Value of adding garage with loft, roof, and driveway to home.
I live in a house that is worth approx. 70k before improvements per appraisal. Some homes in neighborhood are worth over 120k. It is a 4 bedroom, 2 bath approx 1300 square foot home. I have recently remodeled living room with good quality laminate flooring, new crown moulding and base boards, and paint. Built a 24 x 24 2 car garage with 16 x 16 loft with 8 foot ceiling in loft and a 16 x 8' garage door, put on a new metal roof, and a 24' x 40' concrete driveway. I have also cleaned up landscaping and what not and cleaned siding, etc. Plan to spend a little on kitchen for new counter tops and cabinets. My question is, when all of this is done, how much value would this add? All of this is costing me about $28k, so total investment in home I will have is $90k. I plan on staying here for several more years before selling so I know it isn't a sound thing to do as far as resale value in short term, but about how much value/ease of resale will this add for me when I am ready to sell?
Drake20, this will depend on the other homes in the neighborhood. It sounds like you have done quite a bit and, providing the comps you referred to are similar to yours, you may be able to recoup your money in a several years. Check with a local realtor to get a more accurate picture of how your home compares to others around you. We need to see inside and out of your home before being able to accurately compare it to the recently Sold, Pending, Active, etc. listings.
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