Which Features Impact Your Home’s Value?

Your house is valued at $350,000, while your neighbors’ house is at $425,000. What makes up this difference? What do they have that your house lacks?

Here is an overview of key things that bring value when it comes to what a home is worth in today’s market.

• Appliances: Though it has been around for decades, stainless steel conveys clean, contemporary design, so it will signal “updated” in the mind of most buyers.
• Countertops: Engineered from stone chips, resins, and pigments, quartz is in demand and has started to challenge granite and marble as the go-to material in higher-end kitchens. It handles heat, is hard to scratch or cut, and resists stains. It also requires none of the upkeep of comparably priced natural stones.
• A chef’s kitchen: If a home offers the luxury of a chef-quality kitchen with high-end appliances, custom cabinetry, and tons of space to prep, cook and entertain, the home will be valued well above a home without these features.
• Bonus living space: Finishing a basement is the most common way to add usable square footage to a home. Many younger buyers will envision the additional living space as a dedicated office, especially if they work from home. Having a “great” room for family as well as a formal living room adds value and room to spread out.
• A dedicated laundry room: Today’s homebuyer wants a dedicated laundry room, perhaps off the kitchen or even near second-floor bedrooms.
• “Smart” or Green features: Things like the presence of LED lighting or high efficiency windows add value. Certain smart devices, like programmable thermostats, add to home value and interest.
• Updated extras for comfort: Things like whole house generators for when the power goes out or new central air conditioning is in demand. It makes the home worth more because it eliminates inconvenience.
• Hardwood floors/tile floors: More carpets are being replaced with long-wearing hardwood flooring with a durable factory finish and added value. When stone or ceramic tile is used instead of laminate or vinyl linoleum, the home is worth more.
• Spa-like bathrooms: Heated floors attract buyers, as does a separate tub and walk-in shower complete with body sprays. Other value-adding features include high-end stone tile and heated towel racks.
• Larger lots or larger homes: People will pay more to get more, and that goes for everything from square footage of living space to the lot the house is sitting on.
• Garage: A garage can add more than $15,000 to the value of a home.
• Extensive landscaping: If a home is professionally landscaped with stone paths, accent lighting, and established trees, shrubs and perennials, the home is considered to be worth more.

Many factors go into how a home’s value is determined. When comparing your home to others, you need to look at the key features each home has – or lacks. Something as simple as a better kitchen and a larger lot can be why another house is worth more than yours.

Learn what your home is worth and how many people want to buy it!