There are many “wish list” items which the majority of people include on their dream home wish list. Regardless of whether or not you are thinking of selling your home, you will want to think about the 10 home improvements that buyers will pay more for before you start to renovate or improve your existing home. A recent AOL Real Estate survey revealed 10 home improvements that buyers will pay more for. In this blog, I will share my thoughts on the results of the survey. (My thoughts on the survey are in italics)
10. FIREPLACE ~ the survey reveals that only 4% of buyers will pay $1400 more for a fireplace.
This low number surprised me! Who doesn’t love curling up by the fire on a cold winters night? Without a fireplace; where would you hang the stockings at Christmas time? A fireplace adds a focal point to a living space and I believe it would be something that the majority of buyers would pay for. As an added bonus gas fireplaces are an additional heat source if there is a power outage.
9. EAT IN KITCHEN – 40% of buyers would pay $1,770 more for a kitchen that included an eat in area.
Eat-In kitchens can be great for entertaining and can be quite functional for families. Many buyers enjoy homes with eat in kitchens but also like a separate more formal dining area for special occasions. Islands with breakfast bars are also a favourite of many home buyers.
8. STAINLESS STEEL APPLIANCES – 41% of home buyers would pay $1850 more for a home if the appliances included were stainless steel.
Considering that stainless steel appliances typically cost more than $1850, if you don’t like them, I would suggest that you skip on them and choose finger-print free appliances. Most first time home buyers are thankful for whatever appliances are in the home as long as they are newer and in good working condition.
7. KITCHEN ISLAND – 48% of buyers would pay upwards of $1370 for a home that had a kitchen island
Kitchen Islands are great for many reasons. Islands offer extra counter space, extra seating and kitchen storage. Most people love having a kitchen island and would definitely see it as a plus.
6. ENSUITE – 49% of home buyers would fork over an additional $2030 for a master ensuite
Ensuites certainly add value to a home. Master bedrooms with walk-in closet and luxurious ensuite add to any homes WOW factor. Couples love ensuites, especially if there are two sinks!
5. HARDWOOD FLOORS – 54% of buyers would pay an additional $2080 to have a home with hardwood floors.
Overall, people tend to favour hardwood floors, especially on the main level. Hardwood is timeless and a great investment when it comes to flooring options.
4. GRANITE COUNTERTOP – 55% of buyers would pay $1620 to have granite countertops.
Stone of any kind is something that the majority of home buyers look for. The durable and long lasting granite, quartz, corian or other stone countertops can adds to the overall WOW factor of any kitchen. Have you ever heard the saying; the “kitchen is the heart of the home”? Spending money in the kitchen is usually money well spent. I would suggest putting in a quality countertop, sink and faucet.
3. WALK-IN CLOSET – 60% of home buyers would pay $1530 to have a walk-in closet.
Doesn’t everyone wish for this? Storage, organization and function is important when looking at closet space in a home. Walk-in closets are a fabulous addition to any home. Built in organizers are an added bonus.
2. NEW APPLIANCES – 69% would pay $1840 for new appliances.
Who wants the hassle of moving appliances?? Including appliances in a home sale is commonplace in London Ontario. Especially first time home buyers benefit when purchasing a home with new appliances.
1. CENTRAL AIR – 69% would pay $2520 for central air.
An interesting result as central air units run about that much money – that tells me this improvement will pay you back! Although our summers can be short, home owners love when central air is included. Trying to sleep on a hot humid night is never preferred!
