Renovating to increase homes value (square footage, countertop, cheapest, appraiser)
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We have done little things to our house in hopes that they will make the house sell for more than the minimum when we sell in about a year to year-in-a-half. Especially since many homes out here have a similar look from when the banks bought over a ton of them and designed them all with the same, cheap, products.
But, how reliable is that? I mean, if we put in 10k in labor/work to improve some things, will it DEFINITELY raise the homes value, or what is that dependable on?
For instance, the home came with these really cheap and ugly vanity fixtures in all 3 bathrooms (they're like $20 fixtures from Home Depot), and we upgraded the master baths 2 fixtures with much more attractive, $80 a piece fixtures. Would it be wise to upgrade the other two bathrooms with the same fixtures? We're also considering framing, or buying framed glass mirrors for the bathrooms, since they currently have plain glass, and it's just boring and ugly looking, too.
Other than that, we've had $80 fans installed in 6 rooms (including the garage... my husband likes to lounge in there...), and are considering getting the linoleum ripped out of the bathrooms and installing tile. Would these be a good investment? Does anyone know how much exactly they could potentially raise the homes value? Of course, the aim is to get what we invest in the house back, plus some.
The ideas I've gathered on this are from HGTV, where I've seen appraisers go through homes and say if someone did something as simple as upgrade their kitchen countertops to granite, it can raise the value several thousand, even though it could only cost one thousand to get them installed. Or, fixing up the backyard can add $10k to the homes value, even if it cost $5k. Although my realtor personally told me unless you add a pool, to your backyard in the Phoenix area, it's not really going to increase the homes value out here.
So, does anyone know about this? What is worth doing and what isn't? Are there any helpful sites that can guide me?
We have done little things to our house in hopes that they will make the house sell for more than the minimum when we sell in about a year to year-in-a-half. Especially since many homes out here have a similar look from when the banks bought over a ton of them and designed them all with the same, cheap, products.
But, how reliable is that? I mean, if we put in 10k in labor/work to improve some things, will it DEFINITELY raise the homes value, or what is that dependable on?
For instance, the home came with these really cheap and ugly vanity fixtures in all 3 bathrooms (they're like $20 fixtures from Home Depot), and we upgraded the master baths 2 fixtures with much more attractive, $80 a piece fixtures. Would it be wise to upgrade the other two bathrooms with the same fixtures? We're also considering framing, or buying framed glass mirrors for the bathrooms, since they currently have plain glass, and it's just boring and ugly looking, too.
Other than that, we've had $80 fans installed in 6 rooms (including the garage... my husband likes to lounge in there...), and are considering getting the linoleum ripped out of the bathrooms and installing tile. Would these be a good investment? Does anyone know how much exactly they could potentially raise the homes value? Of course, the aim is to get what we invest in the house back, plus some.
The ideas I've gathered on this are from HGTV, where I've seen appraisers go through homes and say if someone did something as simple as upgrade their kitchen countertops to granite, it can raise the value several thousand, even though it could only cost one thousand to get them installed. Or, fixing up the backyard can add $10k to the homes value, even if it cost $5k. Although my realtor personally told me unless you add a pool, to your backyard in the Phoenix area, it's not really going to increase the homes value out here.
So, does anyone know about this? What is worth doing and what isn't? Are there any helpful sites that can guide me?
A good real estate agent is your best bet, but you can look at the cost vs. value report for some guidance.
Note: I am not an expert at all. From what I've read and gathered, though, renovations in the kitchen and bathroom tend to give you the biggest "bang for the buck" in terms of resale return.
Beyond the THOROUGH cleaning and clearing and fixing and a few buckets of paint...
spending more will have very limited room for justification.
Kitchen? Bath? Go to the K&B shop and have a plan done with estimates.
Then be prepared to wheel and deal a bit.
Point? This is the time of year to have a sign in the yard and people seeing the property.
Now is NOT the time to have the house torn up being remodeled.
Personally my assumption would be you aren't going to get your money back on what you spend. Now that doesn't mean something won't help you sell the house faster, just not make a bigger profit.
But I would certaily do as many "small" things as I could that were fast and easy.
Panda,
Why are you not listening to the realtor you asked?
Noone knows the market in your area better than the realtor you asked.
That is your answer.
Don't put any more money into your house, if you want to move in
the near future.
You will not get it back.
A house is not a bank, you don't take money out of it and
it is not a good investment anymore, period.
The house you are living in is just that.
A place to live.
When I was looking I gave no monetary value to upgrades and improvements. What I did do was totally cross those UN-improved homes off the list.
Here is a hypothetical situation to demonstrate my mindset.
Say I'm looking at three homes today all roughly the same square footage and in the same general Non HOA area.
One is on the dumpy side for 400K
One is well maintained and clean but unimproved for 425K
and one is brilliantly updated with granite counters and paver walkways and landscaped lawns for $450.
I would totally ignore the cheapest dumpy home.
I would bypass the clean home and would make an offer on the
brilliantly updated home negotiating up to my max price of 425K.
I am going to sell as well but my idea is just paint and carpeting and that's it. I know the kitchen could use a makeover but I'm not going to spend 30k to make 30k. Besides the Realtor said that most people want to do it their way anyway. I will just reflect it in the price. So does anyone know if a fall market is not as good?
In the last three years we have taken out the carpets on the main floor and put in pergo, changed the carpets upstairs except for one. We put in stainless steel in kitchen and just a granite counter top. We also had the entire house painted basic colors.
How long did our house stay on the market ; 15 days. Other homes that are for sale in our development are still for sale 2-3 years later. Either they are over priced, or not updated.
We did not update the bathrooms. I did all the improvements over the three years so that I could enjoy them before I left.
If you have any color paint except some light neutral, it's best to repaint. IMO, it's easier to move in and do later if the walls are not obnoxious. I am idly house-hunting online until I sell mine and I immediately discount prices on houses with a accent walls of red, brown, green, etc. Also any house with wallpaper, whether whole wall or borders. Also houses with mismatched appliances, like a new stainless dishwasher with white stove and frig; looks like the old one broke and they replaced only that one. I personally don't like linoleum but it depends on your price point.
Again, your local realtor knows best!
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