Resale value is always a primary concern when purchasing and improving real estate. People often don’t know which features and improvements will add value to property and which may actually have a negative impact on value. Even if a particular improvement is likely to generate a return, it can be quite difficult to quantify it. Plus, an important improvement for one individual may not be as important for another. Real estate tends to be unique and property preferences diverge greatly. Regardless, there are a few core features that almost all buyers consider when shopping for real estate. According to our research, here are the home improvements that pay off.
1. Kitchen Upgrades – There is no doubt that the kitchen is one of the most important rooms in any home. Obviously, eating is an important part of life. Our social lives usually center around sharing meals and/or beverages, and most important occasions include some kind of celebratory partaking of food. Plus, food does provide the nourishment that keeps all of us alive. In addition to serving as a food storage and preparation area, the kitchen is where families converge and where guests tend to congregate. Because the kitchen is the familial and social hub in most homes, upgrades to this room will almost always generate solid returns. Most listings that describe kitchen upgrades include phrases like granite countertops, stainless steel appliances, new cabinetry, and/or spacious eat-in kitchen. Nowadays, these seem to be the most popular features in a kitchen. Thus, spending some money on a kitchen transformation is definitely worthwhile.
2. Master Bathroom Upgrades – The kitchen may be the most popular room in a home, but it isn’t the only one where people like to spend time. The master bathroom probably comes in at second place, and it may not even be that far behind the kitchen. After all, it is the first place most people visit in the morning and the last place visited in the evening. This is where couples often have important, private conversations, and people with children may seek refuge here at times. Because of this, the master bathroom needs to have a serene appeal. This isn’t the place for bright colors and tons of decorations. Recent trends suggest that people prefer light colors and simplicity. Of course, a tub large enough for a relaxing soak is ideal, along with a separate shower and sinks for two. Although marble is nice, it is also expensive, and there are perfectly good, inexpensive alternatives. It’s not about making it overly fancy. Simple but elegant finishes should suffice. The main goal is to create a tranquil vibe, as that is what most people will appreciate.
3. Outdoor Spaces – This can be a bit trickier for owners of Miami condominiums who may not have much outdoor space or who only have a small terrace or balcony. Even if condo owners have such outdoor spaces, condo associations tend to restrict usage and changes. Nonetheless, a nice bistro set and some plants can really spruce up the appearance of a simple terrace. For those homeowners with a yard, small garden, or patio, it is important to keep this area meticulously maintained. If there is green space, keep it green and add some plants with color. Depending on the amount of outdoor space available, homebuyers notice and value the addition of a nice deck or barbecue area. Improving an outdoor space requires making the best of what is available and being creative if the options are limited. Small changes can make a big difference.