I would like to add a metal fence to the front of my house plus make the front yard and the sides of the house on stamped concrete and change the windows to french style windows and paint it. If in the future i want to sell the house...will all these changes increase the value of the house or the price will always be the same no matter what I add to the house?
2007-06-02 10:06:53 · 7 answers · asked by mteresara 2 in Business & Finance ➔ Renting & Real Estate
Some improvements won't pan out. Certain improvements can add significantly to the perceived value of a house. For example, swapping out a plain front door with an expensive frond door, with side windows can add quite a bit to the overall impression of its value.
2007-06-02 10:18:44 · answer #1 · answered by jsardi56 7 · 0⤊ 0⤋
Hi, you ask a very challenging question. I am a real estate agent and I get this question all the time.
It is difficult to say that improvements always add or that they do not always add.
I can show real instances, where for example, that painting a home or adding a fence did not add to the value.
I can then show real instances where folks added a
fence and paint and they got a better price than a similiar house down th street that didn't have those improvements.
So I believe that nobody really knows for sure.
Here are some actual things that prove my point.
A homeowner has a house that is a tract home. That is, it's the same exact home as all the others on the street.
He puts paint, fence, new carpet and the whole enchilada, I mean its really a nice house. Then you see it sell let's say for $400,000
Then you see the same house down the street without the improvements sell for $400,000 also and sometimes a bit less and even a bit more than $400,000.
So what does that mean?
In real estate there is also RANDOMNESS involved. A good example is if you draw a circle on the ground and then throw a bunch of coins in the cirlce, what will happen is some coins will congregate together and some coins will be alone by themselves with no other coins around it.
It's just a random natural occurrence that happens. Real Estate is like that also.
There is a lot of randomness involved.
I have seen homes that were super duper nice sell for let's say $400,000 but then I see other homes that are not as nice and they have the same square footage and bedrooms but even though they are not as nice they sell for more?
Why does that happen?
The facts are that there is randomness and this is a reality of real estate.
However all that being said real estate is also a game of "increasing your odds". You can increase your odds of getting a better price by adding improvements.
Normally what happens is if your house is the same size and condition and floor plan as another BUT your house has improvements, it is only natural that your house will be sold first.
However sometimes the buyer doesn't see your house. They only look at that house and buy it on the spot. Again, randomness.
Some neighborhoods you can add bedrooms on to your house and it will increase the value but let's say you have a 4 bedroom house and the neighbors are all 4 bedrooms and you choose to add 4 more rooms to make it an 8 bedroom house.
Well this is called ECONOMIC OBSOLESCENCE which means the neighborhood is like a magnet keeping your value pulled down towards the 4 bedroom models.
However let's say you have a 1 bedroom house in a real expensive area...well, you will find that your 1 bedroom is worth more than other 1 bedrooms in other areas as the neighborhood pulls your value up.
Real Estate investors will look favorably at a 1 or 2 bedroom home that is low priced in a high priced area as that lifts the value upward on the property but a 5 bedroom home that has many additions will suffer from economic obsolence if it is in a neighborhood with all 3 bedroom homes.
When it comes to value on a house APPEARANCE seems to be the thing that gets the place sold. Painting a house seems to be the best return on your investment as its cheap, easy and makes the house REALLY look good.
For a very accurate and free appraisal of any property go to the site below and click PROPERTY RESEARCH. It will show a photo of the house online and what it is worth. It is the most accurate way to determine value.
We have appraisers using that site below.
2007-06-02 17:30:45 · answer #2 · answered by Workfortoday 3 · 0⤊ 1⤋
Some improvements, not all, can increase the value. The ones you mention would probably not have a high payback, especially if they're done awhile before selling. Fresh paint at sale time can have a good payback.
2007-06-02 17:39:44 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Most improvements aid appreciation. Some won't. If you put up a cyclone fence, it won't help. Don't forget, this is also your home. You want to personalize it. Do everything in good taste, you won't go wrong.
2007-06-02 17:11:34 · answer #4 · answered by The Rabbi 5 · 0⤊ 0⤋
you can increase the value of your house by improvements but you might not get all you put in
2007-06-02 17:10:27 · answer #5 · answered by the_monamayfair 4 · 0⤊ 0⤋
you can definitely increase the value of your home especially with the window change... big items are like cupboards, counters,windows doors, etc. here are some seller tips, you can read about whats valuable and whats not...
http://www.beachcitiesrealestateonline.com/RealEstateTips/HomeSelling/Default.aspx
2007-06-02 20:01:46 · answer #6 · answered by Pure Genius 3 · 0⤊ 0⤋
watch the shows on TLC
2007-06-02 17:11:17 · answer #7 · answered by Mwah 4 · 0⤊ 0⤋