Best home features to draw the highest sale price.
Investing money in a rental property or a flip can yield great dividends. However, not all improvements are equal. It is important to put your money in the right places in order to have the greatest impact on the home's value. Here are the top features you can add to a home that will likely draw the highest price.
New Deck
The addition of a deck is one of the best improvements that can be made to a home. In fact, Remodeling Magazine published a report that stated over 85% of the money spent on a deck will likely be recovered when the home is sold. This compares favorably to 78% of the money spent on remodeling a bathroom.
Decks add another usable area for families to entertain or relax. It is wise to plan out the deck properly in order to maximize space, function and appearance.
Sunroom
One of the hottest trends over the past few years has been the addition of sunrooms. These areas allow homeowners to feel close to the outdoors while staying comfortable inside. Skylights and tile floors are common in sunrooms. Owners can choose to have the room heated or not, depending on climate and budget.
A sunroom will add to the total square footage of the home but at a cheaper price than adding other types of rooms such as bathrooms or bedrooms. The best place to put a sunroom is just off a major area like a living room or kitchen.
Office
More companies are offering employees the option to telecommute and freelancers are growing in numbers every year. For this reason it is quite common for people to need a specific work area in their home. Having an office in the home makes it easier for people to get their jobs done and the area can be a deduction on taxes. Popular features are multiple electrical outlets, internet line outlet, open space and storage cabinets.
Light and Space
Tight, dimly lit spots are a real turn off for potential buyers. If there are areas in a home that do not have access to sunlight then it is a good idea to add electrical lighting. Recessed lights, adjustable lights and modern light switches add a contemporary feel.
Besides adding light you can opt to add more space. This can be accomplished by removing walls that block off areas from each other. Many homes now have a wide open spot comprised of the kitchen, living room and dining room. This allows a number of people to socialize with each other without the need for everyone fitting in to one small room.
This is not to suggest that all the above features need to be added to a home in order to increase its value. These are simply some of the best ways to recover costs and attract buyers to a home.
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