Triplex improvements. Does it increase market value?

[Tony Velez]

Hi,

We bought a triplex in March 2016. Appraised at $225,000 we bought it for $198,000  needed a roof, and updating. We replaced the roof down to the plywood. Second floor tenant moved out whcih gave us a chance to completely update the unit. New bathroom, new kitchen, refinish hardwood floors. Thrid floor we updated bathroom and replaced kitchen sink and counters. We painted front porch and steps. 

My question is this. Does this work add to the property value for a triplex? We had our realtor do comps and it seems the house didnt add any value by doing this? 

Thanks

Tony

[Deanna McCormick]

markets go up and down. the improvements you made should command higher rents, your realtor is not an appraiser and while she can do comps she may not fully realize the value of your improvements. 

Whats your angle for knowing the property value.. looking to refinance or to validate your improvements, I hired several appraisers for a property valuation. Cost for average appraiser from a bank was about 350 ,, I hired a highly qualified appraiser that actually goes out views comps inside and out and paid 1500 for the appraisal and the difference in valuation for my property was over 250K granted it is a unique property and I had need for condemnation eminent domain legal reasons to find the best and highest value for my property. So until you list or need to refinance I'd be satisfied that you more than likely increased value and when you market for rent go out and look at similar size apartments in your area so you are in line with proper rents for your market.