Home Improvements That Could Add $147,000 To Your Home’s Value
Spending months at home sure does make us notice things that could use an upgrade. If the carpet is on your last nerve, changing it could boost your mood and add huge value to the house.
A new report by Wren Kitchens has revealed the home improvements that add the most value to the overall price of a home, and it's no surprise that the kitchen is the biggest draw. The kitchen is probably the most social place in the house, and it's the place that holds the coffee pot and the air fryer, after all. It's vital.
Homebuyers are willing to increase their offers by more than 5% of the property’s market value if the kitchen is right. Wren Kitchens revealed the home upgrades that can increase the value of our homes the most, and if we do all of them it can boost the value by $147,000. The total increase depends on the value of the home to start with and the market of course.
A new kitchen is the most desired feature, and homebuyers will increase their offer by more than 5% if it's updated.
|Upgrade/home feature||% increase on the value of a home||Net increase based on the average cost of American real estate|
|New heating system||4.75%||$11,900|
|Plenty of parking||4.37%||$11,000|
I don't think "plenty of parking" means we should add a parking lot to the back yard, but a three-car garage would add value.
I turned attic space into another bedroom three years ago and that added square footage to the house and sent my property taxes up a smidge, so apparently that does contribute to the overall value boost. But the kitchen is what everyone looks at first.
With all of the time at home right now, it's the perfect opportunity to get after home improvement projects, right? If we're going to be at home for weeks on end, we might as well make it great. We'll enjoy it now, and reap more rewards when we sell.