What Adds Value? How Homes Are Appraised

What Adds Value?

-          Everyone wants to get the most value out of their home, so before you renovate, take a moment to consider: what adds value to the home? I don’t want to discourage anyone from making their home exactly how they like it, but I have seen homeowners spend thousands of dollars renovating their home in hopes of a nice bump in equity, discouraged to see their value not increase as much as they had hoped. So how do you get the most increase in value from your renovations? The ultimate answer is really dependent on your neighborhood and what buyer’s expect in your area. If you live on a ridge, or on the edge of a natural body of water, buyers might expect a nice deck/patio or large windows overlooking the view. If you live in an area with lots of basements, some buyer’s might really be interested in an area that could be an “in-law’s suite”…

-          Put yourself in a home shopper’s shoes, what would make this home more enticing than the other homes in this area…

-          Not the answer you were hoping for? Well, there are some areas you just can’t go wrong when updating a home. Generally most homes are updated over time as styles change and appliances go out, so modernizing your kitchen, and bathrooms, is always a good idea when renovating a home. Modernizing might just mean removing wallpaper for a fresh coat of paint instead, or updating the countertops, or hardware. Either way, buyer’s are going to expect to be impressed most by these areas of your home. Many buyers are also expecting more elaborate master bathrooms, and en-suite master bedrooms these days, so if you’re going to update a bath, consider your master bath.