Features that Boost a Home’s Sales Price
When considering home renovation, it’s important to think not only about how added features will add value to daily life but also how they will impact your home’s value when it comes time to sell. MarketWatch recently put together a list of the top home features that boost a home’s value, both at the entry-level and top tier price points. Data was compiled by Zillow and utilized the listing descriptions, sold prices, and sales times for over 4.6 million home sales in 2017 and 2018.
As the article proclaims, “if the way to a man’s heart is through his stomach, then the way to a home buyer’s wallet may be through the kitchen” — as six of the top ten home features that boosted the sales price were kitchen-related. “These amenities included professional-grade appliances (32% premium) and wine cellars (31%), and ‘pot fillers,’ attachments that extend a faucet so it’s easier to put water into a big pot (28%).” The features that generated the biggest gains aside from those related to food, were steam showers, garage studios, and heated floors.
It’s important to note, however, that properties selling at a higher premium did not equate to faster sales: despite generating the biggest sales premium, “homes with steam ovens were the slowest to sell, taking 22 days longer than similar homes in the same market and price tier.” This indicates that some of these features appeal to a niche audience that is more difficult to find but that is willing to pay more for a home that suits their tailored vision. The speed of sales was found to be the quickest when it came to features that “have been popularized by remodeling shows on television, such as open shelving (11 days faster than expected) and subway tile (10 days faster).”
When it came to starter homes, the most appealing amenities were quite different, with free-standing bathtubs ranking number one at a premium of 59%. As MarketWatch outlines, these amenities do not single-handedly increase a home’s sale price—instead, they “can act as a signal to buyers that the property is in good condition.”