The National Association of Realtors recently released a report on the "Value of Housing Characteristics."
The study measured how certain property characteristics add or subtract value. Here are some of the
findings:
Each additional 1,000 square feet of living space increases selling price only about 3.3%.
Each additional bedroom adds about 4% to the price, while an additional bath can add 24%.
Houses advertised as "fixers" usually sell for 24% less than other houses.
A garage typically adds about 13% to the price.
Central air conditioning adds about 12% to price.
A basement increases a home's value an average of nine percent.
A sitting area in the master bedroom increases the price about eight percent.
Internal features that add the most value are a family room, a dining room, a whirlpool
and a security system.
This information is useful to determine the return you can expect to see on your remodeling
investment. It also helps you compare property values for homes with and without such amenities.
If you're considering remodeling your home and would like suggestions on what improvements would
be worthwhile, or if you like to know the value of your home, please don't hesitate to call or
email.
Dear Tiffany,
As you start looking for a new home, you probably aren't even considering your NEXT move.
You probably just want to get this one taken care of! But it is always prudent to shop for
a new home with an eye on potential resale value down the road. No one can predict what
the future will bring, but here are some simple things you can look for:
Views: Homes with a view often sell for a premium. If a view is important to you, buy it
for your own pleasure. Though you may place a considerable dollar value on the view, not
all buyers are like-minded when it comes time to sell.
Lot size and shape: Much of the value in real estate is concentrated in the house.
But the lot is important too. Level or rectangular lots are the most desirable. If you
make significant investments in landscaping, you may not recover the cost. Do not pay a
premium for someone else's landscaping efforts.
Neighborhoods: Houses will vary in size from neighborhood to neighborhood. The best
advice is always to purchase a smaller home in a nicer neighborhood. Buying what you need
in a more prestigious neighborhood may provide more financial reward later vs. buying something
bigger in a less desirable neighborhood.
Closets: Walk-in closets are very desirable, especially in the master bedroom. Closet space
is always an issue.
Kitchens and Baths: A spacious, updated kitchen is one of the most important features in a home.
Updated baths are the next most important feature.
Garages: Garages add resale value. Swimming pools do not provide much added value in many parts
of the country. You may not get dollar for dollar return on this investment.
Decks: Decks and patios generally do yield almost a dollar for dollar return.
I'd be happy to answer any questions you have and show you properties that meet your criteria.
Please call or email me when you are ready to look for a new home.
Sincerely,
YourDenverHomeTeam
Coldwell Banker Residential Brokerage
(303) 283-0800
HouseValues@YourDenverHomeTeam.com
Visit www.YourDenverHomeTeam.com to search the MLS yourself!
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