Whether you’re in the market to buy, sell or just keep improving your existing home’s value, knowing what best increases home values is a great asset. Which home improvement projects pay for themselves with increased value? What are buyers looking for?
The answers to these questions depend on the pricing bracket in which your home belongs, the size of the home, and where the home is located. For instance, installing an extra-pricey, top-of-the-line stove in a lower-cost home isn’t going to pay for itself, as it doesn’t raise the value of the home commensurate with what the stove cost. If your home is the only one in the neighborhood without multiple bathrooms, adding an additional half or full bath will add more value to your home than updating the bath you currently have.
The most important item for buyers? A sound structure. Simple maintenance shows the home has been cared for. While a new roof, heating/cooling unit or siding may not be the glamorous home renovation you’ve been dreaming of, it’s attractive to buyers. When a buyer sees the home has been well maintained, they know they won’t have to spend a lot of out-of-pocket money completing the boring to-dos of home ownership. If a bath or kitchen needs updating, buyers are more likely to be willing to do the updating on their own if the home is structurally sound and clearly taken care of.
Once all home-maintenance tasks are complete, bath and kitchen remodels have a high return on investment. Newly constructed homes often have higher end products in the kitchens and baths, such as stone countertops, stone or tile flooring, and all wood cabinets. Buyers are accustomed to seeing these finishes and want to see them in existing homes as well.
Improvement decisions should also be based on the owner’s timeline. If, as an owner, you aren’t planning on selling soon but still want to increase your home’s value, update items that you will get a lot of personal use out of. Not a big cook, but you love to soak in bubble bath? A bathroom renovation is more up your alley. If you spend most of your time outdoors enjoying the beautiful mountain air, new landscaping may be more important to you. The improvements which you’ll be able to personally enjoy add value to you, and that is something to include in your estimated value addition.
There are many homes in the current real estate market to please buyers. You can view our listings for Gatlinburg, Sevierville, and Pigeon Forge to get an idea of what those in the Smoky Mountain region value. From distressed homes to cabins, mountain living is an attainable dream. Contact us today to begin your search for the perfect dream home.