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Profile picture for evelynjg

does my upgrades to my house and home improvements raise the value?

50,000 invested in backyard, 10,000 in flooring 20,000 in kitchen remodel....paint throughout..... will this raise my apprasial? also last year upgraded my ac unit to high efficency... what do you think... zillow lists my house at 220,000... im hopeing its worth 24000  do you think this is possible??? also i have a finished garage.... tile floor cabinets, texture and paint etc...
  • June 23 2010 - Bullard
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Answers (7)

Profile picture for Crestico Funding
In today's market your property value is dependent on the most recent sales transaction in your neighborhood regardless if you want to sell your house or refinance it. When an appraisal is giving his/her opinion on your property, they will start by finding properties similar to yours (ie, Land Size, Living Space, # bed and bathrooms, pool and etc) upgrades to your property does help you to a certain point... in short, if all the similar/comparable properties in your area/neighborhood are being sold for 200K, that is about how much your property is worth to a lender.
  • June 24 2010
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Will the improvements make the value of your home increase, it depends.  I've seen improvements detract from the value.  Overbuilding?  Too much home for the neighborhood.  Sometimes too many upgrades to a home detracts investor value becuase they are looking to rent the property in a market where investors are doing 40% of the purchases and they don't want to, or can't maintain the improvements.

If you have the nice home on a block of modest homes, and yours in just way above the rest in quality, it will be the strongest of neighborhood comps that will determine your value, not replacement or book value.
  • June 24 2010
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Profile picture for sunnyview
It would be hard for me to see you getting 50K back out of your backyard remodel in Fresno, but who knows. Zillow is not an appraisal. If you are looking to sell soon or refinance, you should get a local agent to do a CMA (comparative market report) to give you a snapshot of your value based on recent sales in your area. Most remodeling projects do not give back dollar for dollar value but each one is different and the value does vary by area. Contact a local agent to get a solid opinion of value.
  • June 24 2010
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Profile picture for Scobe
Everyone who responded to this question is correct, As an ex appraiser if you are looking to add value ALWAYS look to add Square footage to your living space VS high dollar upgrades!!!  If you don't have the space to build out... Build up!
  • June 24 2010
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According to this Los Angeles Times blogpost Pardon our Dust, some home improvement projects can actually put money in your pocket.  Most however will not!
  • June 23 2010
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You're not going to get dollar for dollar however these improvements will add value. 
Depending if you're asking to refinance or to sale your home.  In today's market the value will vary between the two.
If you're looking to sell, contact a local agent to provide you with a CMA, if you're looking to refinance find a Professional Loan Officer that knows how to estimate a value rather than just have you spend the money for an appraisal.
  • June 23 2010
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Some improvements will help, although it doesn't mean you'll get dollar for dollar for them. Also, it depends where your house stands with the neighborhood homes in the area. If it's the most expensive, then you're home is likely tapped out and won't appraise for more. If it was the cheapest in the neighborhood, then you have a good chance at a higher appraisal providing what the improvements are.  The neighborhood sets the price basically.

A CMA (Comparative Market Analysis) can help you determine where your home's value stands. A realtor in the area can provide you with one.
  • June 23 2010
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