Jonelle Eligio: Absolutely not. You'd be throwing money away. A 50% loss in value isn't bad for Michigan. Stay put and maybe in the very long term you'll have enough equity for a short sale.
Jose Calaycay: updating some of that stuff can bring up the value and yet it can not. you should talk to a realtor or someone that is an expert.good luck!answer mine:http://answers.yahoo.com/question/index;_ylt=Aiwk.......Show more
Maria Devenney: You need to learn to live with that which you have purchased. If you let this property go to foreclosure, you will not be able to get another mortgage for at least three years, if not more. By that time, these 'cheap deals' you see won't be as cheap as they now seem. In addition, you will pay a considerably higher interest rate on any mortgage, simply due to your past foreclosure history.
Robbie Starchman: IF you are planning on staying there for the next 5 years, then yes I would do remodeling to suit my own taste, i! f you are planning on selling it soon, then no I wouldn't. House prices will go back up, it may take 5 years or so for that to happen.
Devon Kalberer: Do what makes you happy. If you want a shiny new kitchen, bathroom and basement, go for it. Stop thinking in terms of what you might or might not get as a return on your investment. The fact that the house is worth less than what you paid for it is irrelevant if you are not planning on selling it today. Start thinking in terms of how you will feel about living in the house with its shiny new kitchen. With the right improvements, you can transform your starter house into the house of your dreams....Show more
Marylee Lucks: Maybe you could try some cheap tricks to update bathroom - like fixing any cracks in the bathtub to make it look like new, modern faucets - even a coat of paint in a modern, trendy color could go a long way.... Perhaps a home stager in the area would have some good ideas. Maybe after you c! hange some stuff you will want to stay! :)
Rheba Cockma! n: Hi Vic,Don't be discouraged, change your perspective instead and do a fabulously frugal home remodel. Act as if this is your investment property and do home improvements with minimal cost and then rent it out down the road when you're ready to move up. There are lots of things you can do for little money if you're willing to put in sweat equity. Come up with a plan and a budget after doing some research. Start by looking at home magazines, internet surfing, go to kitchen design stores, and take notes. Then go bargain hunting, buy things on clearance, and call on friends and family to help out for larger projects. Can you paint kitchen cabinets for a new look? Try adding trim or bead-board to cabinet doors before painting to change the kitchen decorating theme. Maybe install a new kitchen backsplash design or add an island for more workspace. If you need extra storage space, you can take home kitchen cabinets (finished or unfinished) from your local big box store an! d arrange them as the base for your new island or build a frame and cover with wood veneers, then paint or stain a contrasting color to the cabinets. When replacing things like old appliances, keep at the lower end of the price range (remember, treat it as a rental already) or look for scratch and dents or closeouts on the more high end ones. One exception would be if you're really into cooking and want more features and benefits. I found this great appliance store online when I was doing my research for a kitchen remodel (link below) and they saved me more than half of the advertised brands.With flooring, you can pick up tile ($1. - $2. sq ft) and a small wet saw ($99. Home Depot) quite inexpensively and do it yourself. Here's a few bathroom renovation ideas: paint bathroom vanities, buy granite remnants for tops, add an inexpensive glass, vessel sink to raise the height of an old vanity, or pick up old tables / cabinets at consignment stores and turn it into a unique v! anity. Replace old toilets. The last link is a great place to pick up b! athroom vanities at great prices, some with granite tops and sinks all ready to go. All you have to do is add the faucet. Remember to follow your local building codes and hire licensed contractors for things you're not equipped to handle....Show more
Barton Slisz: No!!!You will never get your money out of it. Housing prices will drop another 20% next year as people don't have jobs to buy them.Throwing good money after bad! Either work out a modification of your loan or look at walking away from it....Show more
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