Home Selling in 02151>Question Details

Michelle, Both Buyer and Seller in Massachusetts

We have made many improvements within our house, so how do I value it?

Asked by Michelle, Massachusetts Thu May 23, 2013

New roof, new interior & exterior door, new kitchen w/quartz counter top & new cabinets & tile flooring, new oil tank, new non clog gutters, new windows.

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Answers

5
Hi Michelle,
The best way would be to find a realtor to do a market analysis on your property. Our office has been in business for over 30 years, and we offer FREE C.M.A's, and would be able to help .
Fell free to contact me by phone or email for any assistance.
Good luck!
Gerry Harrington
Sales Agent
Anderson Treacy Real Estate
geh1963@ gmail.com. 781-367-1647
0 votes Thank Flag Link Fri May 24, 2013
Don makes some very good points, but I don't agree entirely on the term "no value". They don't always have monetary value, however, if you are falling within a price range, you should realize the higher end of that range with certain updates - most especially a new roof. People are willing to pay more for a property with a new roof than they are for a roof that needs replacing especially if there is more than one layer.

It also makes a difference of how quick your home will sell, therefore adding value. The longer it takes you to sell, the more it costs you.

Overall my buyers are always looking for newer roof, updated kitchen and bath and quartz/ceramic/granite and hardwood floors are big sellers in my area.

I think the point that Don was trying to make - and please correct me if I'm wrong, Don - is that sellers often believe that their updates should bring in thousands of dollars more than a home without those updates and in that I agree with Don. Not happening. Sorry to have to give you the bad news, but honesty is always the best policy.
0 votes Thank Flag Link Thu May 23, 2013
As the others say, a Realtor is really your best option. However, there are figures and calculations out there about what adds value to your home and what doesn't. Of the things you listed:

New Roof: No value. Buyers expect a good roof.

New Interior & Exterior Door: No value. Poor doors would detract from value. Good doors don't add.

New Kitchen: That can add some value, though it really depends on what your kitchen looked like before. A moderate-priced rehab adds the most value. A high-end one adds less. Example: If a moderate-priced rehab costs $20,000, then it might add $12,000-$15,000 to your home's value. But if you go for an upper-end rehab in that same property--say $50,000--it might add only $20,000.

New Oil Tank: No value.

New Non-Clog Gutters: No value.

New Windows: Some value, particularly if they're energy-efficient. Maybe 20%-25% of the value of the new windows.

What adds the most money: New kitchens, new baths, and adding a bath if the house initially only had one or two baths.

Hope that helps.
0 votes Thank Flag Link Thu May 23, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
You will have to decide whether you wish to have a Lic Realtor come to your home and conduct a CMA.
We can go through this process with you step by step, and it's free.
0 votes Thank Flag Link Thu May 23, 2013
Find yourself a great Realtor® and ask him/her to do a comparable market analysis. This should give you a pretty good idea of what it will sell for. You need to take into account the other homes in the area (within 6-12 blocks) and sold within the past 30-60 days.
0 votes Thank Flag Link Thu May 23, 2013
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