Value-Added Features

Published on 09/02/04
By Lewis J. Corcoran - Realtor-Associate - Weichert, Realtors

Value-Added Features

The National Association of Realtors recently released a report on the "Value of Housing Characteristics." The study measured how certain property characteristics add or subtract value. Here are some of the findings:

* Each additional 1,000 square feet of living space increases selling price only about 3.3%. Each additional bedroom adds about 4% to the price, while an additional bath can add 24%.

* Houses advertised as "fixers" usually sell for 24% less than other houses.

* A garage typically adds about 13% to the price.

* Central air conditioning adds about 12% to price.

* A basement increases a home's value an average of nine percent.

* A sitting area in the master bedroom increases the price about eight percent.

* Internal features that add the most value are a family room, a dining room, a whirlpool and a security system.

This information is useful to determine the return you can expect to see on your remodeling investment. It also helps you compare property values for homes with and without such amenities.

If you're considering remodeling your home and would like suggestions on what improvements would be worthwhile, or if you like to know the value of your home, please don't hesitate to call or email.

Owner's Tip:

Houses with flat roofs sell for about 10% less than those with pitched roofs.

Owner's Tip:

The negative effects of age are most pronounced for houses 21 to 30 years old.