Expert: Karyn Foley - 6/1/2007

Question
In preparing to sell my house I've recently put in $50000 worth of landscaping inmprovements. Can I increase my listing price by that much?

Answer
Dear Reg:  The value of your home is based upon sales in your neighborhood that have actually had the transfer of title within the past approximately ninety days and are comparable.  Comparable means in square footage, general like amenities, age, upgrades and so forth.  Landscaping meaning only lawns and flowers do not carry the same value as landscaping that includes hardscape such as decks, patios, pools, gazebo, fish ponds, et cetera.  Views are also added value.  If you have truly extraordinary gardens that you have put in, it will add some, but fifty thousand dollars would probably only be applicable to extra value if the lot can be measured in acres, and the homes are very big and imposing. Did you do the work yourself, or can you drop the name of a popular or famous landscape architect?  When you put in beautification projects as opposed to putting in extra square footage, you make your home more desirable.  Exact extra value is hard to figure out.  A pool could be as little as ten thousand dollars added value, or more depending on the age of the pool, the decking and the water features.  Same thing with a view, is it a mountain view, or a full view of city lights?  The best thing to do is to either hire an appraiser who will give you the approximate value of your home based upon the recent like sales, or have a real estate agent who is very familiar with the homes in your area give you a comparative market analysis.  If you seek perspective from three different agents, the values should come in around the same ballpark figure.  Some agents may inflate their estimate simply to get your listing, then talk you down in price once they have signed you up.  You should be conservative, as it is no longer a seller's market.  If you could kindly tell me more about the type and quality of your landscaping, I would be able to give you a more definitive idea.  You can be complimented on adding color and beauty such as landscaping, and at the very least it should make your home the most appealing and the most emotional of the homes for sale in your neighborhood.  Get back to me, Karyn Foley