5 Amenities That Will Increase Your Home’s Value
If you plan to sell your home and hope to increase its value prior to putting it on the market, or perhaps you’re searching for an investment property and want to know which amenities to look for, there are some characteristics that just about every home buyer is looking for that can help you maximize profits.
First ask yourself, “What is my home worth?” and then determine exactly how much can afford in renovations before considering one or more of these five amenities that will increase your home’s value.
Completing a kitchen renovation is one of the best investments you can make as it typically brings the highest return you can get compared to other rooms in a home. Buyers will pay a higher price for eat-in kitchens, more commonly known as open kitchen floor plans, and for kitchens with large center islands. Buyers also prefer quartz or granite countertops, new appliances, and pull out storage.
Similar to kitchens, a modern bathroom is highly desirable and can add considerable value to a home. A full bathroom on the first floor instead of the typical half bath is a feature many homebuyers look for. Update your vanity, add floating shelves and replace an old toilet or those linoleum floors. A low end remodel will only cost you about $2,500, but an upscale renovation of a large master bath could cost more than $20,000. Prioritize what is necessary to replace or update to stay within your own budget.
Eighty-seven percent of home buyers prefer hardwood flooring, and installing hardwood, at least in the main living areas, can increase the value of your home by 2.5%. These floors are easy to clean and long-lasting not to mention being attractive. If you can’t afford the real deal, you might consider laminate or tile.
A finished basement adds more square footage to your home and therefore to its overall value. Creating a useable space, such as an extra living room, guest room, or game room and bar can be especially appealing to potential buyers, particularly among those who like to entertain frequently.
Smart Home Devices
Smart Home features are on the rise as one of the most appealing amenities among homebuyers today. The technology isn’t just for younger generations either, as baby boomers also appreciate the convenience. One of the less expensive ways to add value to your home, these smart home devices come in a variety of options for controlling heat, lighting, security, and more. You can start by adding one device at a time, such as a doorbell or lock, and if you see the advantage, slowly add more features.