If you’re thinking about buying or selling a home, a recent report by the National Association of Realtors measured how certain characteristics influence the value of a property. Here are some of the findings:
* A remodel adding an additional 1,000 square feet of living space increases a home’s market value by just 3.3%.
* Adding an extra bedroom adds about 4% to the price while an additional bath can add 24%.
* Houses advertised as “fixers” sell for 24% less than other houses.
* A garage adds about 13% to the price.
* Central air conditioning adds about 12% to the price.
* A basement increases a home's value by an average of 9%.
* A sitting area in the master bedroom increases the price by about 8%.
* Features that add the most value are a family room, a dining room, a whirlpool and a security system.
This information can help determine the return you can expect to see on your remodeling investment as well as to compare property values when you’re shopping for a home.
Please call or send us an email if you’d like us to help evaluate your remodeling plans and determine how much they’ll return on your investment. Or, if you are considering a purchase, we can help you get the best buy on a home with the amenities that are important to you.
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