Home Upgrades to Attract Buyers
Homeowners often make home improvements based upon their personal tastes, but individualized home upgrades may not make your home more attractive to prospective buyers. It is important to consider how a particular home upgrade will impact the ultimate sale price of your home.
So what improvements will buyers pay extra for?
Kitchen upgrades top the list. Nearly 70% of buyers would pay more for new appliances and 55% want granite countertops. Half would spend more for an eat-in kitchen and island. Recognized as one of the most important rooms in the home, the kitchen averages a return on investment from 80%-93%. Updating appliances to new energy-efficient models, replacing countertops, refacing old cabinets, swapping cabinet hardware and replacing flooring are great places to start for added value.
Chosen as a type of improvement that typically produces a return of 85%-90%, bathrooms are among the remodels that yield the greatest return on investment. Adding an additional bathroom will also add more value, as well as making the home significantly easier to sell. Incorporating other upgrades–such as radiant flooring, tile floors, double sinks, and new bath fixtures and faucets–will also generate hefty gains upon resale.
A walk-in closet in the master bedroom is important to 60% of buyers ages 35-55 who want more space for their acquired possessions. Hardwood floors are very desirable among younger buyers and those with small children. 25% of buyers under 55 would pay more for hardwoods.
Making improvements can be quite a daunting undertaking, but appropriating the funds to the correct areas can really improve the sale price of the home. Constructing a fireplace, adding central heating and air, and assembling a deck or patio can increase the value of a home dramatically. Achieving smaller, yet equally as noticeable, cosmetic repairs such as touching up paint on the trim and around windows and replacing blown light bulbs, can increase the value of the home to potential buyers without breaking the bank.