Renovations that Can Add Resale Value to Your Home
Updated: Oct 16, 2020
It's important that you that your living space fits your needs and that the home projects you invest in make a difference in your daily life. However, it's also worthwhile to think about how a home improvement or remodeling project will affect the resale value of your home. What will be most appealing to potential buyers? What will make your house stand out? We took a look at the most attractive features that buyers are seeking out in a new house.
A recent survey conducted by the National Association of Home Builders revealed that the most wanted feature in a house is, believe it or not, a laundry room! Over 90% of buyers said that a dedicated laundry space is either essential or desirable.
Also among the most wanted home features were patios and ceiling fans. Patios making the list did not surprise us... quality outdoor space is hugely attractive to folks imagining their new life in a new home. Ceiling fans making the list is a little more surprising as they don't seem to particularly stand out in a house. However, both of these simple projects, building a patio in your backyard or installing ceiling fans, may not only make you enjoy your house more but also put it in a more competitive position on the market if you choose to sell in the future.
So what other projects are likely to be a solid investment when it comes to resale?
In the kitchen, a walk-in pantry is a highly desired feature among home buyers, followed closely by a double sink, table space for eating, an island, and stone countertops.
It is also clear that energy efficiency is important. 89% of buyers voted Energy Star-rated windows to be at the top of their list, and 86% voted for Energy Star-rated appliances in the kitchen. Beyond just windows and appliances, house-wide Energy Star-ratings was voted desirable by 80% of consumers, along with triple-pane insulated windows and efficient lighting. 60-70% of those surveyed also wanted additional "green" features, such as insulation surpassing the minimum requirement, water-conserving toilets, tankless water heaters, and solar features.
There are also some small, thoughtful additions that can make your property stand out. Relatively inexpensive investments in technology could do the trick. 46% of buyers wanted a security camera, and 45% wanted a video doorbell. About half of those surveyed also placed a programmable thermostat and a multi-zone HVAC system high on their list.
While the most important factor in deciding your next project is likely what you will get the most out of living in your home, it's a great idea to keep in mind how it will be reflected in your house's appeal to future buyers. Enjoy these upgrades now, and reap the rewards if and when you decide to sell!