Home Selling in 37043>Question Details

Aims315@aol.…, Home Seller in Clarksville, TN

If you have added Hardwood Floors, and a Covered back deck over your patio, how do you add this to your home v

Asked by Aims315@aol.com, Clarksville, TN Thu Aug 14, 2008

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Alot of this depends on the immediate market, and the quality of construction in respect to the flooring and covered deck. For example, real wood flooring as opposed to prefinished or lamanite; Covered deck with fluted columns - tied into the exhisting roof. Many variables. I would suggest that you have a Realtor visit and complete a market analysis on your home - while this is not an appraisal, it will certainly give you a snapshot of today's market.

Regards,
Tim and Pam Cash
Crye-Leike
The Cash Team
0 votes Thank Flag Link Fri Aug 22, 2008
Aims, This is a good question... The first thing you need to do is look at the entier neighborhood. What is the standard already set. If hawdwoods and covered decks are common in your neighborhood then to "not have them" will de-value your home. Adding them will help bring the value up to the level of the homes with these "similar features" which may be more or less than the cost of installation. Have a realtor run a CMA of recently sold home without these features and also have them run a CMA of recently sold homes with these features. You should be able to see the differance in vlaue which will help you determine how much value they will add to your home (assuming all other features being equal). A common mistake home owners make is to over improve thier property. By evaluating the other properties in the neighborhood you will be able to see more clearly what is the standard and stay within it.
Web Reference: http://www.MyTNHouse.com
0 votes Thank Flag Link Fri Aug 15, 2008
I agree, the improvements may not add tangible value to the home (depends on quality of work and materials used), but it will definitely give your Realtor more to work with in marketing your home for sale. The covered deck is one item that I personally have alot of people asking for in their home searches. Also, I have a blog that contains some great information, and I just posted one this morning showing the top things that a person who beings their search for a new home on the internet include in their keyword searches. Give me a call anytime and I'll be happy to do a Comparative Market Analysis for your home. That is the only way to truly know how much your floors and covered deck can improve the sale.
http://activerain.com/blogsview/641134/Popular-Home-Features-That
http://www.janiesells.com
0 votes Thank Flag Link Thu Aug 14, 2008
It depends on the type of hardwood floors you install and the quality of the installation. Real hardwood is the best, followed by hardwood veneer, and finally laminate which is equal to carpet from an appraiser's standpoint.

If the job is done right, with real hardwood, you should be able to recover most of the cost when you decide to sell. You also increase the desirability of your home in the eyes of potential buyers, which makes the house stand out, sell faster and sell for more money than your competition.

Also, coombined with other renovations such as a new roof, new heating and air, new cabinets etc., the new hardwood floors change the effective age of the home. You can have a home with an actual age of 20 years, but if everything is new or upgraded in the home the appraiser might give it an effective age of 5 years. An appraiser will make an age adjustment for an older home of around 1% of the sales price x the age difference between the comparable sales in the area and the subject property. For example a 20 year old home valued at $200,000 that has an effective age of 5 years this would be about $30,000 (1% of $200,000=$2,000 x $15,000= $30,000).

Adding a back patio would give you an extra $1,000 in real value from an appraiser if there was no patio before. If you currently have a patio that you are going to cover it will not necessarily add and real value to an appraisal, but like the hardwood floors, it will help to sell the home quicker and for more money. The appraiser has some wiggle room for adding value to a home based on the quality, or how they "feel" about the value of the home. And again, it depends on the quaility of the materials and workmanship.

Appraisals aren't an exact science. It is about 80% facts and 20% gut feeling about the value of the home. If the appraiser can see there is a willing buyer that has contracted to purchase a home from a seller, the appraiser is looking to see if the contract price is within the range of comparable homes in the immediate area. If the numbers are off a little they can add value to the home based on the quality of the home.

The best thing you can do to add value to your home is to just take care of it.
0 votes Thank Flag Link Thu Aug 14, 2008
As Kimberly says, those improvements don't add a lot to a home's value. However, because they can make a home look more attractive, they are useful marketing tools and may help sell a home faster.
0 votes Thank Flag Link Thu Aug 14, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
You have a realtor run a report called a Comparative Market Analysis (CMA) against other homes in close proximity that are similiar in construction, square footage, and amenities. Items such as you mention unfortunately do not provide a much larger value to the home except as a marketing tool to be used by you or your listing agent.
Web Reference: http://www.TNHomeSite.com
0 votes Thank Flag Link Thu Aug 14, 2008
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