I just got done adding 360 sqft to a 1400 sqft home and added a new carport, hardwood floors, new outside lighting, new insulation, new kitchen cabinets and hardwarewas just wondering how much my property value increased the house also sits on a 2 acre lot with a 3 bay garage and a workshop above the garage. the house is a 3 bedroom 1 &1/2 bath
2007-09-21 09:39:17 · 3 answers · asked by daryl l 1 in Business & Finance ➔ Renting & Real Estate
Really depends on the surrounding area. There is such a thing as overbuilding for an area.
Chances are you'll find out how much value was added when you get your new property tax bill. Somehow the tax man always shows up.
2007-09-21 09:45:17 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
So far everone is wrong. Depending on the cost of construction in your area, you added about $14,500 and Im sure the addition cost at least double that to do. On a appraisal you get about 1/2 the cost of construction or about $40 per Sf.
2007-09-21 11:32:52 · answer #2 · answered by Leo F 4 · 0⤊ 0⤋
you should anticipate receiving an increase in value equal to 75% of the cost of the additon
2007-09-21 09:45:14 · answer #3 · answered by greybeads 3 · 0⤊ 0⤋