I’ve had my house in Dallas on the market for over 80 days, and about 45 days ago, I moved to Lubbock. For the past 40+ days I’ve had a deal in the works for someone to assume my loan, and pay cash to move-in. It was a terrible deal for me, I mean terrible; but at least I could get myself out from under the loan. Today that deal fell through.
- I bought my house 3 1/2 years ago.
- I used a FHA loan at 5.75% and made bi-weekly payments.
- I paid over $2,500 as a down payment.
- I purchased the home for close to the exact appraisal value, $82,000.
- I paid $2,000 to have a privacy fence installed.
- I paid $1,000 to have the outside AC unit replaced.
- I paid $1,500 to have the sewage line repaired under the house.
- I paid over $3,000 to have the foundation repaired.
- I took on a small kitchen remodel project and installed new laminate counter tops, painted all the cabinets, installed a new sink, updated the electric stove and hood vent, and replaced all the lighting in the kitchen.
- I installed new light switches and electrical outlets in the entire house.
- I installed new ceiling fans in the entire house.
- I patched and repaired numerous holes in the drywall throughout the house.
- I put new flooring in the main bathroom, and installed two new toilets in the house.
- I finished off part of the garage, creating a utility room/office; and installed a window unit AC to provide some comfort.
- I meticulously kept my lawn in perfect condition; watering, fertilizing, and mowing it on a regular basis.
- I repaired everything in the house when it broke, and provided regular maintenance on every major appliance.
- I never made even a slightly late payment on my mortgage for years.
I warn you about these things, because even having knocked my payoff amount down to $76,000 on the mortgage, and upgrading so many things in this house… I still stand to lose major money when and if it ever sells. I would have saved THOUSANDS of DOLLARS if I had rented the past 3 yeas. I can remember hearing it said that buying a house is the best investment you can make, and that to upgrade things in your home will only increase the resale value of the home. This is a load of poop. At least for me anyways.
And please don’t post the comments telling me that you did these same things, and made $46k when you listed your home for sale. These things don’t comfort me.



