My house appriased at 110,000 2 years ago, since then we h ave completly gutted and renovated the following, master bedroom, bathroom, living room, and dining room. We have installed a secondary heating system. We have also added a 24 x 32 garage and a pool. along with replacing most of the electrical and plumbing. The best guess of what we have sunk in is between 40,000 and 50,000 just for materials. Our new appraial done last week only came in at 125,000. Can anyone explain to be how it is possible that I am not even able to recoup have of what we have put into the house. It doesnt seem to make any sense that putting that much money into improvements only yields a 15,000 increase in property value. That wont even touch what we have in the garagee alone. Should I order a second appraisal (the comps were on the other side of town) or have house values fallen that bad? The neighbors smaller house and smaller garage but similiar size lot is listed right now at 130,000.
So are you guys saying that a completly renovated 3br 2 bath house would have the same appraisal value as a non renovated 3br 2 bath?
Oh and I mentioned the neighbors house because they mentioned it to me telling me its hurting my value.
So adding a garage does not increase property value?
I am coming in late, after your additional comments.
Garages do not add $ value, although they do make selling easier.
The pool is a liability and decreases the value, as you lost land use and they are costly to operate. The pool is the reason your house is lower then your neighbors house.
You renovated the wrong things. The bathroom is good, but the kitchen would have been better then the bedrooms and the dining room. Unless you completely changed the flooring there isn’t that much to do to bedrooms.
Also, house prices were inflated 2 years ago, they have dropped to a more realistic amount in many areas of the country. I am in CA and they are 25% less then 2 years ago.
