Suggestions for economical upgrades to raise my home value
Mike
June 30, 2013 in Design Dilemma
In this housing market our home value keeps falling where others' are rising. Ideas like a pergola for interest and shade from the desert heat and solar heat for our swimming pool are welcome and appreciated.
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OnePlan
hi ! it might be an idea to pop into your local realtor office and ask what people are looking for in your locality ?! as this is a global site - it's not always easy to offer localised advise ?! I'm sure if you have done all the normal things thus extra bit of local knowledge will help too !! :-)
June 30, 2013 at 9:20am     
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Mike
Sound advice. Thanks.
June 30, 2013 at 9:32am     
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Mike
I believe privacy, curb appeal and universal charm (abstractly)are sought anywhere.
June 30, 2013 at 9:37am     
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apple_pie_order
What are the clues that your home value is falling while other home values in your area are rising?
June 30, 2013 at 9:55am   
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Dytecture
All it takes is one buyer to appreciate your asking price.
June 30, 2013 at 10:27am   
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Mike
@pie: VA refi data.
June 30, 2013 at 11:30am   
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Mike
Right@Dy.
June 30, 2013 at 11:31am   
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ReSquare Architecture + Construction
When you say "home value" are you looking to raise the curb appeal value (to sell) or appraisal value (to finance)? Two very different goals with very different approaches.
June 30, 2013 at 12:20pm     
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Mike
Good question @ReS. I need to refi to a fixed rate. Eventually I will want to sell at a profit or break even.
June 30, 2013 at 5:33pm   
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apple_pie_order
Okay, I think I understand now: is it that your local market is falling while other markets are rising? Not your house's value sinking while your next door neighbor's is going up?
June 30, 2013 at 6:02pm   
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Joseph F. Yencho, Design/Builder
Hey Mike. Karen at OnePlan has the call for you on this one. Check out your local Realtor. They can tell you what the local refi appraisers are leaning in giving weight to values. Every market is a little different. ( i dated a Realestate Broker for 7 years. )
June 30, 2013 at 6:20pm     
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ReSquare Architecture + Construction
@Mike: to bump up the appraisal value for refi you want to do those things which take you up a notch in value to relative comps in your area. A refi appraisal won't rely on if your house is pretty and sellable, it will depend on what it has with respect to quantifiable market attributes compared to other properties recently sold in your area: # bedrooms, # baths, floor area, pool, roof type/age, age of appliances (sometimes) etc. What you want to do is cost out what it takes to add an attribute and then compare that to what the appraisal value will go up if you have it.

For example (grossly simplifying): if you have a 2 bedroom home and 3 bedroom homes run $30K more on average (using recent comps!) you can get an immediate return on an investment to add a bedroom if it costs less than $30K to add it.

Bedrooms are typically the most cost-effective way to bump up appraisal value (lowest cost to install for greatest increase in value), but you should check with a local realtor or appraiser to confirm that for your area. Sometimes an above ground pool can do it too.
July 1, 2013 at 3:33pm   
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Mike
@pie:Correct.
July 1, 2013 at 10:18pm   
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Mike
@ReS: I believe I understand what you're saying. Refi=Fundamental Attributes. Sell=Buyer's Personal Appeal.
July 1, 2013 at 10:26pm   
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Mike
@Joseph: Will do that. Thanks much.
July 1, 2013 at 10:30pm   
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OnePlan
Do you guys have zoopla over there - in UK you can go into the Zoopla site and check they have your home detailed correctly - so if it's listed as only 4 beds and you have 5 you can correct it so that the price guide is more accurate ?!?!
July 2, 2013 at 6:43am   
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ReSquare Architecture + Construction
Old thread, but I ran across this today http://www.remodeling.hw.net/2013/costvsvalue/national.aspx

It doesn't give you the value of the upgrade from an appraisal perspective (eg: how much bump do I get from adding a bedroom) but it does give some perspective. Following this site, there's not much you can do to get >100% return, but I'd have to study their data more to determine if their percentages reflect appraisal value increase or not. Their values seem highly dependent on overall RE market value trends. (eg: better returns on a remodel if RE values are going up. Duh!)
July 21, 2013 at 1:02pm   
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