THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, October 1, 1994 TAG: 9409290353
SECTION: REAL ESTATE WEEKLY PAGE: 06 EDITION: FINAL
SOURCE: BY THOMAS M. TYE, Special to Real Estate Weekly
LENGTH: Medium: 62 lines
Q. I am moving into a new house and have my choice of carpet and wall colors. My employer may transfer me and will buy my house in the coming two years. I love bright colors and have furniture to match. Could decorating and color selection affect the value of my home?
A. Many companies offer relocation assistance to their employees. About 90 percent require the house to be neutral.
If the house is not neutral, there is usually a deduction from the appraised value for the cost to install new carpet and paint the home. You would be well advised to use ``tasteful'' colors when selecting these items if you expect to sell your house to your employer without paying the cost to redecorate.
Q. Someone told me that if I rezone my property, it will be worth several times what I paid for it. Is this true?
A. That depends on a number of issues with location being the primary consideration. For a property to have value, there must be demand. If the location is such that there is not commercial demand, then a reclassification of the zoning may not be beneficial.
An example of this was an application about two years ago in Greenbrier that sought to change the zoning from business to residential. This was due to large demand for residential and a soft commercial market.
If your location is such that there is adequate traffic volume, exposure and demand for businesses, you may well increase the value of your property considerably.
You should make this decision prior to proceeding with a rezoning application.
Q. A recent national publication showed how much I would increase the value of my home by installing a fireplace and a new kitchen. The dollar amounts were substantial. Can I be assured of getting, say, $15,000 more for my house if I remodeled the kitchen?
A. Definitely not. The first question that you need to address is whether, before the improvements, your house is within the general price range for the area.
You would not want to invest additional money unless you are not concerned with increasing the value if you have a $100,000 house in a $50,000 neighborhood. (My mother-in-law called this putting a $100 saddle on a $10 horse.)
If you are in the general price range, do other houses in your area have these improvements? Do they sell faster or for more when they are offered? How old is the kitchen now? Does it need to be remodeled?
Are the components you are adding similar to the quality for your price range or are they found in more or less expensive homes?
Once you haves answered these questions, you will be able to judge whether this is a good investment for your or a personal preference, but generally I would not make a decision about a local piece of property based on a national publication. MEMO: Thomas Tye is a Virginia Beach appraiser. Send comments and questions
to Real Estate Weekly, 150 W. Brambleton Ave., Norfolk, Va. 23510.
by CNB