A recent report by Harvard University’s Joint Center for Housing Studies summarized that homeowners are spending more than ever when it comes to updating their homes. Renovated homes can often be listed at a higher price point and are more attractive to potential buyers. But which home improvements will get sellers a return on their investment? We’ve outlined a few of the most profitable home improvements that may help your home sell quickly and for a higher price.
Gourmet Kitchens. Kitchens are often considered the heart of the home and many buyers have high expectations when it comes to features, fixtures, and aesthetic. If you’re going to invest in home improvements, the kitchen is a great place to start. A center island, gleaming countertops, high-end appliances and updated cabinetry can make your kitchen feel top-of-the-line.
Lifestyle Spaces. More than just functional living spaces, many buyers are also looking for spaces that are consistent with their lifestyle. Home gyms, offices, and theater/media rooms are big draws for buyers who are looking to get the most out of their next home.
Smart Home Features. From security systems to thermostats to lighting, smart home features are constantly improving and are a great way to add appeal and value to your home. Environmental features are also becoming increasingly popular including solar panels, energy-efficient lighting and heating/air, and water-conserving appliances.
Spacious Garages. Three-car garages are in high demand for storing cars, golf carts, and bicycles, as well as space for a workshop or studio area. Sellers who have the space to expand their garage should consider it to make their property even more attractive to potential buyers.
Outdoor Recreation. Especially in the Charleston market, homebuyers expect their next home to have outdoor living spaces and outlets for year-round recreation. Swimming pools and tennis courts rank high on the list of most wanted home features. Porches, patios, and lush landscaping are very desirable features as well.
Though home improvements and upgrades can be costly, ultimately they make your home more attractive to potential buyers. If you are thinking of selling your home this year, a great first step is speaking with a William Means agent. Our knowledgeable team will be able to evaluate your home and help you determine which updates would add the most value to your home before putting it on the market.
Sources:
National Association of REALTORS
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