Consider the Personal Value You Get
If you plan to live in your house for some time before you sell,
don’t overlook the enjoyment or utility you will get from a remodeling job.
Regardless of the eventual sales price, that may reason enough to embark upon
the project.
Appraised Value Matters, Too
When a homebuyer applies for a loan, the lender usually requires
an independent appraisal to determine if the value of the home is in line with
the purchase price. That can be when the seller ultimately finds out the return
on the project. For example, a pool that cost $85,000 to install could add only
$30,000 to the appraised value of a home compared to a similar home nearby
without a pool.
Remodels May Improve Marketability
Some improvements don’t raise the eventual sales price of a home
but may still make the home more attractive to buyers. A remodel may even be
the difference between not receiving any offers and getting multiple offers on
a property a short time after it goes on the market.
Don’t Assume a Dollar-for-Dollar Return
Some projects add more value to a home than others—a new front
door often tops the list—but a host of factors can influence how much any
specific remodel pays off. Variables include the quality and appeal of the
finished project as well as how it compares with similar features of other
homes in the neighborhood. In many cases, a home’s sales price will increase
but not by as much as the actual cost of the project.
Your REALTOR® can help you understand how remodeling projects
can affect marketability and sales prices of homes, and can offer guidance on
all your options when considering buying or selling a home.
Original post: https://www.texasrealestate.com/members/posts/whats-that-remodel-worth/