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.”

http://money.cnn.com/2009/12/18/real_estate/return_on_renovations/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29