The Commonwealth Blog

Wednesday, May 15, 2019

How Trends Affect Home Value

Square footage may be the main factor that determines your home’s value, but it’s far from the only one. Part of the sale price comes down to what’s currently popular. Keep up with the latest trends in home décor and hip locations to get more money at the time of sale.

This Upgrade, Not That Upgrade

The preferences that influence your home’s marketability are more particular than you might think. For example, painting kitchens blue increases your home’s value—homes with blue kitchens sold for a $1,809 premium in 2017 compared to homes without blue kitchens. This may coincide with the rise of open kitchens, which buyers believe communicate a level of seriousness and sophistication as the centerpiece of the home. Quartz countertops are a popular choice for kitchens because they’re sturdy, luxurious, and come in a variety of colors, patterns, and textures.

Bathrooms can be trendy because of their texture as much as their color. Modern bathrooms use rough tiles in cool grays, tans, and mixed colors to cover showers, countertops, and floors alike—a change from the simple, smooth tiles of years past. Fashionable bathroom storage is also on the rise, as sophisticated cabinets replace old racks standing over toilets.

Other popular (and profitable) trends include installing barn doors and farmhouse sinks. Incorporate these features in your home and listing to see your home sell quickly and for more money.

Location Can Be Trendy

Location is factored into your home’s final sale price. Buyers have always paid close attention to the quality of nearby schools, employment opportunities, and proximity to recreational centers and activities, but their offers may change depending on which activities are “in” in the moment. One study found that Starbucks continues to be a sought-after neighborhood status symbol—homes residing within a quarter of a mile of this famous coffee house increased in value by 96% between 1997 and 2014. If you love your morning coffee and your home is near a Starbucks, you’ll likely pay more to live there.

Trends Buyers Love

Buyers in your market ultimately determine your home’s value by deciding what they can and cannot live without. Proximity to entertainment and popular chains like Starbucks make your property more valuable, but even if your home isn’t close to cool coffee shops, incorporating on-trend design features will help increase its value. Today, bold, luxurious kitchens and bathrooms are worth more money. If you have the time and capital, get strategic with your upgrades to see a larger return at the time of your sale.

  


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