Newsflash: Repost from the tiny r/real_estate sub, Need some advice to maximize home value down the road.

Backstory – So, there is a fantastic piece of property in my wife’s family, that supposedly she will inherit 1/4 one day. She loves the house, great riverfront view, yada yada. My wife owned our current home before we got married. She bought it below value before it even hit the market. Big time luck. It is about 40% paid off. Only my wife and her sister live here out of the 4 that will inherit, and the other two have good careers in big cities. Good odds that we would get it out of the 4, if the other 3 are willing to sell out their shares. Now, this is not a sometime soon thing, like a decade down the road, so we have a lot of time to work with.The things we are considering to improve the value of our home to get top dollar down the line to afford the other houseBuying part of the lot behind us to double the size of our backyard. The house that owns it basically has 3 backyards worth of property, and the tenants (the owners kids) don’t take care of it.New fence installed. This will have to happen at some point. Previous owner installed themselves… Yeah. Given the amount of liquor bottles found in the basement, I think some were consumed during the build.Pouring a concrete patio in the backyard. We don’t have anyplace to sit, or put a grill. Right now we just have grass, dirt, and dog poo.Turning the screened in porch into a legit room.Should we attempt any/all of these things, or simply sink the money it would take (I am funding these, she will keep hammering the morgage like she has been) and sink all of it into the morgage and pay it off faster?Before I forget, current project is taking the half of the basement that was once an apartment and adding a legal escape window (old house, from before codes were strict) and turning it into a giant master suite with a study and bathroom. There is already a bathroom, we don’t have to add anything. That would give us a 3 bed 2 bath, vs the current 2 bed 1 bath.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s