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Message
Upgrades that may or may not raise value of a home
Posted on 3/31/17 at 11:06 am
Posted on 3/31/17 at 11:06 am
Assuming a home is in new condition and sells for $XXX,XXX, would any of the following upgrades increase the resale value or appraisal value?
1. Expanding/covering a large backyard patio/entertainment area.
2. Expanding concrete driveway to accommodate parking of several vehicles
3. Fencing in the backyard
4. Adding seamless gutters
5. Termite coverage/plan
6. Automatic sprinklers/professional landscaping
Assume all jobs completed by licensed/bonded professionals and also keep in mind that the property is in outstanding condition and is less than two years old.
If no to these things, what semi major upgrades would affect resale or appraisal value?
1. Expanding/covering a large backyard patio/entertainment area.
2. Expanding concrete driveway to accommodate parking of several vehicles
3. Fencing in the backyard
4. Adding seamless gutters
5. Termite coverage/plan
6. Automatic sprinklers/professional landscaping
Assume all jobs completed by licensed/bonded professionals and also keep in mind that the property is in outstanding condition and is less than two years old.
If no to these things, what semi major upgrades would affect resale or appraisal value?
11
Posted on 3/31/17 at 11:08 am to Jibbajabba
Very little but certainly adds appeal
Posted on 3/31/17 at 11:17 am to Jibbajabba
Don't think they would add value but might be a selling point for a particular buyer. Maybe a dog owner is looking for a house and a fenced in back yard is a must.
Posted on 3/31/17 at 11:23 am to redfishfan
The largest impact you can do for appraised value is increase the sq ft of living area (i.e, air conditioned area). Things like adding outdoor kitchens, etc. may add a little to the appraised value but the increase usually doesn't come close to the actual cost of the upgrade. Like already said by others, those listed upgrades help market the house.
Posted on 3/31/17 at 11:25 am to Jibbajabba
In my opinion, none of those would have a positive return on investment, but would be good selling features. The fence for example, depending on the size of the yard, would be at least $2-3 thousand, and would probably only increase the value by $1,000. But like someone else said it will raise the number of perspective buyers of the home.
Posted on 3/31/17 at 11:35 am to Jibbajabba
Personally, the only thing on that list that I would be willing to shell out extra money for on a purchase is
But I also have people over fairly often and we are usually outside cooking.
quote:
1. Expanding/covering a large backyard patio/entertainment area.
But I also have people over fairly often and we are usually outside cooking.
Posted on 4/3/17 at 8:06 am to Jibbajabba
If you are wanting to do any of those things do them for personal enjoyment + curb appeal/marketability. They are not investments, but you can get partial return on them when calculating time on market and negotiation costs.
Posted on 4/3/17 at 10:38 am to Jibbajabba
I am having this exact conversation with Mrs. Mule. We both want a back deck with a hot tub. However, she is convinced that it's a bad idea unless we know we can get our money back.
Very few renovations fully pay for themselves. But in my mind, if we can get 50% plus back, then I feel like it's a win when you factor in the intrinsic enjoyment value that you can get from actually using the addition. Think of it as someone supplementing your expense, not covering in completely.
Very few renovations fully pay for themselves. But in my mind, if we can get 50% plus back, then I feel like it's a win when you factor in the intrinsic enjoyment value that you can get from actually using the addition. Think of it as someone supplementing your expense, not covering in completely.
Posted on 4/3/17 at 10:56 am to Jibbajabba
None of those really do much for appraisal value. Gutters and landscaping would help a little.
Upgrades to the kitchen would help. New stainless steel appliances, countertops, resurfacing cabinets, new cabinet hardware, new tile.
It really depends where you are too. I could put a lot of money into our house in the Lafayette area and never see it again, but I could put a 6 pack of Bud Light on a kitchen counter on a house here in Kansas and get 5 offers over asking price in half a day.
Upgrades to the kitchen would help. New stainless steel appliances, countertops, resurfacing cabinets, new cabinet hardware, new tile.
It really depends where you are too. I could put a lot of money into our house in the Lafayette area and never see it again, but I could put a 6 pack of Bud Light on a kitchen counter on a house here in Kansas and get 5 offers over asking price in half a day.
Posted on 4/3/17 at 2:14 pm to Jibbajabba
#5 might bring in a couple more offers and so would #6.
#3 definitely helps curb appeal.
#3 definitely helps curb appeal.
Posted on 4/3/17 at 2:19 pm to Jibbajabba
1) No
2) No
3) No
4) No
5) No
6) No
None of these are improvements that would ever increase value. However, they can also increase marketability.
2) No
3) No
4) No
5) No
6) No
None of these are improvements that would ever increase value. However, they can also increase marketability.
Posted on 4/3/17 at 2:26 pm to Jibbajabba
As said, none of those add value to home. If it adds value to a home, property taxes will increase when county appraisers come around, which is probably once every 4 years. Would be something like adding a shed, a pool, increasing living space, carport, etc.
Posted on 4/3/17 at 3:47 pm to Jibbajabba
Curb Appeal, Kitchen, & Bathrooms is where you spend your miney
Posted on 4/3/17 at 4:23 pm to airfernando
To add to what everyone else has said, as a potential buyer I would ask you to put in a fence or decrease the cost of the house by a couple thousand dollars. Now that's just me, but I don't see anything else being dealbreakers for most folks...I think the fence could be, unless that's a common thing not to have one where your property is
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