Reply by David Grimes

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Posted on Home appraisals and additions/remodels values

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David Grimes

2078 posts in 2669 days

#1 posted 09-01-2011 02:22 AM

A1Jim is EXACTLY right. I rarely hear the word resale any more, yet remodeling is quite active. My customers are primarily making decisions for THEMSELVES, but with a nod to not making a MISTAKE for later resale.

A good example: two very recent customers would have preferred to get rid of all the tubs in the house, but rightly were afraid it would be a detractor (big negative… maybe even a show stopper). In both, a second full bath is now an Americast tub with a full tile hop-up with niche and double curve liner/curtain rod. Both the Masters are now tub-less, but you should see the door-less walk-in showers with all the bells and whistles (shelved niche, bench, rainhead and big gooseneck, handheld with diverter, body spray, separate temp mix and pressure, listello and decos, etc.)

These days, the appraisal might not reflect the true market value for your home (that will NOT be determined until somebody pays you for your house), three things to keep in mind:

If you let your house run down or even just get “dated”, then its sale price WILL BE LESS (if it sells at all). Even if you take care of it immaculately, the fake butcher block laminate, the stove with the mechanical push buttons, analog clock and coil burners will be viewed by the potential owners as negatives that they will have to replace immediately (not to mention the black hammered iron hardware and red velvet Spanish theme you got going on in 1973). Elvis is dead and Graceland is a dump, okay ?

There is much to be said for quality of life (value added) in what you do to your home FOR YOU while you live there. If you don’t get a pool or a shop or new kitchen just because of the return percentage, then all the years of enjoyment to your life from those things will not be. How do you price that ?

The upgrades or updates may just be what sells your house at all. Kitchen and bathrooms sell houses, but just let the garage and the painting and flooring go to hell ! Then all the granite and stainless appliances in the world won’t get you top dollar. It ALL has to be at least acceptable, THEN the right upgrades make it an attractive package (both to live in AND to sell someday).

Okay…I’m done. ;=)

-- If you're going to stir the pot, think BIG spoon or SMALL boat paddle. David Grimes, Georgia

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