8 Factors that Enhance a Home’s Value
Looking for the best return on investment on the home you’re buying? Consider these factors, which Realtor.com identified by analyzing millions of sales nationwide.
Homes with a View: Homes overlooking a park increased 7.9% annually. Those with mountain views 5.1% and those with lake view 4.9%.
Two-Car Garages: Homes with space for two cars appreciated by 6.4% annually vs. those with one-car garages (6%) and those with three-car garages (just 3.8%).
Modern/Contemporary Style: Newer trumps older in architectural style, with modern/contemporary homes rising in value by 7.7% per year, followed by bungalows (6.5%), traditional (5.6%), ranch (4.5%), Craftsman (3.7%) and Victorian (2.2%).
Location: Homes in urban areas near mass transportation grew 8.4% in value per year. Those near good schools increased by 7.2% and those near shopping by 6.5%.
The Right Amenities: Homes with patios increased in value by 6.8% annually, while those with hardwood floors grew 5.7% and those with fireplaces 5.3%.
Open Floor Plan: Having an open floor plan led to an average 7.4% appreciation per year. Less desirable? Granite countertops (2.5% annual appreciation) and stainless steel appliances (3% annual appreciation).
Fewer Bedrooms: The more bedrooms a home had, the less it appreciated since 2012. Homes with 1 bedroom increased by 7.2% per year, those with 2 bedrooms (6.6%), three (6.3%) and four bedrooms (4.9%).
Small Size: Over the last 5 years, homes under 1,200 sq ft – favorites of retiring boomers and first-time buyers – have appreciated by an average of 7.5% per year, while homes 2,400 sq ft or larger have risen just 3.8% per year.
Information provided by FloridaRealtors