mom wanted to upgrade their kitchen and they spent a fortune upgrading that entire Kitchen when they lived down here near me, they sold their house during the Pandemic in late 2021 and though they did sell it for more then they bought it for 10 years ago, I am almost 100% certain the "upgraded kitchen" brought less then half the additional value they put into it. Though I think at the time they expected to keep the house a few more years longer.
When you factor in the extra enjoyment and appreciation you get for the space you live in and spend a large amount of your time, even a 50% financial return on investment makes it worthwhile in my opinion. At the end of the day you should renovate for your own wants and desires. Any payback you get for it is icing on the cake.
This is a timely episode for me. We just started exterior renovations.
Good luck!
🎉 congratulations
Good to know i should be viewing home improvement as more of a for pleasure thing than something that can help sell a home.
I remember we had such a beautiful kitchen.. I only said to family to remodel and repair the roof but this remodel worm hit them and man what a sad and expensive kitchen we got at the end 😔
It really depends on the particular property what is the best bang for buck... And a garage door replacement is necessary if your garage door is broken, not otherwise.
Thank you both, for creating such a great content. I was thinking about rennovating my room. This video has brought much needed clarity to my decision maqking process regarding home improvement.
Really liked the old haircut and mustache. 😅 felt more relatable of that 30’s young dad style 😂, but still great content! Keep up the great work!
I'm with that old lady, the fireplace dungeon room was sick
The data makes sense -- we went through a time period in 2022 where the month-to-month median home values were decreasing in the West and South. Inflation kept other costs (contractors, materials) high, so it makes sense the gap between cost and value increased.
What about finishing things that were left unfinished? Like a basement space that wasn't done, or landscaping?
2:51 if nothing is "needed", I'd say paint provided you are about to sell.
31 yo millennial here. I bought a house right before pandemic January 2020. Everything cost so much money. I was quoted:
Tree trimming: $4k
Install gutters: $9k
New HVAC for my "failing" unit: $15k
Had a leak under my foundation and had a plumber install a new pipe line: $6k
Who has that kind of money?! I'm about to go back to an apartment.
In pretty much every state they cannot not quote you. So some businesses and contractors will quote insane prices because it wouldn't be worth it to them to do it or they don't actually want to do it. So if you get a quote from one guy, get more, eventually you'll find like a sweet spot. This does suck of course in general, but yeah.
If it's doable in your area, try to sell the home and buy one that isn't damaged goods. You shouldn't need to be doing so many repairs at once.
Unfortunately where I live everything that stays on the market for more than the weekend is damaged goods you really should not buy. I'm incredibly lucky to have won a bidding war on this house...
Same boat. I'm 30, bought our home in 2019. Can't afford to hire for maintaining the home. We'll be buying a ladder and cleaning our own gutters out 😂
I recently changed my main entrance door for better insulation and security… thinking what the heck I’ll pick a really good door in terms of style and energy saving. The next day after having the door installed, a real estate agent came knocking on my door. 😂 my home did indeed look so much prettier with the new door on, but I’m not selling anytime soon 😂
Thank you for your graphics. I see you and greatly appreciate that
Please talk about homeowner's insurance and other insurance policies!
Some states actually force renters to relinquish any installations, including stuff like lightbulbs. I had a landlord straight up threaten to sue me because I kept a box of the original light bulbs in a closet and put them back after I left when I switched to LED at fairly significant expense.
Really like your video! There are some home renovations, maybe not labeled ‘home improvements’ that could made sense on the long run. Everything that saves gas, water or electricity like improving your old attic insulation could be a net positive improvement!
I ❤ Julia. Their program is what our nation needs!
I own both sides of a duplex and I plan on renting out the other side I’m not living in. How would you approach renovations as they pertain to rental ROI? I want to give my renters granite countertops and nicer faucets and amenities. But at the same time I feel justified that if I upgrade those things, it’s only fair to charge more rent than an unrenovated apartment. What’s the best way to go about analyzing strategic upgrades now to get the most bang for my buck?
Check the market for what other rental properties offer and what their price points are. Rental properties usually aren't finished as well as owner-occupied properties for a few different reasons. Renters usually don't have as much disposable income as an owner occupant, so they can't afford a property that's finished as well. The fact that the owner of the property doesn't also live there makes a difference too. Renters are harder on rental properties because they don't own the property, so the owner will need to spend more on maintenance and upkeep. An owner occupant would maintain the property a lot better because they own it. Owners of rental properties also have to spend more money on better finishes, but don't receive the benefits since they're not living there. Most landlords that I know just do the bare minimum to make the place livable, and that's about it.
Hair must go. Tash must come back
Agree❤
It’s whatever the wife likes.
It's scaring me
If you can learn how to paint, nearly all of the cost is labour typically. If you can also learn to do a good job patching the odd hole, you can definitely more than make your money back by repainting a room.
As a garage door installation tech, that's what I like to hear 😅
Thanks so much for this! It aided my understanding of the matter a lot.
If your attic has no or little insulation this is something relatively cheap u can do to add value to ur home and cut utility cost.
Some remodels end up exactly like on TV ... horribly 😋
The best reason for a remodel is for your own use. Which is to say, at the start of your ownership, not the end.
Some times it is not a choice for such things.
Excellent topic! Thank you!
So, the thing is, I didn't experience this when I was looking at homes to purchase a couple of years ago. My wife and I saw some houses that were in need of some renovations (kitchen and bathroom mostly), and those houses had a lower price than what is typical given the house's size and bedroom/bath count. I wanted to go for it, but it turns out the mortgage company I was using would not lend to a house that needed renovations like that (and I think that's normal - I didn't find this out till much later, so I could have saved myself some wasted time not looking at those houses haha). So I guess the price is cheaper because the only buyers are those that have the ability to pay in cash (and want to take on some renovation projects).
Were you using a government-subsidized loan? (FHA, VA, USDA) Those are the only loans that I can think of that wouldn't lend on a house like that. Most banks will still lend on a house that needs repairs, as long as it's livable. They will appraise it lower, naturally, but your purchase price should be lower to reflect that.
@@FlyingSagittarius that's what my realtor told me, and the top Google results are agreeing. Note that for these houses I looked at, the kitchen and/or bathroom(s) were unusable in their current state, so that may be different from what you were imagining I meant.
@@lkjkhfggd Yeah, I was picturing something run-down but still functional. A kitchen or bathroom that is completely unusable would not be eligible for traditional financing, only a hard money loan.
As someone buying from my parents, I will be asking that my family spend as much on home improvements from which I benefit as possible! If the fair market value of the house does not climb with improvement money spent, that’s a saving for whoever lives in the house long term, and that’s me!
Biggest $ Reno you can do is add another bedroom. Increases your property value by 15-30% and will cost you a few grand for a couple new stud walls.
That is assuming you have the floorspace/layout to do so. That 2nd lounge room, nah, now it's an extra 1-2 bedrooms.
What about apartment block renovation? For example renovated old apartment building looks better, has much better energy efficiency. Is that an investment?
What about renovation projects for apartments? In that case kitchen would be first
Sometimes what a tenant thinks is an “improvement” creates more work for the landlord when the poorly installed “improvement” needs to be removed and the damages created by the “improvement” needs to be repaired and/or cleaned up.
All of my cosmetic changes are low priority. I will take to heart your no/low debit funding for replacing the windows advice
I noticed the JLC Report doesn't appear to evaluate painting, maybe because it's not really a "renovation." I've read before, though, that re-painting to the current "in" colors can up the value of your house by more than the cost of the paint. Alos, I haven't seen numbers on this, but I think probably the cheapest "renovation" that can be done to up the value of a house is to add some tiny "personal" touch that will make many buyers feel like the house is a "home", but can easily changed by buyers who don't like it. Such as, a cool knocker on the front door or a stained-glass transom window.
You're absolutely right. Updating the paint and fixtures are some of the (if not the most) highest ROI projects that you can do, and any homeowner with an internet connection can figure it out. You just don't see them recorded here because of how simple the work is.
Garage door replacement?? I'm lost on that one🤣🤣🤣🤣🤣🤣🤣🤣.. I was going to say the roof,bathroom, windows,kitchen, appliances etc,but garage door 🚪 wouldn't cross my mind at all.
Low ROI on bathrooms and kitchens make sense considering all these people put such specific tastes or basic grade replacements that the next person will want to change. Also sometimes people replace things that don’t make sense such as too small or not as functional sink, etc.
my father worked in selling carpets, he told me that the main reason people will change their carpets is so that the house can actually sell at all. Yes you might be only able to charge 50% of what you paid for the carpet but if no one is willing to buy your home because it looks gross that's the price you need to pay
In the Netherlands by far the best investment in house renovation is a dormer. It increases the amount of living space and that ,most of the time, is directly translated in the selling price.
I'm curious how this translates to Europe. Our houses tend to be older and actually do need real improvements such as Central heating, redoing a kitchen (that doesn't have the space for a dishwasher), or a bathroom without decent humidity management. Not even mentioning insulation that is usually lacking or even non-existing.
These ROI figures include all the renovations that people do just because they want something different, and aren't considering them as investments. Buying a house with non-functional kitchens and bathrooms and renovating them into functional kitchens and bathrooms will have a positive ROI if you do it correctly, but it won't show up in these figures because there wouldn't be anyone living in the house in the first place.
Definitely don’t understand why anyone would change anything on a rental.
1:58 For me, DIY is a fulfilling hobby even before it was cool. I would dare even say it helps me greatly with depression but as of late, it is unbearably expensive. The cost of building supplies has surged so much in the past year that I feel like I need to save half of my salary just to do minor repairs.
Use referrals and small businesses for remodels, you could save THOUSANDS. Home Depot, Lowes, etc have a TON of overhead and need to markup to cover those costs.
Awesome video, Please extend more on this topic.
If the change saves you time and effort regularly, I consider this to be one of the priorities. Optimising the house is massive, and fun.
I'd love an episode on "can you trust two cents"! That goes over your process!
Great video!
A good rug really does bring the room together.
One thing you did not cover is age. A remodle can be worth it if what you are remodeling is really old and worn out or damaged. For example say a 20 year old carpet that is very worn and stained. If it looks OK leave it alone.
I feel convenience trumps all else. So a fense I feel is a good investment for example. Another mistake people do is making updates too personal. Remember that unless it is your forever home, you will have to sell it to someone that most likely doesn't have your tastes.
Let's also add the expenses on power tools spent on Home Improvements projects, we buy these tools for hundreds and sell them (when possible) for peanuts. This was also the answer to my question when I went to North America "why these guys park their cars in their driveway not the garage?"... 🤣
Why would you sell the tool? That's dumb.
Reason to first look for used tools before buying new.
@@JohnDoe-ld8nr it’s not dumb, after doing something why would I keep a wood plainer or a huge table saw for example?
@@VictorPaixao4fun Consider renting first if you only need the tool for a short period. If renting is not possible due to unavailability or high rental cost then check used market. Purchasing new should be the final option.
@@AyoolaBoyejo Yeah, thanks. I'm definitely going on that direction in my Home Projects :)
to DIY a whole bathroom is about $5-6k in materials
Maybe it's better to address the aging of a house, maintaining plumbing and wiring, upgrading LAN, getting more energy-efficient appliances and lights and improvments that make the living experience better