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Renovations that Increase Resale Value

I’m currently living in a condo and am thinking about doing some renovations, preferably ones that will increase its resale value one day.

I’m not handy at all, so aside from painting I will be hiring contractors for most of this

To some of you better versed in the real estate/home reno field, what do you think about the following renovations and their potential impact on resale value?

-Granite Countertops (I know a granite guy who will do this for me cheap, and well)
-Pot lights
-Crown Moulding
-New Kitchen cabinetry

Thanks

First ask a real estate pro in the area for ROI stats in your hood.

I, personally, think you should decorate the closets with dead hookers … Look what it did for Paul Allen’s apartment … shit sold with a quickness

Nearly any renovation will increase the value. I think what you’re asking is, “Which renovations will give me the best bang for the buck”? In other words, you don’t want to put in $45k worth of cabinetry and get a $12k increase in selling price.

I’m on the buy side, not an agent, but in this market I don’t see any renovations necessarily increasing selling price substantially unless they’re desperately needed ie: removing cabinets from the 1970s along with avocado green appliances and golden yellow bathroom fixtures.

I do see renovations reducing the time the house is spent on the market, however.

Granite countertops are always nice, as are new cabinets if they’re needed. Cans can be expensive to retrofit into existing construction. I wouldn’t pay a penny more for crown moulding.

[quote]polo77j wrote:
I, personally, think you should decorate the closets with dead hookers … Look what it did for Paul Allen’s apartment … shit sold with a quickness[/quote]

Lol, nice!

Be sure to buy the best kind of white. Like “Bone” with lettering in “Sillian Rail”, or “Eggshell” with “Romalian Type”.

But off course you can do it like Paul Allen: with a subtle off-white coloring. And like a water mark.

/hijack

whatever you invest, you are unlikely to get back. The persons offer will be based on what they can get a mortgage for. The valuation that sets the mortgage will not take any rennovations into account. If you want to spend money on things that will increase your enjoyment of it then great. Anything else is only really about making your house more sellable than the one down the street, the actual selling price will not be affected.

If you want to remodel, do it exactly how you would like to have it; not what you think will get the best return for the investment.

That is if you plan on staying for awhile, if you want to sell it soon; i wont touch shit, other than fixing what’s broke. You wont be able to sell it for much more than your neighbors condos, unless you lined the inside of yours with gold, an of course dead hookers.

[quote]PimpBot5000 wrote:
I’m currently living in a condo and am thinking about doing some renovations, preferably ones that will increase its resale [/quote]

That doesn’t work anymore, and is probably the worst investment you can make given the state of the economy. Don’t bother unless the renovations are for your own enjoyment.

I’ve heard that installing granite or marble counter tops is the least cost to improve resale, but this was a few years ago before the real estate market took a huge shit.

A bidet.

[quote]Cockney Blue wrote:
whatever you invest, you are unlikely to get back. The persons offer will be based on what they can get a mortgage for. The valuation that sets the mortgage will not take any rennovations into account. If you want to spend money on things that will increase your enjoyment of it then great. Anything else is only really about making your house more sellable than the one down the street, the actual selling price will not be affected.[/quote]

How do you figure this? The difference between a new/remodeled house and one that needs to be fixed up is what you’re investing in. Although the market sets the price of a house that is similar to yours it does not set the exact list price of your hosue. Your house sets the list price of your house and everything included in and around it.

You’ll be suprised how far quality paint really goes. Along with new trim. Those are probably the least costly if you’re going to do it yourself.

Does your kitchen really need to be replaced?
Do you have pics of what you want to potentially remodel?

I find that a lot of kitchens aren’t as bad as people believe and depending on the layout, a nice counter top and some paint do the trick.

Bathrooms.

CS

[quote]Cockney Blue wrote:
whatever you invest, you are unlikely to get back. [/quote]Mostly true imo

[quote]
The persons offer will be based on what they can get a mortgage for. [/quote]Technically true - but I don’t think in the way it was meant. Obviously the buyer can offer more or less depending on how much they like the property

[quote]
The valuation that sets the mortgage will not take any rennovations into account. [/quote]Pretty much. Unless your place is busted up, then they can count it against you

I was gonna say it doesn’t really make much sense to have a real nice kitchen if the bathrooms suck. What I mean is you’re probably not gonna get much return on investment for an upgrade of any kind. If you get a real nice kitchen, it says nothing to the rest of your property, much less the neighborhood and all. But if your property has weaknesses, then bring those up - you might get some bang for your buck.

Any upgrade will only be worth it if your buyer values it more than it costs you. (this is key)

This might be you if your discount is good. Also consider your neighborhood. How many of your neighbors would you expect to have granite countertops? This tells us what your buyer might be expecting / wanting

Then again - I’m no expert - I’m halfway talking outa my ass