Estimating the post-renovation value on the house is best done thanks to an experienced realtor inside your market. However, most realtors will use similar factors to come up with an estimated value so read on to find out what those factors are generally.

Location, Location, Location

This can be a timeless adage in the true estate industry for a reason; location is the single most important factor in assessing the value of your home. Identical homes, one situated on oceanfront property and the other in a rural division of mid America, will have wildly different values. Location can add thousands for a hom’s price tag, make sure to make a realistic assessment of what your property should be sold for.

How Much Did You spend?

Consider how much you taken care of your home. Did you purchase it at the height in the real estate bubble or following your crash? Do you have a lot of equity in your home or virtually none? These factors will influence how profitable selling your personal property will be after the cost of renovations.

The Varying Value of Renovations

Some different types of renovations add more value as soon as you sell your home as compared to others. The first factor to take into consideration is the original condition with the room or rooms you intend to renovate. Is there an area so unsightly that is must be renovated in order to sell? Kitchens and bathrooms catch a potential buyers eye and renovating those rooms often earns you probably the most return for your expense. However, no renovation is guaranteed to produce you money so keep in mind whether or not the existing spaces are livable and if you will have time to enjoy the upgrades.

Avoid Extremely Custom Renovations

This piece of advice only applies if you are planning to sell your home fairly soon. You can have always dreamed of having a full daycare facility inside basement or a custom auto shop in your garage. Specializing a space to the present level narrows the pool of buyers who’re also interested in the same renovation; this can make it more difficult to sell your personal property.

In the same spirit of custom renovations, stay away from very stylish and bold design choices. Not everyone shares the identical taste and high style choices walk out fashion quickly. Buyers who see a room or rooms they cannot like will mentally be calculating the cost of redoing your renovation. If you want to sell soon, it is perfect to stick with classic and neutral design options that look high-end.

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Author: micheljonson

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