All updates are created equal. Right? No, they’re not. Some, like a “man cave” or lavish new bathroom, are for your own enjoyment. You may already know that the ROI, or return on investment, won’t be as much when you place the home on the market with these investments. However, you might want to know which renovations buyers like to see. Read on for a list of which features they are looking for.
At the same time, some homeowners plan to trade up or move to another area in the future. They view their home as the financial investment that it is. So, weight each update, as each situation is different. Choose updates that will offer good returns if you place your house on the market.
Renovations You May Consider Good Investment That Aren’t
Remember, beauty is in the eye of the holder, but what you may think is a moneymaker might not be. For example, a pool is nice and many buyers are looking for a home with one. However, some do not want the ongoing maintenance costs or extra heating and insurance that comes with a beautiful in-ground pool.
Renovations Buyers Like to See
If you can make updates to your home that will increase its value in the buyers’ eyes, without breaking the budget, you have made a good choice. Which updates are buyers looking for?
The National Association of Home Builder’s 2013 report noted the following features buyers were looking for.
1. 93% were looking for a separate laundry room
2. 90% percent preferred exterior lighting
3. 89% wanted Energy Star-qualified windows
4. 86% favored garage storage space
5. 85% preferred an eat-in kitchen
6. 85% wanted a walk-in pantry
7. 50 % favored a wireless home security system
You can get more info on the rationale behind the features they preferred along with estimated costs here: http://www.kiplinger.com/slideshow/real-estate/T010-S001-7-features-home-buyers-want-most/index.html This article was written in 2014, so costs might have risen since then.
While all major home improvement projects affect your house’s value, some offer more in net gains when you sell your house than others. If you are planning on selling soon, but want to make updates now, contact me and we can discuss if you’ll see a return on your investment or not.