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Updated about 9 years ago on .

User Stats

60
Posts
25
Votes
Brett S.
  • Investor
  • Kalamazoo, MI
25
Votes |
60
Posts

General cost hierarchy for updates?

Brett S.
  • Investor
  • Kalamazoo, MI
Posted

Hello,

I need to purchase a new personal residence in a new area and while none of the houses are to my exact liking, there are a number of houses which check a few of the boxes.

Therefore, I plan to purchase one of them and then hire some contractors to check the boxes that it doesn't have on day 1.

Accordingly, I'm trying to get a sense of what is most vs least costly to change on a home (I've been an investor for years but just buy and holds with maintenance work, not flipping).

I'm thinking it goes like this (from most expensive to least), but please advise if I'm wrong somewhere.  Note I'm not contemplating repairs / maintenance type stuff, such as sewer mains or 

1) Moving a home to a new location (as in so expensive you're nuts to contemplate it)

2) Replacing / significantly changing external look / structural elements / adding a story

3) Replacing vinyl siding with full brick or stone all the way around

4) Replacing old heating (baseboard radiant) with new, such as a heat pump and forced air

5) Updating Kitchens

6) Updating bathrooms

7) Replacing floors (like carpet to hardwood or stone)

8) Updating fixtures

9) Painting