General Home Improvement Question
Can anyone tell me how the cost of renovations compares to the amount of value they add to your home? For example, if I spend $7,000 on a new updated bathroom will that add (roughly) $7000 to the amount the house would appraise for?
My specific situation is this: My mom is thinking of selling her house in 5-7 years, maybe sooner. She's getting older, lives alone, and she's not sure how much longer she'll be willing/able to keep up with a house. She's not sure what she would do; maybe get a condo or a co op. (If she would quit smoking I'd offer to share a mother daughter with her so she could be close to future grandchildren, but that's another post.)
She has a 3-4 bedroom cape with 2 bathrooms, one of which is gorgeous and the other 'main' bathroom needs to be redone badly. The tiny floor tiles are coming up, the wallpaper is beginning to peel, in general it's pretty tired looking. She hates to get it redone because she may not stay there and it does function. We were just wondering if she would 'get' some of her money back, or from the other angle, sacrifice greatly on the price of the house if she left it as is.
Personally she hates the bathroom so much I think she should do it regardless, but we were both wondering this and if it would raise the value by a decent amount I could use that as a selling point with her. She'll probably spend around 5-6k; if that sounds low it's because we know someone.
Thanks for any input!
My specific situation is this: My mom is thinking of selling her house in 5-7 years, maybe sooner. She's getting older, lives alone, and she's not sure how much longer she'll be willing/able to keep up with a house. She's not sure what she would do; maybe get a condo or a co op. (If she would quit smoking I'd offer to share a mother daughter with her so she could be close to future grandchildren, but that's another post.)
She has a 3-4 bedroom cape with 2 bathrooms, one of which is gorgeous and the other 'main' bathroom needs to be redone badly. The tiny floor tiles are coming up, the wallpaper is beginning to peel, in general it's pretty tired looking. She hates to get it redone because she may not stay there and it does function. We were just wondering if she would 'get' some of her money back, or from the other angle, sacrifice greatly on the price of the house if she left it as is.
Personally she hates the bathroom so much I think she should do it regardless, but we were both wondering this and if it would raise the value by a decent amount I could use that as a selling point with her. She'll probably spend around 5-6k; if that sounds low it's because we know someone.
Thanks for any input!
