Earlier quoted context omitted.
In my area, if I were to spend $50k renovating my home, the value would increase by approximately $0. If I were to spend $300k renovating my home, the value would increase by approximately $100k. The only real increase in home value comes from additions which add bedrooms. If I were to spend money converting an attic, a basement, or adding an add-on, I'd probably come out even at the sale. And renovations are quickly…
>I'm much better off doing that right before a sale. I would love to see industry averages on if pre-sale renovations make any sense at all. Considering the outright financial expenses, possible financing, potentially weeks/months of organizing contractors, dealing with overages, delaying the house sale, yada yada. If the work takes more than a week (so not just appliances, painting, etc) is there generally a positiv…
They must surely make sense, given that there are people who "flip" houses (buy a house, do a quick paint/bathrooms/kitchen renovation on it and sell it for a nice markup).