Renovations Aren’t Paying Off
Like they used to according to the article below from CNNMoney. I would have to agree based on what I see with appraisals. Appraisers just aren’t able to give the adjustments that a property should receive for upgrades and renovations. But then again I am in the Fort Lauderdale and South Florida market where your comparable sales are foreclosures and short sales.
I am not a real estate agent but I am sure it helps you to sell your home faster so depending on how much faster it enables you, you might just recoup the costs. For example, if a renovated home sells 2 months faster the seller saves 2 months worth of taxes and insurance.
“The most financially successful jobs are smaller-scale, lower-cost renovations that improve the exterior appearance of homes. In this down real estate market, curb appeal is king.”