Profile picture for kdelano

I have spent $60,000 on remodeling & repairs

I don't understand, after logging this information, why it hasn't added value to my home. It was a full kitchen remodel, a full bath remodel, new roof, chimney, ceiling, lighting, garage door, exterior doors, more!

Do I need to add it again?
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May 05 2011 - Columbia
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Answers (6)

Profile picture for Pasadenan
Unfortunately, I agree with Baron on this one.  The agents that stated "you can't lose money on Real Estate" were simply "wrong" and needed a commission.  The authors of the "get rich in Real Estate" books made their money selling "get rich" books, not in Real Estate.  The "flip this house" television shows were financed from companies selling products for houses, not flipping houses.  The contractors doing the construction are happy to do any construction you want, but they already know that their work will not increase the value of a resale sufficient to pay the cost.

"Repair" doesn't "increase the value", but only "maintains" the value.

And many "upgrades" are simply fads that will actually lower the value when the fad wears off.

Very few are paying for those "upgrades" in the present market economy.  And since there are plenty of other houses to chose from, people can often find what they want for less.

If you need an "appraisal", I would suggest you pay for one.
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May 05 2011
Separately, while rehabbing a property may add value to the home, rarely will it add as much value as the cost of the rehab. You might have spent $60k but most professionals feel (and it is an estimate because exact evidence/proof is not possible) that the value will only go up a percentage of what you put into it....like 50% or 70% of the cost of the improvements.

Items like pools might cost $30,000 and only add $500-$2,500 in value to the home because most buyers do not want pools (subject to location of house - in Arizona they want pools!).

That's not your question of course, but I just thought I'd point that out because in real life, just like your question on Zillow, the value won't go up just because you made improvements. Thanks!
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May 05 2011
Profile picture for sunnyview
Adding an owner's estimate does not affect the Zestimate form what I read. The Zestimate is a self contained number based on the basic house facts and other public information only.

Adding an owner's estimate shows extra value on the home page so that people who see it are aware that your house has more features/remodels than Zillow's system is aware of.
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May 05 2011
Zillow is an automated value that only uses objective criteria.  Condition of your property is subjective so it is not included in the price.
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May 05 2011
Profile picture for wetdawgs
The Zestimate is based off the core facts of the home (size, location, room number, comps).   It doesn't take into account upgrades (or downgrades)  But, you can use the "my estimate" feature to call these out to the public if you are putting your house on the market.  (If not putting it on the market, I'd keep it private, but perhaps that is just me!).
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May 05 2011
Profile picture for jrtpapa
the Zestimate is not supposed to try to incorporate remodeling. see the zillow help files for more information on what a zestimate is and what it is not. as an owner you can add this information to the listing, but this will not influence the zestimate, even though obviously it does influence the home's value.
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May 05 2011
 
Related Questions
I have spent $60,000 on remodeling & repairs
Profile picture for Pasadenan
Latest answer by Pasadenan
May 05 2011 | 6 answers
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