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They say a house is never finished until the day you move out. We take on lots of projects over the years, some are just maintenance but others involve substantial renovation. How do you ensure that the improvements you choose to make will pay off in the form of equity or a quicker sale?
Recently our friends at Realtor.com, through their survey and data gathering, came up with a list of home features that provide the best return on investment. You can click here to read the full article titled “Righteous Renovations! These Home Features Are Proven to Pay Off”, or scroll down to see the highlights of the study as reprinted from Realtor.org:
“Renovating a home with the right features can not only recoup the cost—it can help you sell your place much faster,” advises Jessica Lautz, managing director of survey research at the National Association of REALTORS®. “That means a quick transition into your dream home.” But which amenities are in highest demand?
Go Deeper into the Numbers: NAR’s Remodeling Impact Study
Hardwood flooring remains the biggest draw among buyers of all generations, according to a new realtor.com® analysis of popular home features. Listings with hardwood floors have appreciated 14.8 percent since 2015, the analysis shows. “The first thing buyers look at are the floors … and when they take in beautiful hardwood, their eyes light up,” says Zelda Sheldon, a sales associate with Village Real Estate Services in Nashville, Tenn.
Realtor.com® looked at 40 of the most common home features and analyzed applicable listings to find which homes sold in the fewest number of days. For this study, researchers used days on market as an indication of demand for a home feature. The following were the top features uncovered in the survey:
- Smart-home features (smart thermostats, refrigerators, and locking systems)
- Finished basements
- Patios
- Walk-in closets
- Granite counter-tops
- Eat-in kitchens
- Hardwood floors
- Laundry rooms
- Open kitchens
- Front porches
- Dining rooms
- Energy Star appliances
- Two-car garages
- Fireplaces
- Security systems
My thoughts: Many of these are common desires with buyers that we tour homes with. Some are certainly easier and more affordable than others. If it was my home, I would put my money into flooring, the kitchen, master bathroom, and the front yard or curb appeal.
So before you head to the home improvement center, make your list of the projects that will get the most bang for your buck.
Source: “Righteous Renovations! These Home Features Are Proven to Pay Off,” realtor.com® (Dec. 18, 2017)