Dallas Home Appraisals News and Information

Recently we've had the opportunity to appraise several homes that have undergone various degrees of renovation and remodeling. In many cases, updates can add significantly to the value of a home - replacing windows and HVAC units and installing new siding are among the big ticket items that return a high percentage of value when you sell.  Kitchen and bathroom redo's almost always add value as well.

However, we've also seen homes where the updates have not added much to the value.  This can be true in areas where sales that are comparable in size and location have also been similarly updated.  It can also be true if you live in an area where most homes have gone through midrange updating but you have gone all out with higher end updates.  It can be hard for a homeowner to hear that they have "overimproved" their home, especially if they did extensive updating in hopes of selling for a higher price. There is an old adage that you don't want to have the worst house on the block or the nicest. 

The National Association of Realtors offers a Cost vs. Value Report that can be instructive if you are thinking about updating (2008 is the most recent report available).  The report provides a good overview of the average percentage of certain remodeling costs that you can expect to recoup when you sell, and includes a few "case studies" that illustrate more specifically what updates are most sought after by buyers.

One of the best ways to assess how much updating to do to your property, especially if resale value is a factor for you, is to have a professional appraiser prepare a pre-renovation appraisal.  By working with an appraiser, you can be certain that you are spending your money in ways that will maximize your market value.  Contact us at Blue Star Appraisals Inc. for a free consultation to determine whether or not a professional appraisal can benefit you before you start your next project!