When it comes to your home, there are probably a few things you aren’t thrilled with. Maybe your kitchen isn’t large enough, or you’d like a finished basement, or you’d like to hire an electrician to update your home’s lighting. For whatever the reason, home improvement projects are becoming more popular. Home projects are often done to improve the quality and monetary value of the home. So if you’ve done or are thinking about making a home improvement, consider getting a pre- and post-appraisal done.
How can this help? Well, getting a pre-appraisal done shows you the current appraised value of the home. As you are getting the appraisal, you can ask the appraiser and a contractor what type of renovation might be of most benefit to you and the house. It is important to note that these two types of professionals will have an idea of how best to help you get the most value out of a renovation. Just renovating will not always bring an increase in value. A post-appraisal will show you the monetary difference your restoration has brought to the house.
For example, let’s say your house is worth $100,000. You do a renovation of your kitchen and bathroom for a total of $50,000. After getting a post appraisal, you see that your house is now being valued at $200,000 which is a positive return of $50,000. Great, right?
Essential to your renovation is to consult with a contractor or other building specialist. Home improvement projects can be great and save a lot of money on supplies and workforce. However, improper renovations or underlying problems can cost more than the renovation itself. It’s always helpful to have a second set of eyes to tell you what to watch out for, or if everything is in tip-top shape.
Now that you know some helpful tips for your future projects, what are you waiting for? Get out there and get your craft on. And for any appraisal needs, feel free to contact HAG Appraisals. We’re here to help you.