Our friends Tasha and Alan Withers from Keller Williams Real Estate helped us view a home as an investment with insight on the potential property value increase after a remodel! Read on to learn about how each room can positively impact your home's value after an upgrade! 👇
☑️ Kitchen remodels can give you the highest return on investment. The "heart" of the home is where people spend most of their time with friends and family, it should feel clean and comfortable. Buyers are likely to pay more for a house that has a remodeled kitchen with new appliances and an open feel. You could get $100k or more in value in our current market with an updated kitchen!
☑️Master bathrooms are the second most important space to buyers. This is where we want to relax after a long day of work, it should provide the Zen feeling and a sense of luxury with lots of storage. You can even add heated flooring for maximum comfort! A remodeled master bath can bring $80k or more in a home sale. The hallway bathroom is not as high, it may bring $20k or more in a sale.
☑️ A walk-in closet with nice fittings is high on a buyer's list. For the one who has it all, they need the storage to keep it! A closet remodel can bring $70k or more in a home sale.
☑️ The exterior (curb appeal) gives off the first impression, and first impressions are important! Buyers make decisions based on emotion, if they fall in love upon arriving, they will discount other features of the home in their decision. Investing in a neat yard, landscape, and pathway can bring $50k or more in value. Additionally, making any necessary repairs (that buyers won't want to) like the roof, fresh paint, and new siding can bring $200k or more in the sale of your house.
☑️ Living spaces - buyers love an open plan living space with a TV room. Creating a great room feel by opening up the dining room, kitchen, and living room together is very attractive to buyers. Accentuating the living space with neutral colored walls and wood flooring (real or laminate) is the best place to start - these upgrades can bring $50k or more in value.
☑️Additions or accessory dwelling units (ADUs) increase the living space square footage which an appraiser uses to assess the value. ADUs have become more in demand since the pandemic, creating income opportunity or a place for the grandparents to live to be closer to the family. Whether it's for grandma, renting, or both, investing in an addition can bring $200k - $300k or more in value conservatively.
☑️ The backyard has become increasingly important as the new wave of infections has people asking about gathering outside versus inside. The most desired feature right now is a covered patio area that can be heated for outdoor entertainment. On a street in Bothell's Westhill neighborhood, identical homes sold for $950k and $1300k recently. The only difference was an enlarged stone patio with a wood patio cover, recessed lighting, a ceiling fan, and pretty party lights. In this example, $300k more in value was realized in the sale.
These estimates are for King and Snohomish counties, values may differ further out. The true increase in value can be realized by hiring a realtor team, with experience, to pay a visit to your home to take the size, age, location, and remodels into account. The Withers team can advise you on which remodels to focus on for the highest return on investment or even which remodels can give you a timeless feel to enjoy for years to come!
