What features increase the value of a house?

Apply it with fresh paint. Give your kitchen an updated look. In many cases, a kitchen or bathroom remodel can offer a return of 100 percent or more on your investment, and that number could be even higher depending on the finishes you choose, the amount of labor you're willing to do yourself, and the amount of improvement these changes offer compared to the current state of your home. The value of your home is based on what willing buyers in the market will pay for your home, but each buyer is different.

For example, a family might weigh location factors, such as schools and jobs, on the size and condition of the home. These factors can influence why some neighborhoods have high prices, and others that are a few miles away don't. In addition, the proximity of a location to highways, utility lines, and public transportation can affect the overall value of a home. When it comes to calculating the value of a home, location can be more important than even the size and condition of the home.

In addition to square footage, a home's usable space is important when determining its value. Unfinished garages, attics, and basements are generally not counted in usable square feet. So if you have a 2,000 square foot home with a 600 square foot garage, that's only 1,400 square feet of living space. The impact of a project or improvement varies depending on the market you are in and the value of your current home.

For example, according to data from our home improvement value calculator, a finished basement in Portland is 5 times more valuable than finishing a basement in Atlanta, an increase of approximately 13% in median home value versus 2.5%, respectively. Even if your home is in excellent condition, in the best location, with premium upgrades, the number of other properties for sale in your area and the number of buyers in the market can affect the value of your home. If there are a lot of buyers competing for fewer homes, it's a seller's market. In contrast, a market with few buyers, but with many homes in the market, is called a buyer's market.

Short-term interest rates don't directly affect long-term interest rates. Therefore, an increase in the Federal Funds rate does not mean that a 30-year fixed-rate mortgage will become more expensive. Long-term rates are influenced by Treasury yields, investor confidence and inflation rates, among many other factors. You can learn more on our blog about interest rates and homeownership.

According to Chase, adding stone veneer is one of the most impactful ways to generate profits with a renovation. A report found that 67% of people are more inclined to see a house if the garden is up to par, as it means less work and better views. Surveying 3,400 people, OnBuy's garden furniture sector (opens in a new tab) presented images of 20 similar-looking houses with different floors in the front garden and asked respondents to rank homes from most to least desirable. In second place are lilies; these low-effort flowers caught the attention of 71% of potential buyers, who think they make the exterior of a home more attractive.

The flowers return year after year and require minimal care, so they are definitely worth planting. Lavender is the third most desired option, as the fragrant flowering plant attracts 64% of the attention of respondents. The Mediterranean evergreen shrub repels insects due to its fragrance and is easy to grow, as long as it is kept away from damp and humid areas. The report, which surveyed more than 1,000 homeowners, also reveals the top 10 green approaches homeowners are tackling, and the number one improvement is simply installing smart lighting, energy-efficient LED bulbs that can be automated and controlled through an app.

Nearly a third (31%) are making this style of lighting their priority with their home improvements, with upgrading to green appliances and double glazing next on the list, followed by domestic chargers for electric cars and improved insulation. You can't go wrong with white cabinets 42% of millennials prefer the trend, which is still on the rise, according to research by Houzz. Gray paint also has an upward trend, while wood tones (darker versus lighter) are still strong. Not only are renovations exciting because of the improvements they bring to your home, but they can also increase the resale value of your home.

If you want to be more confident that your home will be worth a lot of money one day, just follow these simple tips on how to increase the value of your home. Okay, the first thing you can do to increase the value of your home is to make your home more attractive, literally. Appliances, windows and lighting with the Energy Star symbol, the federal certification that they reduce energy use without sacrificing performance, were rated as essential or desirable home features among more than 90% of all homebuyers in the NAHB study. Whether you are planning to sell in the near future or simply want to continue increasing the investment value of your home, there are many steps you can take to increase the value of your home.

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