We always want to make the best decisions in life and not those that will eventually hurt us in the long run. A typical American family will be faced with situations where they will have to come together and make a tough call. For instance, if you have to choose between taking your child to college and renovating your home, which choice would you go with? To some people, this is a no-brainer. They won’t even take a second to make that decision to sell home as is. But we all know everyone’s situation is a little bit unique.
Since your kid has already gone through high school and the house is practically falling apart, it’s only logical to use that money for renovations and let the child wait out for a year. But did you know that only six percent of students usually enroll in college one year after high school? It’s something that will scare you out of your wits! Especially if you take into account how much a college graduate would make in comparison to a high school graduate.
Our piece today will try to explain to you how costly it can be to upgrade your house by comparing the repair expense to a different expense which seems more significant. We guarantee you that by the end of the read you’ll want to sell instead of working on that massive renovation.
You don’t have to be told that college isn’t cheap. In fact, you should know that on average a four-year tuition rate ranges between 37,640 to 129,640 dollars. Do bear in mind you haven’t added the cost of books, parking fees, personal expenses, food, laundry, and more housing to all that amount. If you take residence in campus, it’s possible to save a little bit since you won’t have to deal with the housing and laundry costs but you still have pay the bus tolls, gas, and parking fees.
These figures might seem ridiculous at first until you start thinking about the amount an average college graduate makes versus that of a high school graduate. The former will earn around 50,000 dollars in a year while the latter would expect 30,000 dollars.
Home repairs cost
When it comes down to renovations, we need to focus on the profits that you’d earn from it. Something profitable will probably cost you at least 54,000 dollars or more. “Profitable” is an appropriate word in this case because the repairs come with a different Return On Investment (ROI) once you decide to put the property on the market.
Don’t expect the renovations to be cheap in any way. You can only earn more if you’re ready to put in more effort and money. Most individuals are usually caught off-guard once they are halfway through the process.
So what would you prefer? Would you preferably have a college graduate who’ll earn more than half a million dollars in a lifetime or renovate a room that will cost you 54,000 dollars and decrease the chances of your kid ever graduating college?
If you think selling the house is the best alternative, sell to a cash investor who won’t ask you to repair the property. We are an investment firm that purchases properties in their as-is condition. Call us today!