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Real Estate
Reply to "Property Brothers - big reno question"
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[quote=Anonymous]A couple of things, you have to know that the market will bear the price of a larger, nicer or renovated home. Second, you typically should plan to be in the house a while to allow for that renovated house to appreciate enough to make the pain and aggravation of the work be worth it. It helps if you bought the house with some significant equity. We bought our house in the late 90s for the low $200s. Did a $400K addition/renovation in 2006, house was immediately valued over $700K. It's now worth over $800K. We live in an Arlington neighborhood where additions were common and so we had a good idea of the post-reno value going in. And, we had enough pre-renovation equity that the backend mortgage was still do-able.[/quote]
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