In the 4th episode of the Moving Up Series, I’ll discuss the market value of your home. In markets such as this, it is not unusual for a home to have a market value less than the amount the owner purchased it for and has spent improving or maintaining it.
Not every dollar spent improving or maintaining a home will increase its market value. Improvements such as adding additional square footage or updating a kitchen or bathroom typically have a higher rate of return. Replacing old shingles or other maintenance projects will not necessarily increase the home’s market value.
If you’re thinking about making improvements to your home, contact your real estate agent as he or she can help you determine what project will give you the highest rate of return. And when you’re ready to sell, your REALTOR® can determine the market value of your home, market your home, and guide you through the sale process.
What additional questions do you have about home improvements or market value?
Scott Rickel
Broker Associate
Hegg, REALTORS®
Sioux Falls, SD
605-521-6209
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