Adding more value to property

7 Replies

Hello BP, I am looking at refinancing our current home that we are living in to get capital to invest in a multi family property. I am interested to get your perspective on what adds value to your home. Since we moved into our place 4 yesrs ago Is put a new roof on and a 6ft privacy fence around back yard. We have opportunities to create garage into another bedroom with possibly a half bathroom. Or we could update kitchen, carpet, and those type of things. Looking forward to your responses on what is the best return to add value to a piece of property. Thanks in advance

Based on must comments in the site. Things that add value to the home are bathrooms, and kitchens. A garage to be converted into a room will also add valued, but you have to considered how much money will you expend vs your ARV. Consult with various contractors and a realtor of course in order to determine how much value your current home will acquire after the repairs. Be smart and do not invest in the house, if there is no need.

Good luck

Garage conversions detract from value here unless the house is 1200sq ft or less. I believe your roof and fence are capital improvements so will raise the appraisal value of your house, but many improvements will not. Carpet may not have a long enough life span to raise your appraisal. And improvements never raise the appraisal value as much as the price paid for the improvement. So save your money, imo.

@Andrew Weitzel I’m not sure the appraiser will require to come inside the house? I’m not positive. But when I applied for a HELOC, they originally just wanted photos of the outside. They insisted on coming back though to see the inside, since the landscaping was such a mess (dumpster in driveway and no grass yet).

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