Making floor plans work harder for you is our second secret to boosting the value of your house:
Selling your house can be a complicated and frustrating process. Are you going to get the price your home is worth? How do you make sure that your house’s resale value doesn’t drop after years of living there? One way you increase the resale value of your house is by updating features and adding certain elements that can contribute to the value and appeal of your home. It’s important to choose projects that will give you the highest return on your investment, especially if you’re thinking about selling your house. The hardest part is knowing which home improvements actually increase the resale value of your home and which ones are a waste of time or money. If you are planning on putting your house on the market you should start scheduling any renovations you intend to make. Learn our second secret to boost your home’s value below.
2: Make Floor Plans Work Harder
Bigger isn’t necessarily better in today’s market, but strategically increasing the amount of living space is sure to boost home value. An “open floor plan with flexible living space” was second only to an updated kitchen on millennials’ list of most desired features.
Finishing a basement is the most common way to add usable square footage to a home. Most homeowners spend between about $10,000 and roughly $27,000 converting a basement, depending on the size of the space, according to estimates from HomeAdvisor, a website that connects homeowners with prescreened service professionals. Attic conversions are another option. The average attic remodel in 2014 cost $50,000.
Many younger buyers will envision the additional living spaces as a dedicated office, especially if they work from home. And at the other end of the spectrum, “a lot of my boomer clients are daytime caretakers for their grandkids,” says David Pekel, who owns a remodeling company in Wauwatosa, Wis. “They want a playroom that they can close the door to after the kids leave, so they’re not dealing with toys underfoot.”
Flex rooms. Also known as double-duty rooms, you’ll see flex rooms advertised as an additional living area that can serve a variety of purposes, from a guest bedroom to a game room to an exercise room to a study room for the kids.
Mother-in-law apartment. These spaces go by many names, including “granny flats,” “casitas,” and the technical sounding “accessory dwelling unit,” or ADU. They can house an additional family member or provide rental income—allowing baby boomers to afford their house once they retire or helping millennials pay the mortgage. More municipalities, particularly in Western cities, are amending zoning laws to allow for ADUs.
Upstairs laundry rooms. Younger buyers in particular say they want a dedicated laundry room, perhaps off the kitchen or even near second-floor bedrooms. Manufacturers are obliging with washer/dryer sets with a matching fit and finish that neatly integrate into the living space. We like the Maytag Bravos MVWB855DW HE top-loader and Maytag Bravos MEDB855DW electric dryer, $1,050 each.
Potential bump: 4 to 6 percent
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