Five Ways to Increase Home Value and Five That Decrease
As a home owner myself, the value of your property is a major factor in your life. You naturally want your home value to be as high as possible. Especially if you plan to sell it, you want to get top dollar.
The housing market is strong here in Sioux Falls as home values are soaring. In talking to some experts in real estate, there are more buyers than sellers.
That situation naturally pushes the market higher, but that's something you have no control over. You can't control the market, but you can control the value of your home by physically doing things to it.
Real estate company Opendoor just launched a Home Improvement Value Calculator that eliminates the mystery by enabling homeowners to see how much certain upgrades can increase their overall home value.
Looking at homes valued at approximately $300,000, here are the five upgrades that typically provide the biggest boost, along with the average increase in value: (The Following Numbers From The Dallas Market)
- Add a pool: $21,350
- Add 150 square feet of interior living space: $14,850
- Add a second or third bedroom: $14,750
- Add hardwood flooring: $13,550
- Convert existing living space to a second or third bedroom: $8,600
And now the list for bring value down. Here are the top five offenders, along with the average reduction in value for each:
- Carpet as a primary floor type: -$5,400
- Formica or tile kitchen counters: -$5,000
- Carpet in the master bedroom: -$4,100
- Located on a busy street: -$2,800
- Low-quality cabinetry: -$2,700