As the way we live in our homes has changed in recent years, so too has the needs and expectations we have for our homes. While a home office was once a nice-to-have, we’ve all seen how nice it can really be. What about storage or entertaining needs? Thinking beyond kitchens and bathrooms, what other renovations and updates make a home more valuable if it ever comes time to sell? We asked 3 local realtors for their thoughts again and hope you enjoy their perspectives as we have.
Steph Neiss - McCarthy Schwager Group: There are 3 main areas we see buyers requesting regularly: offices, mudrooms and finished basements.
Office Space: Buyers want a designated space and not just and alcove or a spare bedroom where they spend their daily work routine.
Laundry Room/Mudroom: Cute floor tile, painted lockers cubbies, colorful wallpaper and places to put things and organize. This has become a very popular room that Mom's and even kids have come to desire in a home.
Finished Basement:
Entertaining space: A bar and with a beverage fridge, wine fridge, and large wall for an oversized television are all common requests. I am finding people want two living areas, one on the main level and the basement not only for entertaining, but to have a choice where to spend their time.
Home Gym: Again, people do not want an extra bedroom, or a corner in a basement, they really would like a designated room with high ceilings in a basement.
Guest Bedroom with Bathroom: In the last year, many of my buyers who are settling down in their "forever homes" have asked to have an extra bed and bath in the basement or even the first floor. They like the idea to have an extra room and space for guest and Grandparents where they can have their privacy during their stay.
Nikki Peterselli - Baird & Warner: Home updates affect different price points differently. Finishing your basement (with water-proofing! thank you, Chicago weather) is a huge selling point for buyers - again going back to the ability to entertain and have space for kids' things and a place for kids to entertain their friends. Basements can extend even the smallest of homes so having it finished is highly desirable. Another renovation that is top for buyers is a 1st or 2nd floor laundry room. This has become a bit of a "must" for a lot of buyers so if homeowners can do it, it's worth the investment, in my opinion. The other area that buyers want buttoned-up is the backyard. Even a simple hardscape with fire pit & green space for kids/pets will do (and huge bonus if fenced in!).
Farrell Turner - Griffin Harvey Group of Compass Real Estate: Finishing a basement, adding a bathroom, converting a half bath to a full bathroom...all of these things can help with a home's value because they increase the usable space and function of the home. Rearranging layout can be a game-changer in terms of value as well. Many times this is what makes a kitchen renovation such a huge benefit to a property - if you knock down a wall and create an island that opens up to the family room, you are creating a more livable space for a modern buyer (or yourself!). As always, curb appeal is so very important, as are the quality of finishes in the home, and the most important (though less sexy) - the power of good home maintenance.
See more on our series asking realtors our most commonly heard questions here:
Realtor Series: When do you Recommend Renovating vs. When is it time to House Hunt?
Realtor Interview: How do Kitchen and Bath Renovations Impact Home Value?
For other real estate questions, please feel free to reach out to Farrell, Steph, Nikki or your preferred realtor.