I just purchased a house that I bought because the value of the house was well under the appraisal value, I could just turn around and sell it and make a little cash but what I want to do is fix it up a little and sell it for a little more. Any help or opinions would be much appreciated!!
2007-01-05 19:56:28 · 6 answers · asked by jrchlamon 1 in Business & Finance ➔ Renting & Real Estate
There are two major things that will change an appraised value...
...a difference in the neighborhood value as a whole (comps), and square footage.
It's not likely you will be able to change either of those.
What you CAN do is make it more appealing to other buyers (new carpet, fresh paint, etc.), so that you may get closer to the appraised value of the home when you sell it.
From what I understand, putting new windows in it, or putting a new roof on it is relatively pointless - as my realtor put it, all buyers expect windows and a roof, period. Putting $10000 into new windows and a new roof will not get you an additional $10000 in the appraisal.
Good luck!
PS - when you put it back on the market, make sure you have lots of pictures put online! Believe me...I just bought a house. I really only looked at the ones with pictures because I was buying out-of-state!
2007-01-05 20:10:20 · answer #1 · answered by Meg M 5 · 1⤊ 0⤋
There is a reason you were able to buy this house for under the appraised value. The first thing I would do is get an inspection by a professional home inspector. Oh, you did that already? Then you will know where the repairs need to be made.
Clean, clean, clean...shiny clean. Kitchen and baths are very important areas. Did you know that statistically women do 90% of the home buying? Once in a while a great garage will catch a guy's eye, but the kitchen and baths are what women look at most. ANY improvements to update these two places will be returned to you in the sales price.
Paint, new floor tiles, carpet are all things that need to be done. Neutral in color, moderately priced, you'll appreciate the return.
Good luck!
2007-01-05 20:19:16 · answer #2 · answered by Barbara 5 · 1⤊ 0⤋
After buying and selling 12 houses in the last 20 years - due to job transfers and divorce and just plain old not liking the neighborhood, not for flipping, I feel qualified to answer your question.
Learn how to paint. Paint is cheap, labor is not. Fresh paint sells well, especially if it replaces repulsive wallpaper. (go neutral in the main rooms and/or read the home magazines for the hot colors)
Learn how to do minor plumbing. Replace dated faucets.
Learn how to do minor electrical. Replace dated light fixtures.
Get rid of hideous window treatments. Again replace with cheap but working modern options.
Lowe's, Walmart, Target and Home Depot have attractive and reasonably priced fixtures.
Make the kitchen and baths uncluttered and bright.
Emphasize the front entry with paint, lighting, house number and mailbox replacements.
Find friends with strong backs and trucks. Rip out overgrown bushes. Replace with low maintenance perennials, (hostas, daisies, coneflowers, daffodils, daylilies and small evergreen bushes)
Use some framed posters you like for splashes of color. They are an investment and they go with you. They do not have to be hung but can be leaned on a dresser or a mantle or a side table.
But most of all make sure it is sparkling clean and not cluttered when you put it on the market.
2007-01-05 21:27:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Kitchens and bathrooms get the biggest pay-off. Install stainless steel appliances and a granite countertop. Tile floors are good. Look at showrooms for the latest ideas in bathrooms. Paint all rooms in warm neutral colors but not white:soft yellow, light green, taupe, peach. Hardwood floors are more desireable than carpeting. Invest in nice landscaping and keep it trimmed and neat. Paint the shutters and trim in attractive colors that aren't loud or bright: black, tan, grey,cream. The front door can be a bright spot in red or yellow. Plant one or two large pots of flowers near the front door.
2016-05-22 22:19:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If I am a buyer for your house, I would expect the house to be clean, no damages, proper sanitation, no leakings of water, everything is functional and a beautiful environment outside the house. If you can have all these for your house, you might get more value to sell.
2007-01-05 20:09:21 · answer #5 · answered by Dang 3 · 0⤊ 0⤋
paint, paint, paint, simple landscaping. Presentation is everything!
2007-01-05 20:21:38 · answer #6 · answered by akalouwho 1 · 1⤊ 0⤋