How These Home Features Affect Home Values

As you are out looking at homes, either on the internet or in person, do you ever wonder what home features will add or lower value to a property?  Or if you decide to buy a home that needs updating what features will give you the most for your money?  Well, here is a list of some home features and the value they can add or subtract to any property in the $250K to $400K price range in our general area.

As you are looking at homes, keep this in mind so that you are aware of what features can add or lower values so that you can make a better-informed decision once you are ready to buy. 

The percentages you see below are the amount of property value that is affected.  It can increase it or lower it.

Location

Did you know that the location of a property can affect property values? Well, here are some location features that affect value. 

• Busy road – lowers by 2.4%
• Power lines (within 100’) – lowers by 1.2%
• Private road / Cul-de-sac – adds 2.4%

Bathrooms

• Half Bath – adds 1.2%
• Full Bath – adds 2.4%

Renovations

• Bath remodel – adds 1.6%
• Kitchen remodel – adds 3.2%
• Kitchen update – adds 2.0%

Size (square footage)

• $60 per square foot added for livable space

Basement

• Full – adds 4.0%
• Finishing – adds 2.0% (finishing means adding sheetrock, ceiling, painting, flooring, etc.)
  
  

Heating and Air Conditioning

• Heating (multi zone) – adds 1.2% (multi zone means having separate heating areas)
•  Central Air Conditioning – adds 1.2%

Garage (per car)

• Attached – adds 2.4%
• Detached – adds 1.2%

Patios, Decks, Porches

• Patio – Concrete – adds 0.8%
• Patio – Brick/slate – adds 1.6%
• Wood deck – adds 2.4%
• Open porch – adds 2.4%
• Screened porch – adds 2.8%
• Inground pool – adds 3.2%

Special Energy Items

• Double glazed windows – adds 2.0%
• Fireplaces – adds 2.8%
• Solar panels – multiply monthly savings by 80 (onlyif panels are purchased; if panels are leased, then no value is added to the property)

There you have it!  The amount of value added (or lowered) to the most popular features of a home.  These values are similar to what are used by real estate appraisers and agents when determining the current value of a property. 

Hopefully, this will help you in deciding what homes to check out and maybe even buy once you are ready.  It will also give you more insight as to what updates you may want to do after you make your purchase. 

If you are ready to start the process, send me an email at ccr@ccrsellsrealestate.com or click on the button below to set up a time for a quick chat.    

The source for the information in this post:  Otteau Group