Tag Archives: remodeling value

Renovating with Value in Mind

What is going to add value depends as much on the type of renovation as the particular housing market. And Mr. Miller said he tells clients that “personal taste and market taste” can be different.

Have value questions?  Contact the appraisers at www.scappraisals.com for your home valuation.

New roofs and insulation have great financial returns, said Jessica Lautz, managing director of survey research at the National Association of Realtors, which teamed up last year with the National Association of the Remodeling Industry to determine the value of renovations.

Ms. Lautz said people who would like to recoup more of their investment would do better by aiming for boring. Putting in new insulation and garage doors or replacing a roof, siding or windows adds value and saves energy.

But new kitchens and bathrooms make owners happy, and their value is more difficult to discern.

According to the Realtors report, the average price of a kitchen renovation is $60,000 and carries a “joy score” of 9.8 out of 10. Yet, the report found, only 67 percent of the price is recovered when the owner sells the house. A bathroom renovation typically cost $26,000 and has a joy score of 9.3, but only 58 percent of that will be recovered.

Stan Humphries, chief economist for Zillow Group, said he found in his research that high-end bath and kitchen renovations were among the worst investments (though not as bad as finishing a basement).

On the other hand, he said, a “midrange bathroom remodel” could reap a big increase in value. These are renovations where a fairly bland bathroom is made into something “you’d bring your guests into,” he said. The return is $1.71 for every $1 spent.

read more at: http://www.nytimes.com/2016/05/28/your-money/renovations-that-add-value-to-a-home-think-shingles-not-marble.html?_r=0

Disclaimer: for information and entertainment purposes only

National Association of Realtors Remodeling Impact Report

realtor

Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed.

Does it add value to the home?  Contact the appraisers at www.scappraisals.com for your value questions.

It also contains:

  • The typical cost of 20 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry (NARI)
  • How much appeal each project is likely to have for buyers, according to REALTORS®
  • How much REALTORS® estimate that homeowners can recover on the cost of the projects if they sell the home.

Read Report: http://www.realtor.org/reports/remodeling-impact

disclaimer: for information and entertainment purposes only

Six tips for buying a house to renovate

Follow these tips for renovation success.

1. Location

Nicolas Jarvisto and his wife discovered one of the key buy-to-renovate rules when they bought their first home, an 1915 Queenslander, in Bulimba, Brisbane.

“It was a ‘worst house in a good street’ scenario with an oversized land lot for the area,” says Jarvisto. “Our goal was to bring the property ‘this side of the 21st century’. The newspaper from under the bathroom and kitchen vinyl was from September 1958 and I don’t think the property had been touched since.”

The couple took holiday leave and with the help of their family began work on completely renovating the property including repainting the kitchen and bathroom, polishing the floors, resheeting, splitting the laundry, retiling and adding new air con and blinds.

Less than three weeks later it was finished and ready to move into. It cost less than $30,000.

Tory Bevan, who runs The Property Consultancy and does buy and renovate projects in Sydney, says the old adage of buying the worst house in the street is a good rule to follow. “It is about location and choosing something that you can work with

5. Think about how to add value.

Even if you are not planning on renovating to sell, it is still important to think ahead about long-term resale value.

Contact the appraisers at www.scappraisals.com for your value questions.

Bevan says that one of the most important things to look for is the opportunity to add significant value to a property. In a recent project she was working on, she was able to turn a two-bedroom and one-bathroom apartment into a three-bedroom and three-bathroom property, by buying and utilizing the attic space.

Having a northern aspect is obviously very important says Bevan as is off-street parking especially in Sydney.

Read more at: http://www.domain.com.au/advice/six-tips-for-buying-a-house-to-renovate-20160304-gnalt4/

disclaimer: for entertainment and information purposes only.