Lower-cost Home Renovations Offer Best Value: Appraisal Institute

Chicago, IL – April 18, 2017 (PRNewswire-USNewswire) The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today advocated that homeowners pursue smaller-scale renovation projects in order to maximize their potential return on investment.

Appraisal Institute Logo

“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.”

According to Remodeling magazine’s most recent Cost vs. Value report, the projects with the highest expected return on investment are attic insulation (fiberglass), entry door replacement (steel), manufactured stone veneer and minor kitchen remodel. Other projects with potential payoffs, according to the report, are garage door replacement and siding replacement.

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community.

“Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” Amorin said.

He also noted that homeowners might consider renovations simply for their personal enjoyment. While it’s nice to gain a solid return on investment, it’s certainly reasonable for property owners to upgrade just to enhance their quality of life, Amorin said.

For an unbiased analysis of what their home would be worth both before and after an improvement project, a homeowner can work with a qualified real estate appraiser – such as a Designated Member of the Appraisal Institute – to conduct a feasibility study.

The Appraisal Institute offers a free, informative brochure titled “Remodeling & Rehabbing,” which provides consumers with valuable advice on home improvement projects.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 19,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.

Redfin Names the Best College Towns to Buy an Investment Property

Redfin Compiled Median List Prices, U.S. News and World Report Ranking, Tuition Cost and Fees and Walk Score® Data to Find the Top College Towns to Buy an Investment Property

Seattle, WA – April 14, 2017 (BUSINESS WIRE) Investing in a home near a college has some undeniable perks–rent prices are typically stable and there’s always a new pool of tenants looking for rentals. Redfin (www.redfin.com), the next-generation real estate brokerage, narrowed down the most affordable college towns near schools that offer low tuition, a high-quality education and walkability. Redfin’s methodology includes median list price for homes near the school, tuition cost and fees, the most recent U.S. News and World Report ranking and data from Walk Score®, a Redfin company.

Redfin Logo

“It’s always great to invest in a location where there is a large pool of tenants, which is exactly what you get when you invest in a property near a school like Georgia Institute of Technology,” said Redfin real estate agent Rory Haigler. “The pool of potential tenants is also stable with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant. I’ve had a lot of clients looking to invest in property near Georgia Tech, but the problem is that because it’s such a hot market, homes aren’t listed often.”

Here are the 20 best college towns to buy an investment property:

1. Atlanta, Georgia

2. Chapel Hill, North Carolina

3. Baltimore, Maryland

4. St. Louis, Missouri

5. Columbus, Ohio

6. Houston, Texas

7. Philadelphia, Pennsylvania

8. Rochester, New York

9. Pittsburgh, Pennsylvania

10. Cleveland, Ohio

11. Austin, Texas

12. Providence, Rhode Island

13. Madison, Wisconsin

14. Nashville, Tennessee

15. College Park, Maryland

16. Minneapolis, Minnesota

17. Provo, Utah

18. Winston-Salem, North Carolina

19. Ann Arbor, Michigan

20. Chicago, Illinois

To read the full report, complete with more information on each city, please visit: www.redfin.com.

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $40 billion in home sales through 2016.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.

Contacts

Redfin Journalist Services:
Alanna Finn
(917) 822-5087
press@redfin.com

Houses on Stilts

Check out these funny houses that reside above ground:

A Trip To Never Never Land:

A House with Lemonade (the signs says “Buy a glass of lemonade for $68 million and get the house for free!”):

A House with Tax Break (this home in Palestine was built on stilts since Palestinians only pay property taxes based on the amount of square footage on the ground):

A Not So Mobile Home:

Takasugi-an in Japan (Takasugi-an means ‘a teahouse too high’):

Arunachal Pradesh, India (no thank you…)


And finally….there’s the ‘how do I get in?’ house on stilts:

PowerView – A Way To Enhance Your Listing Marketing

Turbo charge your listing presentations with the AgencyLogic single property Website PowerView feature – use it before and after you win the listing.

Open the door to prospective sellers by creating and emailing them a link to a PowerSite before you’ve paid to publish it! Your prospective seller can see the PowerSite on their own schedule, with no need for an in person meeting. Convenient for them and a time saver for you!

All you do is add the seller’s email address to the PowerSite to send a fully customized and branded (your logo, photo and contact information) HTML email link with login information so they can view your PowerSite before it is purchased.

PowerView Client Access

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Our PowerSite system will also send you a notification email each and every time your client logs in to view the PowerSite. You will be able to gauge their level of interest and know when they are taking a look at their home’s own Website.

PowerView also offers Client Access to Statistics
Once you’ve won the listing and published the PowerSite, your client may login and view their PowerSite and statistics at any time. You and your client will be able to customize and view graphs for particular date ranges, review the top pages that visitors are viewing and see what sites are leading them to your PowerSite.

PowerView Flyer

PowerView will also let you email an html flyer of published PowerSites to your sellers, customers, clients and fellow agents.