With many more sellers coming on the market these days especially with older houses, a common question arises about remodeling. If I put that new room addition over the attic last year will that fetch me more for my house and how much more? My tax appraisal probably doesn't reflect that. Which upgrades / remodeling ideas add the most to my value? While it does vary by market from some surveys the answer to the payback in percentages goes something like this (rules of thumb):
- Kitchen remodeling 90%
- Add a bathroom 90%
- Bathroom remodeling 80%
- Install central heating 90%
- Install central air 75%
- Add a deck 70%
- Replace windows 70%
- Add a room 55%
- Build a pool 45%
- Finish a basement 40%
It would be interesting to hear from others anecdotally what percentages for other things left behind in the home were valued based on their new price like appliances, window treatments, playsets, hot tubs, chandeliers, outside grills, large screen TVs, pool tables, the family dog....
While not always remodeling, sometimes buyer #2 or #3 can clean up these days with the first homeowners hard work in making a house beautiful to live in.
I think a great appraiser would probably have all the answers for us.
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