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Re: Heights Renovation Worth It?
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Quote:

jcguy05 wrote:
Quote:

MDM wrote:
A home is a home.. not an investment. If you can afford the renovation work and the property tax increase that will come from it.. do it. You only live once and it is better to live in a home with a good kitchen (which is something my wife reminds me constantly that we DON'T have yet... landlord's apartment gets done last).

You might also qualify for the 5 year abatement. You should take that into account as well when putting your budget together.


I disagree, a home is ALWAYS an investment, and probably most people's biggest investment. It is an asset just like any asset you have, if you invest poorly, you will be poorer..

It doesnt matter if you plan to live in it until you die, you will never know what happens tomorrow that may cause you to sell. If you want to use that argument, than same can be said about anything - i will never sell this stock, i will never sell my gold bars..etc.. until you actually need to sell it..

Regards to the OP question, you need to look at it as a percentage of your current property value. If your house is worth 1mil, 60k is only a 6% and probably a good deal that will increase the overall property value long term.

But if you house is 100k, that becomes 60%, then you have to be batsht crazy to make that kind of investment.

Kitchen redo + 1 bath are both pretty higher on the list as far as investment vs return is concerned. My own opinion is ~10% or lower of the property value sounds good, especially since you will get enjoyment/use out of it now.


Going off of Zillow's estimate, I'm looking at about 20%.

Posted on: 2016/5/21 14:03
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Re: Heights Renovation Worth It?
#9
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The state still offers it, however only for municipalities that have an ordinance supporting it.
It sounds like Jersey City let our ordinance expire or took action to not re-adopt it.

"ยง 304-17. - Expiration (Sunset Provision).
[Amended 8-22-2007 by Ord. No. 07-146]

No application for tax exemption shall be filed for an exemption to
take initial effect for tax year 2016 or any tax year thereafter,
unless this ordinance is readopted by the Municipal Council in
accordance with N.J.S.A. 40A:21-4."

https://www2.municode.com/library/nj/j ... Id=CH304TA_ARTIIIFIARTAEX

Posted on: 2016/5/20 14:58
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Re: Heights Renovation Worth It?
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Was it ended for reno or for new constructions? - if one is say downtown.

Posted on: 2016/5/20 1:25
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Re: Heights Renovation Worth It?
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Quote:

mitts wrote:
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MDM wrote:
You might also qualify for the 5 year abatement. You should take that into account as well when putting your budget together.


You can forget about the 5-year abatement. I learned that this quietly was ended last year.


Well shit... Was this killed at the State or City/County level?

Posted on: 2016/5/19 2:37
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Re: Heights Renovation Worth It?
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Quote:

MDM wrote:
You might also qualify for the 5 year abatement. You should take that into account as well when putting your budget together.


You can forget about the 5-year abatement. I learned that this quietly was ended last year.

Posted on: 2016/5/19 2:06
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Re: Heights Renovation Worth It?
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Quote:

MDM wrote:
A home is a home.. not an investment. If you can afford the renovation work and the property tax increase that will come from it.. do it. You only live once and it is better to live in a home with a good kitchen (which is something my wife reminds me constantly that we DON'T have yet... landlord's apartment gets done last).

You might also qualify for the 5 year abatement. You should take that into account as well when putting your budget together.


I disagree, a home is ALWAYS an investment, and probably most people's biggest investment. It is an asset just like any asset you have, if you invest poorly, you will be poorer..

It doesnt matter if you plan to live in it until you die, you will never know what happens tomorrow that may cause you to sell. If you want to use that argument, than same can be said about anything - i will never sell this stock, i will never sell my gold bars..etc.. until you actually need to sell it..

Regards to the OP question, you need to look at it as a percentage of your current property value. If your house is worth 1mil, 60k is only a 6% and probably a good deal that will increase the overall property value long term.

But if you house is 100k, that becomes 60%, then you have to be batsht crazy to make that kind of investment.

Kitchen redo + 1 bath are both pretty higher on the list as far as investment vs return is concerned. My own opinion is ~10% or lower of the property value sounds good, especially since you will get enjoyment/use out of it now.

Posted on: 2016/5/16 18:25
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Re: Heights Renovation Worth It?
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An extension in size is going to add value, compare the construction costs to the price / square foot similar units go for in your neighborhood.

The higher property prices go, the more financially attractive extensions become, with current prices downtown, we may see more going up.

Robin.

Posted on: 2016/5/14 15:41
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Re: Heights Renovation Worth It?
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Yeah I totally agree about the quality of life aspect. Is there a way to roughly estimate what the increase to property tax would be?

Posted on: 2016/5/14 13:19
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Re: Heights Renovation Worth It?
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A home is a home.. not an investment. If you can afford the renovation work and the property tax increase that will come from it.. do it. You only live once and it is better to live in a home with a good kitchen (which is something my wife reminds me constantly that we DON'T have yet... landlord's apartment gets done last).

You might also qualify for the 5 year abatement. You should take that into account as well when putting your budget together.

Posted on: 2016/5/14 6:20
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Heights Renovation Worth It?
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Hi guys, I know this is a broad question but I'm hoping it will at least get the conversation started. I am planning on renovating my kitchen and expanding the size of an existing addition off of the kitchen that is currently a half bath, allowing for a full bath and laundry area. Currently my washing machine is in the kitchen area and the dryer is next to the half bath in the existing addition.

We would also be installing a mini split system for the entire ground floor (kitchen/dining room) and adding a deck over the addition. Our home is in great shape (internally, the outside not so much), we have nice original wide plank wood floors throughout and other original features like fireplaces/crown molding. Cost for the reno has been estimated at around 60k, is this a sound investment for the area?

Posted on: 2016/5/14 3:17
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