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Articles  >>  What Upgrades Hold The Most Value?

What upgrades hold the most value?

 

What Upgrades Hold the Most Value?

When buying or selling a house, upgrades can be the make-it or break-it factors of the sale. When shopping for a home, it’s hard to know what upgrades are going to hold the most value, and which ones aren’t going to make any difference.

The most important factor to consider is the why behind buying a home. If you are buying an investment home, you should consider the upgrades that improve the quality of the home, but can attract the most potential buyers/tenants possible. If you are buying a home for you, look for the upgrades that improve your quality of living.

Here is a list of common upgrades and the potential value it adds to the home.

"Location, Location, Location"

Yes, you hear this phrase used over and over in the real estate industry. However, it is one of the most influential factors when considering a home purchase.

A home in a desirable location makes it an easy choice for the buyer. Whether the home is located in the right community, or the right position in the neighborhood, the value of the home is based upon where it’s located.

Location will be a first choice for any home buyer. The more desirable the location, the more value added to the home. 

The Cost of a View

It’s easy to fall in love with a home that has a pleasant view, especially with the Southern Utah scenery. Most homes with a nice view will typically have a premium associated with them. However, it doesn’t add as much value as you might think. The right buyer may come along and be willing to pay a higher price, but you may have to be patient for them. If you aren’t willing to wait for the right buyer, you may have to lower the asking price to sell the home quickly.

A home with a view should be purchased for your own pleasure, not to expect value added to the home. 

Lot Details and Landscaping

The lot details are just as important as the actual home. The lot should be level and shaped normal (no abstract shapes that affect the use of the home). It should have a decent sized front and backyard. 

The landscaping of the home should also be considered. The home should be attractive, but not extravagant. Your best bet would be to buy a moderately landscaped home and make the necessary changes to suit your life style. Again, only get extravagant with landscaping for your personal pleasure. Over the top landscaping doesn’t always appeal to the majority of buyers. If you are thinking of resale value, think moderate and simple. Remember, the goal is to attract the most potential buyers possible. The right “curb appeal” is simple and well-manicured.

The Master Bedroom

The master bedroom has become a high commodity for buyers everywhere. People want their master bedroom to feel like a suite. High ceilings and a few different lighting options give off an ambience of a master suite. The master bathroom is also part of this new obsession. Many home buyers are looking for a spa in their bathroom. An oversized tub, unique detail work, and decently sized will be what many buyers are looking for.

The Size of the Home

The size of the home will be a large factor when determining the value of a home. Homes throughout every neighborhood will vary in square feet and the number of rooms. The bigger house doesn’t always mean more value. In a neighborhood where your home is the largest, the smaller surrounding homes can devalue your home. On the contrary, if you have small or medium sized home surrounding large homes, you are more likely going to have a higher value because the surrounding homes.

When considering the size of the home, think about your needs and wants and goes back to location, location, location. Getting what you “want” in a less desirable location may not be as financially beneficial as getting what you “need” in a more prominent neighborhood.

Bedrooms and Bathrooms

3 – 4 bedroom houses are generally the most popular among people looking to purchase a home.  As such, if you can stay within that range, then when the time comes to resell the home you will have much more potential.  5 bedrooms is good as well, just make sure you don’t over pay for the extra bedroom.

With bathrooms, remember that there should always be at least two, with a preference for homes with 2.5 or more.  One of those bathrooms should be a place for visitors to wash up, one should be for the master bedroom, and it’s best if there is one that can be shared between the other bedrooms as well.

Storage and Laundry

Storage space is highly sought after and at the top of most home-buyers list. The more storage, the more value added.

Walk-in closets are almost necessary for the master bedroom. The other rooms should have adequate space for storage, but not necessarily walk-in closets. There should also be enough linen and cabinet space throughout the home.  

Garages are also becoming necessary for many home buyers. The garage should be large and usable. For most people, 2 car garages are sufficient. However, 3 car garages are becoming very desirable.

The laundry room should be located for convenience. It should be located on the main floor, where most of the bedrooms are. Most people don’t want to be dragging their laundry up and down stairs.

Energy Efficient and Eco-friendly Homes

Homes that are eco-conscious and modern add value to your home. Using renewable resources on finishes or energy saving appliances and materials make the home more appealing while saving the home owner money in the long run. Energy efficient and “green” upgrades are always worth the investment. 

The Kitchen

The kitchen is the most sought after room in the house. This room will make the most difference when adding value to your home. Kitchens with top of the line appliances, materials like countertops, cabinets and floors, and modern style will be extremely attractive to potential buyers.

Fireplaces

Fireplaces make a home comfortable and appealing. A fireplace will add value to your home, but it’s not necessary to have them in more than one room. A home with a fireplace in the family room will be sufficient. Any other rooms may be nice, but won’t always add value. 

Swimming Pools

Swimming pools have become less valuable than they used to be. The safety and maintenance problems associated pools could actually deter potential buyers from your home. Like views and extravagant landscaping, buy a pool for your own pleasure, not for resale value.

 


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