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We have a modest 1300 sq ft home on a nice 7000sqft lot. it is an older home and needs updating. we bought it few months back and since then have made few changes. we changed the ugly green carpet to laminate floors. the yard was very neglected and we have been working on that, no wonders but it looks better. It is a quite neighborhood, not the fanciest but is conveniently close to freeway and house is a 6 houses away from school. We are planning to change the roof, paint and make a few other changes. I know its difficult to tell how much the house will be worth but I am looking at getting an idea of what we can expect. we bought this 3 bedroom, 2 bathroom house for 260k about 6 months back and if we change the roof, add laminate flooring, put decent paint color, add some moderate level upgrades (fixtures, lights) and make the front yard and backyard look well kept, could someone just give us a very basic idea of what kind of increase we can expect in the home value?

1 Thought on How much increase can i see in home value?
  1. Reply
    Dona
    September 25, 2012 at 6:20 pm

    How much those improvements will increase the value of your home depends on where your home value was relative to the rest of the homes on the block — when you bought it. Was it priced below market or was it equal in value? How did its condition compare to the rest of the homes in the neighborhood.

    Does everyone have laminate floors, or do they have hardwood or carpet instead?

    Are you close enough to the freeway to hear it, smell it or worse yet see it?

    Is the school district one that’s in demand or one that people move out of when they have kids?

    As for the specific renovations, the roof won’t add much value because it’s a repair, as opposed to an upgrade. Having a well-maintaned roof will keep you from losing money at resale. I hope you got a credit from the seller for the cost of replacing the roof.

    The yard improvements will definitely add value because other potential buyers probably looked at the run-down yard and kept going back when you decided to buy it.

    Lighting is another easy upgrade that should return the cost to you since you’re doing that yourself.

    No one can give you a specific answer to your questions about how much value you’re adding to your house without looking at the house and checking comparable sales. A Realtor or an appraiser can give you an exact estimate.

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