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How can I have my home re-evaluated compared to the neighborhood? I spent $78,000 two years ago.

How can I have my home reevaluated for market value with Zillow? I spent over $78,000 two years ago and was recently shocked when an appraiser stated the one-car detatched garage only added $2,000 to the value of the home. Can you explain this?
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March 07 2010 - Lakeland
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Answers (3)

If you spent $78K to improve your property, shell out a measley
300 bucks or so for FORMAL appraisal to ELIMINATE THE GUESSWORK AS TO THE VALUE OF YOUR PROPERTY.
 Even with a 24-karat gold-lined walls in a garage, one man's treasure (which is presumed to garner pleasure FOR THE OWNERS and not the BUYERS) measures against the functional use of the nearby, comparable properties with dry-wall lined garages -- a standard.
One more thing: don't be shocked! You love YOUR HOME.
Appraisers are brutally objective in EVALUATING THE VALUE OF PROPERTY. This is business! Good luck.
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March 08 2010
Profile picture for sunnyview
You do not get dollar for dollar return on most remodeling projects. SOme projects return more than others. Here is a report from Remodeling magazine on what some typical remodels return on their cost. You also need to be aware that adding 78K does not automatically increase your value. If the remodeling was well done, you may get some back or your house may sell faster, but it may not add 78K to your selling price.
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March 08 2010
Profile picture for wetdawgs
Zestimates are done using the data from square footage, room numbers etc.  It doesn't take into account the upgrades, fancy landscaping and other things that add value in real life.   Zestimates are not appraisals, and cannot be redone on request.   

If there are material facts incorrect in your home description, claim the home and update them.   Sometime in the next two to eight weeks, if the facts are affecting the Zestimate model, you will see an adjustment in the Zestimate.

Remodeling and additions often pay back far less than the dollars to create them.   Apparently a single detached garage in your area does not add much value.   This is why remodeling is done for your pleasure, not for resale value.

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March 08 2010
 
Related Questions
How can I have my home re-evaluated compared to the neighborhood? I spent $78,000 two years ago.
Profile picture for Lynda Giusti-Parra, Broker Assoc.,MBA,RN
Latest answer by Lynda Giusti-Parra, Broker Assoc.,MBA,RN
March 08 2010 | 3 answers
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