Renovations Proven to be Worth the Time and Money
January 16, 2018 | Elite Realty
Looking at the full scope of what a homeowner has invested in their home – including money and time – and planning to sell a home, the owners may run into some snags if the home has features that are not the most appealing. Realtor.com® put together a list of common features in homes that tend to sell and close the most rapidly and for the highest price.
The features that tend to be appealing change as time passes. “Renovating a home with the right features can not only recoup the cost, it can help you sell your place much faster,” says Jessica Lautz, Managing Director of Survey Research at the National Association of REALTORS®. “That means a quick transition into your dream home,” Lautz adds. A home feature that has become outdated due to technological advances, for example, is the home-theater room, while the addition of an extra bedroom still has an overall positive appeal, since it can be used as a guest room, an office, or a home gym. Currently, the most attractive features for millennials are those that have to do with home connectivity.
After looking at the 40 most common home features, as well as home listings and the number of days on market, for comparison, realtor.com® came up with the following list of home features:
- Smart home features, such as thermostats, refrigerators and door-locking systems
- Walk-in closets
- Granite countertops
- Eat-in kitchens
- Hardwood floors
- Laundry rooms
- Open kitchens
- Front porches
- Dining rooms
- Energy Star appliances
- Two-car garages
- Security systems
- Finished basements
Smart home features are all about making things more convenient and easier to control for many extremely busy homeowners. According the realtor.com® study, the median listing price for a home with smart home features is $575,000 – an increase of 82.6 percent for this type of home over the past couple of years. The reasons the median listing price has increased so much for this type of home are because of high demand and also because many newer, above-average-price homes have these types of features installed from the beginning.
Smart home features and technology represent an entire sector that covers a range of products and levels of connectivity. The common denominator is that technology operates with low levels of human effort, it is interconnected and it can be modified and tracked remotely from a device, or from within the home.
Security systems, which often play a central role in the connected home, are showing a 11.5 percent price appreciation over the past couple of years. Energy Star appliances, a government designation for efficiency, are also an extremely popular feature, as they tend to help with lower utility bills.
Hardwood floor installation is also an extremely popular remodel project that is proving to be worth the time and money investment. Granite countertops are another feature that has been popular for decades, as well as outdoor living spaces and other outdoor home features, including outdoor kitchens, gazebos, patios, front porches, and two-car garages.