Busting the Comps

[Joseph Zerfoss]

My question has to do with how much more you can realistically get for a house with "wow" factor.

Say you buy a super-trashed house and plan to do a complete rehab. New siding, windows, paint, carpet, kitchens, baths, doors, trim, etc. The surrounding area is well-kept, low crime, good schools, etc.

Now, let's say that the average house of comparable size in that neighborhood, in decent condition but nothing special, is going for around $125k. If you make your house really stand out, i.e. custom cabinets, granite, all tile in the bathrooms, nice doors and trim, you get the picture, something that is a real cut above the other houses in the neighborhood; how much more can you realistically get for it? I guess the real question is; how much more can you get it to appraise for? If you want it to sell quickly you need your buyer to get their financing.

I am new to the game, although I have been doing rehabs for years...just not on my own properties. Any input from my more experienced friends out there in BP land would be awesome!