Homeowners wanting to maximize the appraisal value of their home should think about outside space.
Even though kitchens and bathrooms will have an upward effect on values, the Appraisal Institute says outdoor improvement projects will have a larger benefit.
"The latest research shows that home renovations focused on the exterior of a property are most likely to generate a positive cost-to-value ratio," said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. "However, not all home improvement projects offer a full return on investment – cost doesn't necessarily equal value."
Replacing a garage door or adding a deck will also provide additional value for sellers.
However, Wagner says that sellers should also consider how they can make their home stand out from others in the neighbourhood.
“Renovations that move a property well beyond community norms are typically not worth the cost when the owner sells the home, and likely will be considered excessive" Wagner said.
When you flip houses, you are not usually intending to live in the house; rather the strategy is to sell the property as fast as you can so as to avoid paying taxes and other expenses on the property. While there will obviously be initial costs that you will need to budget for, house flipping can be done with few resources and little experience.
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If you’re a newer house flipper, you have probably heard about the 70 percent rule. Here’s your guide to the investing rule that can prevent you from spending too much money on an investment.
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