Best Home Improvements to Increase the Value of Your Home: 45 Experts Weigh In

BEST HOME IMPROVEMENTS THAT CAN INCREASE THE VALUE OF YOUR HOME The results of interviews with 45 real estate and interior design experts, and a survey of 113 prospective home buyers HOME BUYERS WOULD BE PREPARED TO PAY AN AVERAGE OF 16% EXTRA IF IT HAS THE THAT TRANSLATES TO A PREMIUM OF $33,552 $209,700 FROM SEPTEMBER, 2014. CONSIDERING THE MEDIAN HOME PRICE OF IMPROVEMENT THAT THEY FIND MOST IMPORTANT ADDITIONALLY, THE MAJORITY PREFERS A HOME WHERE 73% 27% ALL IMPROVEMENTS ARE ALREADY MADE FOR THEM. SO WHAT DO HOME BUYERS REGARD AS THE MOST IMPORTANT IMPROVEMENTS, AND WHAT PREMIUM WOULD THEY BE WILLING TO PAY FOR THEM? 27 INTERIOR DESIGN EXPERTS & 113 PROSPECTIVE HOME BUYERS 18 REAL ESTATE EXPERTS 1) OPEN PLAN LIVING Ranked 1st in Importance to the Prospective Buyers What percentage of the experts picked this as one of their top 3 most important improvements? PERCEIVED PREMIUM OF 15.3% FOR THOSE THAT RANKED IT AS MOST IMPORTANT INTERIOR DESIGN EXPERTS 32% Premium Value* $ 32,067 REAL ESTATE EXPERTS Renovation Cost^ $ 41,563 0% $ (9,496) Profit/Loss UPDATED KITCHEN Ranked 2nd in Importance to the Prospective Buyers What percentage of the experts picked this as one of their top 3 most important improvements? PERCEIVED PREMIUM OF 16.6% FOR THOSE THAT RANKED IT AS MOST IMPORTANT INTERIOR DESIGN EXPERTS 48% $ 34,890 $ 22,335 Premium Value* REAL ESTATE EXPERTS Renovation Cost^ 67% Profit/Loss $ 12,555 QUALITY OF BATHROOMS Ranked 3rd in Importance to the Prospective Buyers What percentage of the experts picked this as one of their top 3 most important improvements? PERCEIVED PREMIUM OF 13.2% FOR INTERIOR DESIGN EXPERTS THOSE THAT RANKED IT AS MOST IMPORTANT 48% $ 28,834 $ 10,354 $ 18,480 Premium Value* REAL ESTATE EXPERTS Renovation Cost^ 56% Profit/Loss IMPROVED FLOORING What percentage of the experts picked this as one of their top 3 most important improvements? Ranked 4th in Importance to the Prospective Buyers PERCEIVED PREMIUM OF 16.8% FOR THOSE THAT RANKED IT AS MOST IMPORTANT INTERIOR DESIGN EXPERTS 32% $ 35,268 $ 4,218 $ 31,050 Premium Value* REAL ESTATE EXPERTS Renovation Cost^ 39% Profit/Loss LIGHTING What percentage of the experts picked this as one of their top 3 most important improvements? Ranked 5th in Importance to the Prospective Buyers PERCEIVED PREMIUM OF 4.5% FOR THOSE THAT RANKED IT AS MOST IMPORTANT INTERIOR DESIGN EXPERTS 20% $ 9,437 $ 1,539 $ 7,898 Premium Value* REAL ESTATE EXPERTS Renovation Cost^ 22% Profit/Loss 6. FRESH PAINT What percentage of the experts picked this as one of their top 3 most important improvements? Ranked 6th in Importance to the Prospective Buyers PERCEIVED PREMIUM OF 2.5% THOSE THAT RANKED IT AS MOST IMPORTANT FOR INTERIOR DESIGN EXPERTS 32% Premium Value* $ 5,243 REAL ESTATE EXPERTS Renovation Cost^ $ 2,088 50% Profit/Loss $ 3,155 BASED ON MEDIAN HOME PRICE SEPTEMBER 2014 * HOME ADVISOR The value increase resulting from the improvements you make will depend on your I neighborhood and location. You will need to consider each of those carefully before embarking on an improvement project. Eventhough a particular home improvement may rank as the most important in the eyes of 2 home buyers, it may not necessarily command the highest return on your investment given the costs associated with the improvement. If you are selling your home, simple things such as cleaning, decluttering, and staging your 3 home can improve first impressions and therefore have a positive impact on your eventual selling price without having to spend a penny. Ensuring a well-executed marketing strategy by creating a website, using professional 4 photography and video tours, and showcasing your home on major realtor search sites means that more people will see your home and the chance of receiving a higher price for it increases. Hiring a professional interior designer and consulting a real estate professional prior to con- 5 ducting any home improvement work, will allow you to make the right choices that ultimate- ly have the best chance of enhancing the value of your home. KayuConnection www.kayuconnection.com Sources: http://www.realtor.org http://www.homeadvisor.com .....* :....* .....