So, I bought my first home in July of this year. It is a 1923 Cottage-Style 1 1/2 story, 930 square ft, with 2 bedrooms and one bath. It has great features like a 2 car garage, sauna, attic converted to a bedroom, and it's right near downtown in a great neighborhood.
I purchased it for $169,500 in Minneapolis Minnesota. This year I am renovating the bathroom to make it larger and adding a walk-out patio to both the front and back of the home. In addition, I will be re-painting all rooms and landscaping. I plan on spending about $10-15,000 on all these items (because my dad will help with most of the work).
From the above details, how much would my home appreciate...ballpark? Any thoughts on what I could sell it for in my market?
I really appreciate your response.
2007-11-14 09:28:42 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
maybe get 180,000...remember..the house was very nice when you started...its the location that will set the price...
2007-11-14 09:44:08 · answer #1 · answered by Johnny A 5 · 0⤊ 0⤋
It's hard for someone not in Minneapolis to know what value would be assigned to these improvements, but I can tell you they're the right improvements.
The things that add value to the property are updating and/or expanding the kitchen or bathroom, adding a bedroom or bathroom, adding a den, finishing a basement or attic.
What doesn't add value, no matter what you spent to do it, is regular maintenance (like shoring up a sinking basement) or decorating. You could put the best carpet in the world in the house, and not really add to the selling price of a home.
You could ask a real estate agent to do a comparative market analysis to give you an idea of the increase you might realize, or you could ask an appraiser for an appraisal using the plans you have as added value. This will cost you money, and the real estate agent will do it for free, to generate future business. If a real estate agent asks you to pay for a CMA, call someone else.
2007-11-14 09:47:46 · answer #2 · answered by Debdeb 7 · 1⤊ 0⤋
Biggest bang for your buck is to redo the kitchen. New cabinets, granite top, maybe knock out a wall and put in an island. Most people hang out and entertain in the kitchen. Open the kitchen up to the rest of the house (living room) and it will make the area look bigger which is the key to flipping a house, giving the perseption of more bang for the buck
2007-11-14 09:47:06 · answer #3 · answered by flyingrizzly 3 · 0⤊ 0⤋