Illinois Appraisal Blog

Home Improvements that Add Value or Do Not
January 15th, 2014 12:20 AM

By Randall J. Phillips

Working with a real estate agent to sell your house? More than likely, they'll provide you with a comparative market analysis (CMA) that displays selected sale homes in your local area. It's a customary starting point in deciding your home's listing price. This is a vital (and very logical) step if your interests are to maximize profit and minimize your time on the market.

Illinois home appraiserHowever, it's also advantageous to have a third-party's objective opinion prior to signing the Listing Agreement, even if you have been working with an experienced agent.

Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to get several thousand dollars over what they thought they'd get for their home. Others have an over-inflated opinion of their home's estimated value and an appraisal helped them to decide on a realistic price for their home in order for it to sell. Overpriced homes will not attract serious buyers, which means you squander time and (not to mention) money and are left with no offers. Each month that your home is still on the market is another month you have to pay the mortgage.

Which home improvements add value?

In addition to "how much?", there may be other important questions to ask yourself prior to listing your property. Should we paint the whole house before we sell it... Would it help to put in that third bathroom... Should I complete my kitchen remodel... Virtually any project will influence value in some way. Unfortunately, not all of them have an effect commensurate with their cost. A kitchen remodel may improve the appeal of a home, but it might not justify the costs you'd pay.

Need help making some of these important decisions? We're here for you. Phillips Appraisal, Inc. appraisers have no vested interest in what amount the house sells for, unlike an agent. Our appraisal fees are based on efforts to finalize your report, and not a percentage of your home's sale price. So please consider ordering an appraisal from Phillips Appraisal, Inc.. When it comes to investing in your house and deciding on a fair price to sell at, we'll help you make the sharpest decisions.

Contact Us for any questions you may have about any residential real estate appraisal, or for appraisal consulting.


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Posted by Randall Phillips, SRA on January 15th, 2014 12:20 AMPost a Comment