Not all renovations are created equal. If you’re adding a luxurious new bathroom or a “man cave” for your own purposes, you’re probably not too concerned about your return when the house goes on the market. You’re spending the money for your pleasure and quality of life, not the return.
But many homeowners see their home as a financial investment vehicle and understand that it’s quite likely the day will come in 5 to 7 years when they are ready to trade up or move to a new market. With this eye, every renovation is a calculated decision. In this situation, you want to select projects which are likely to provide a good return.
Any renovation which improves the value of your home in the eyes of buyers without breaking your renovation budget is an excellent choice. So how do you know which ones buyers want to see?
According to a National Association of Home Builder’s 2013 report of 4,000 prospective buyers, the following seven features were on buyers’ most wanted list:
- Separate laundry room (93% preference)
- Exterior lighting (90% preference)
- Energy Star-qualified windows (89% preference)
- Garage storage space (86% preference)
- Eat-in kitchen (85% preference)
- Walk-in kitchen pantry (85% preference)
- Wireless home security system (50% preference)
You can read the estimated costs and reasoning behind these features in the original Kiplinger article here:
(Keep in mind that the costs may have risen, as the original article ran in 2014.)
The past few months, something we’ve noticed Millenial buyers look for and often ask about is FIOS connectivity as well as strong cell service for the many mobildevices we now all rely on day to day…something you can’t always gaurantee personally, but its good to know the answers and the availability of these “must-haves”.
Are you planning to sell your home after a renovation? I’d be happy to help you. Let’s talk: Barbara & Gregg, THE NICHOLAS TEAM firstname.lastname@example.org 973-509-2222 ext. 1126