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 Using Proceeds from Sale to Purchase Next Home? |
I would like to purchase a newer home, I have the equity needed to pay for the down and settlement however, I have a question.
How do I use the equity prior to the closing date from the sale of ... |
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 If you were asked to go to a Real Estate Investment Seminar? |
by an Escrow Officer that you knew and it was only an hour and a half, would you go?
Additional Details
Sorry, I meant to add that I know the people who are putting the seminar on and ... |
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 Can I supena a lease agreement from my ex-landlords new tenant? |
I need to find out the date that the new tenant sign the lease agreement to see if the landlord double charged rent, do i hav e to take him to court to get a supena to do this
... |
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| My wife and I want to help our daughter and her husband buy a home. They currently have poor credit and even with us providing the downpayment, they could not get a mortgage themselves. We thought ... |
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lady_bella | What upgrades can you do to raise the value of your home? |
My husband and I are wanting to do some upgrades to our house, and I just want to know what kind of upgrades will actually raise the value of your home?
Thank you so much!
Additional Details
Elle: Thank you so much. Everyone has great advice. I don't forsee us selling our home. Just to do improvements to up the value of it when the market does get back on its feet with selling. Using an agent will be very hard for us since we had a terrible experience with one from Century 21. I will never use them again. Very bad experience. I should have reported her for what she did, and didn't do for us. It's our experience and understanding that no agent is on our side. All they want to do is "sell". They claim they are on your side and looking out for your best interest, but when we bought our house, this certainly was not the case.
Thanks to all of you for your advice so far. I really appreciate it. :-) |
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Elle
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Hi there...Most value is in Adding above grade sq. ft. in my opinion...then in Kitchen, Bath, Flooring remodeling to reflect latest trends in the housing construction ( go to Open Houses in new neighborhoods for ideas on latest trends)...
Do not confuse maintaining your property with improving it...as to recouping your expenses...If furnace is old or roof leaks- repairs are not improvements...Upgrading countertops to granite or putting hardwood floors instead of vynil...will add to value when selling....Do not expect to recover all money you invest in upgrades...it is more of a percentage of your total cost you recover...They say in Practical Homeowner published may1989 (old though):)...88% recovery on a roof, 80% recovery on air conditioning, 70%on baths, 80% on kitchen remodeling, 50% on window replacement, 50% on sunroom...etc...This info is old, just to give you an idea of how things were in 1989...As to NOW...- You Need To Find a reputable source as a builder or real estate broker or better yet licensed in your area appraiser to ask as to recovery value and addition to current value of your home before doing things...especially in this market....make sure your property can sell for what you are spending on upgrades first....Be careful and research your local market well and know your costs and trends before getting started. Ask a real estate agent for a Free Comparable Market Analysis, let them point out to your what are potential negatives as to your home's current condition that are affecting the value or take away from it and then ask what would the value be if thoses items were new or upgraded to...(?) You will get a good point of reference that way. Don't forget to use that agent when selling:)!!!!Hope they do a good job for you...I am one of them. |
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AM-NM centaur
 |
Nearly all upgrades raise the value.
Are these upgrades for you and your husband to enjoy for years to come or are you upgrading to make your home more attractive and easier to sell?
If the latter, go for painting, simple carpet, and landscaping. |
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Jayinem
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Paint (interior or exterior), hardwood floors, custom cabinets, custom molding, energy efficiency improvements, tile. |
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acermill
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The answers provided thus far are quite correct in the items which will raise the value of your home. However, there IS a caveat. Do not OVER improve your home, based upon the type of home you have.
As an example, granite counter tops will NOT give you the expected valuation rise if they are 'overkill' for your simple 1100 square foot ranch. If other houses of similar structure all have Formica or similar, you will be tossing away most of the money you spend for granite. Same goes for cabinetry. If you select high end natural cherry, don't expect to get most of it back if the house doesn't call for that.
Replace and upgrade items as would be expected in a home similar to what YOU own. |
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Ross G
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I was once in your situation. Don't worry, everything will work out for you =)
A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.house-mortgage-rent-help.org
Good Luck! |
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Bob
 |
Well, there have been a plurality of articles over the years (usually written by someone in the industry) that shows 150% return on investment for kitchen and bath upgrades. I recently read a more independent article that claims that is all hog-wash. My personal experience is that I bought a home that was in good shape in a tract neighborhood. It was listed for $2000 more than the same model that was a fixer upper. This fixer would have taken $5000 in materials alone and probably $20000 in labor to get it in the same condition of the house I bought. In my case there is no payback for upgrades.
In general paint and carpet are cheap and can dramatically improve the appearance of a home. Stick with the high ROI (Return On Investment) which are all inexpensive and have big impact.
Two of my younger male friends are dramatically remodeling their houses. I think it is the male equivalent of nesting. They have no idea that they probably won't even see a $0.50 return for every dollar they spend. They are going thru all that work and displacing their families to just lose money. Neither one of them plans on staying in the houses long ter either.
Anyway- do improvements you want to do only if you plan on living there a long time. Good luck! |
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MikeHaleHomes
 |
Yes, kitchens, baths, and flooring are great improvements, but a LOT of buyers are now also looking for energy efficiency and "green" homes.
People not only like the long-term energy savings, but they also get bragging rights about having a more energy efficient home!
(The link below is to a few articles about "going green"!)
Also, don't let one bad agent sour you to all of us! talk to a few, and find out how they plan to market your home, then go with the one you feel most comfortable with. |
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Marysue
 |
A big thing to keep in mind is that renovations almost always cost more than the value they add. In some cases, it’s not so much that they raise your value as that they make your home easier to sell.
The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:
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% |
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godged
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Kitchens sell homes, so money spent here is money well invested. The HGTV website has a bar graph about return on investmentd dollars for upgrades, you never get 100%, but some are better than others. |
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Weimaraner Mom
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Kitchens and bathrooms add value to your home. Updating both can add about $30K value to your home if you have new cabinets, granite countertops and stainless steel appliances. Updating a bathroom can add $10K to the value.
Wood floors, replace carpets with hardwoods, not laminate. adding a wood deck outside can increase value, replacing all windows to double insulated storm strength. Those are a few ideas. |
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