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Increasing assessed home value: What's the best bang for the buck?

Fausto

Elite Member
Nov 29, 2000
26,521
2
0
A little info on my house; brick exterior, ranch style, 3 bed, 1.5 bath, roughly 1400 square feet. What was a one-car garage has been bricked in to match the rest of the exterior and is now a den that I plan to finish out in the next month or so.

The half-bath has a wide closet in the back of it that could be converted to a shower stall (neighbors of ours with the same floorplan have done so). This wouldn't be cheap, but that would mean that the comps would have to be 3/2s, right?

Any other ideas? I'm really not willing to do anything drastic like add a story or bump out the back of the house as I don't think the area would support a $200k house (typical values in my area are $120-160k).

Thanks for any info. :)
 

Amused

Elite Member
Apr 14, 2001
53,996
7,236
126
Remodeling project paybacks
Cost recouped, national average. Predictions based on resale value within one year of project completion.

Minor Kitchen Remodel 102%
Bathroom Addition 92%
Major Kitchen Remodel 90%
Two-Story Addition 87%
Master Suite 87%
Attic Bedroom 86%
Family-Room Addition 86%
Bathroom Remodel 77%
Deck Addition 73%
Replace Siding 71%
Home Office 69%
Replace Windows 68%

 

badmouse

Platinum Member
Dec 3, 2003
2,862
2
0
I don't know about your area, but around here some good landscaping can be worth a lot.
 

Fausto

Elite Member
Nov 29, 2000
26,521
2
0
Originally posted by: badmouse
I don't know about your area, but around here some good landscaping can be worth a lot.
I've actually already done quite a bit of that. I'll post some pics this spring when everything's blooming. :)

 

Ikonomi

Diamond Member
Dec 19, 2003
6,056
0
0
Originally posted by: Amused
Remodeling project paybacks
Cost recouped, national average. Predictions based on resale value within one year of project completion.

Minor Kitchen Remodel 102%
Bathroom Addition 92%
Major Kitchen Remodel 90%
Two-Story Addition 87%
Master Suite 87%
Attic Bedroom 86%
Family-Room Addition 86%
Bathroom Remodel 77%
Deck Addition 73%
Replace Siding 71%
Home Office 69%
Replace Windows 68%
That's a great list. Where'd you find this info? Or did you compile it yourself? :Q
 

Parrotheader

Diamond Member
Dec 22, 1999
3,434
1
0
What's your back deck/porch situation like? I know being here in the South with insects galore having a screened in porch can be a huge bonus. My dad's an engineer and designed/built his own. I think his total materials cost (not counting 'free' friends/family labor) was around ~$6,000 for a ~450 sq ft. screened in porch plus another ~100 sq. ft open deck area but it added ~$15,000 in value to their home. This was back around 1990 when the avg. home in their neighborhood was going for about $135k-$165k. Now they go for about $185k-$225k.

I know for us personally that's going to be our next major home project. My back deck is up high enough off the ground that I'm also going to wall in the space beneath to make another room and connect it to a partially finished room in my basement.
 

Fausto

Elite Member
Nov 29, 2000
26,521
2
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Originally posted by: Parrotheader
What's your back deck/porch situation like? I know being here in the South with insects galore having a screened in porch can be a huge bonus. My dad's an engineer and designed/built his own. I think his total materials cost (not counting 'free' friends/family labor) was around ~$6,000 for a ~450 sq ft. screened in porch plus another ~100 sq. ft open deck area but it added ~$15,000 in value to their home. This was back around 1990 when the avg. home in their neighborhood was going for about $135k-$165k. Now they go for about $185k-$225k.

I know for us personally that's going to be our next major home project. My back deck is up high enough off the ground that I'm also going to wall in the space beneath to make another room and connect it to a partially finished room in my basement.
I've built a deck and done a bunch of terracing to the backyard (lot isn't level), but doing a screened porch isn't really an option as it would suck up too much of the patio space. The backyard has a lot of large trees so I'd have to get a tree service in to clear out a couple if I wanted to expand that direction. Not really worth the $ and I like my trees.

 

Parrotheader

Diamond Member
Dec 22, 1999
3,434
1
0
I don't know if you were going to pay for it out of pocket or do something like an equity loan or asset line, but you might also consider stopping in to a few banks and ask loan managers. They might have a good idea about what makes for financially smart additions in your area. Obviously appraisers would know too. Maybe just ring one up (maybe the one who appraised your house originally and might still have it on file) and ask.
 

Fausto

Elite Member
Nov 29, 2000
26,521
2
0
Originally posted by: Parrotheader
I don't know if you were going to pay for it out of pocket or do something like an equity loan or asset line, but you might also consider stopping in to a few banks and ask loan managers. They might have a good idea about what makes for financially smart additions in your area. Obviously appraisers would know too. Maybe just ring one up (maybe the one who appraised your house originally and might still have it on file) and ask.
I need to have it reappraised anyway as it's been a few years and I only need a bit more assessed value to drop my damn PMI. Good idea. :)

 

Howard

Lifer
Oct 14, 1999
47,989
9
81
My friend had their kitchen remodeled by an interior designing. Now it looks and feels extremely comforting and inviting.
 

Vic

Elite Member
Jun 12, 2001
48,411
9,257
126
Converting the garage to a den actually lowered your home value slightly. The converted area will never be given full square footage value while all new comps would have to either not have a garage, have a converted garage (like yours), or a downward adjustment against comps with garages.
Converting the half-bath to a full bath will cause a slight increase in value. Yes, comps should then be 3/2's or have an adjustment.
Make sure you're getting premits with all this work.

Any RE appraiser would tell you that surest way to increase the value of your home is to increase square footage. Be very careful not to over-improve.
 

Vic

Elite Member
Jun 12, 2001
48,411
9,257
126
Originally posted by: Fausto
I need to have it reappraised anyway as it's been a few years and I only need a bit more assessed value to drop my damn PMI. Good idea. :)
Ahh... I see. Remember that, unless you're refinancing, you'll need 78% or less LTV to drop your PMI from your existing lender and minimum loan age of 24 months (or 12 months with FHA).
 

Fausto

Elite Member
Nov 29, 2000
26,521
2
0
Originally posted by: amdskip
Yeah, whats up with no garage? Add a new one:)
No room. I have the minimum between ours and the next homes on both sides. Believe me, I'd love to have one as then I'd have a place to put another motorcycle. :D

 

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