Wednesday, November 17, 2004

House value

The National Association of Realtors recently released a report on the "Value of Housing Characteristics." The study measured how certain property characteristics add or subtract value. Here are some of the findings:

* Each additional 1,000 square feet of living space increases selling price only about 3.3%. Each additional bedroom adds about 4% to the price, while an additional bath can add 24%.

* Houses advertised as "fixers" usually sell for 24% less than other houses.

* A garage typically adds about 13% to the price.

* Central air conditioning adds about 12% to price.

* A basement increases a home's value an average of nine percent.

* A sitting area in the master bedroom increases the price about eight percent.

* Internal features that add the most value are a family room, a dining room, a whirlpool and a security system.

This information is useful to determine the return you can expect to see on your remodeling investment. It also helps you compare property values for homes with and without such amenities.

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