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|06-25-2010, 10:42 PM||#1 (permalink)|
Join Date: Dec 2009
building equity/adding value to a home, let's share thoughts and experiences!
I'd like to hear your experiences regarding adding value to your residential dwelling and building equity. I have a couple of ideas for a start at my place. The first one would be to build a proper driveway. We got a couple of quotes and one of them seems affordable so that might be our first step in improving the place. I also am thinking, down the road, to have a big equipped kitchen put into place.
How do you add value to your house? Is anyone willing to share their experience in making their place profitable in the long term?
|06-25-2010, 11:19 PM||#2 (permalink)|
Join Date: Oct 2008
Location: Mexico City
I believe that having quality materials is important of course. Besides that there is also the perceived value.
So, you can have a 100.000 dollar kitchen, but if it looks old, nobody will pay for it. You can also have a 10.000 dollar kitchen, looking amazing and people will pay more.
I personally like luxury so small details and things that look pretty are important for me. That doesn't mean it has to be expensive. The right color matching can already do a lot!
Small things like a roof over the drive way from where you get out of the car to the front door.
|06-25-2010, 11:48 PM||#3 (permalink)|
Join Date: Oct 2009
Location: Manhattan, NY
What I've heard is that generally you can expect improvements you make to add about 2/3 the cost to your home price. So spending to improve your home's resale value is generally a losing proposition.
That said, I have no idea where this statistic comes from, or how true it is.
|06-26-2010, 01:01 AM||#4 (permalink)|
Join Date: Dec 2009
I'm not sure globally but in Australia the cost of real estate has been steadily growing. Prices keep going up, and they have been for a few years. I LOOOOOVE my house but i know that nomads as we are we won't live here for life. So making a few smart changes will definitely add value if we have to sell one day (hopefully not too soon ).
Sandra, as you say the quality would be a very strong point to consider. When i visualise a kitchen it would have quality material. At the moment it's functional but we lack of bench space (the kitchen/dining itself is a large room, it'd be easy to make it into a splendid kitchen). When i think of benches i think granite (so definitely might wait a while to afford that) and stainless appliances.
So you want houses without loans? Wouldn't that be nice? I'd love that too (noooooot the case though).
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