If you spent $50,000 on a 15 ft statue of Yoda in your front yard, do you think you’d get $50,000 back in value? A Star Wars fan might wet his pants and quickly offer a premium for the house,…
Sourced through Scoop.it from: sacramentoappraisalblog.com
4 temptations to avoid when it comes to cost vs value in real estate by Ryan Lundquist, Sacramento Appraiser
My Opinion: These annual Cost vs Benefit Studies, published by the Remodeler’s Association (not an independent study), are highly misleading and Appraisers aren’t asked about how much value a new bathroom contributes! Concentrate on interior updates, NOT exterior over improvements! And, for interior updates / upgrades, just don’t over improve for your subdivision.
If you’re a local real estate professional, think twice before sharing these “national” cost vs benefit studies to your audience in Greater Baton Rouge. ALL housing markets are “local” and what’s true for Seattle may not apply in Baton Rouge.