Raising my house value?

Question

My house is not a fixer upper so I am not sure what to do to get it worth more? Can you give me some ideas for things to add that will incease the value?

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I am buying a house for 20k under value. I want to live in it for 2 years and take out a HELOC for 20k+ and buy another property to move into and rent this one. I want to upgrade it and get the most for my money. I am going to add a deck+french door, 8 X 13 cedar shed, new cabinets and hardwood floors in the kitchen. The house is in good condition. Everything is basic in it like counters,doors etc. It all could be upgraded but I need to do the things that will give me a return.

Thoughts?

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Other houses in the neighbor hood are going from 125-149k. They are all the same, built by du pont for its workers 60 years ago. I am paying 95k because I have a kid with the owner daughter and plan on marring her.
This is a really good start for what I want to do ( end up making 200k+ a year in real estate) and I want to make the most of it.

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i WANT TO RAISE VALUE TO GET A BIGGER HELOC.

Jason Shaffner · Answer

So you are looking to increase the FMV, but you plan on renting it not selling it?  Are you trying to increase the street appeal to get higher rent?

I would go with Ohio Realtor's advice.  Get three local realtors to look at it and give you their advice.

Good Luck,

NavyDoc

Jason Shaffner · Answer

Without seeing the house and the neighborhood, you've pretty much got the list right there.  About the only thing that could be added as a generality to the list is landscaping.

A garage will up the value if you don't have one.  But I don't know if you'll recoup that.

Unless this house is the ugly duckling, which you said it wasn't, or the baby, ie ... 1200 sq ft vs. everyone elses 2500 sq ft ... you're upward potential is kind of limited.

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Good advice.  Why do you want to "make" it worth more?  Are you thinking of selling any time soon?

Michael Sherwood · Answer

Why do you want to raise the value ? are you trying to sell it ? If you are then I would do easy improvements like landscaping, Kitchen upgrade, adding a storage shed(for additional storage), maybe add some fencing. There are plenty of other ideas out there adding a fresh coat of paint also helps spruce it up too. Good luck.

Ken Hicks · Answer

I would get 3 realtors points of veiw, I did that the first guy gave me $210,000, the next gave me $269,900, and the next gave me $244,900. I was like what the heck.

Jim Gordon · Answer

Have a trustworthy REALTOR® come to your home and give you advice on that. There is no way someone can tell you without seeing your house what will increase the value. Another thing that you don't want to do is increase the value over the area. If the majority of the homes in the neighborhood are of a similar style and price range you may never be able to get back the cost of upgrading the home.