This is a question that we hear very often, and it can be challenging to answer. On one hand, there are improvements that have always added value, such as kitchen upgrades. On the other hand, the value of some improvements is dependent on the current market, the expectations of buyers, and the current technology. While the suggestions below are about selling, the improvements will help you increase rent on investment properties as well.
Exterior
- Exterior features
- Outdoor kitchen
- Landscaping and landscape lighting
- Outdoor seating
- Windows & Garage Door Upgrades
- Energy efficient windows
- According to the 2021 Cost vs. Value Report, thse are two of the highest remodel costs recouped
- Size
- The average size of luxury homes sold on Oahu so far this year is 3,388 sq ft
- Listen to the Ask Doug! episode about the difference between addition types ADUs and Ohana units here
- Technology
- Energy efficient options
- Smart home features
- PV panels
- Electric car chargers
- Energy efficient windows
Interior
The finishings of a home can be very subjective for each buyer. There are trends in home design and décor that get top dollar but homes that are of higher quality aren’t always as favorable because they aren’t trendy. This is why it’s essential to work with a knowledgeable realtor to find that buyer or renter that appreciates quality.
- Kitchen
- Professional appliances
- Stone countertops – according to the 2021 Cost vs. Value Report, this is also one of the highest costs recouped for a remodel
- Islands/increased work space and seating
- Upgraded cabinetry
- Wine fridge or separate wine room
- High ceilings
- Bathrooms
- Spacious vanities with stone countertops
- Spa/steam shower
- Deep bathtubs
- Walk-in showers
- Double closets
- Flooring
- Natural hardwood
- Porcelain tile instead of ceramic
- Radiant heating (if applicable for location)
- Bedrooms
- When you remove a bedroom, no matter how nice the finishes and features of the property are, you risk decreasing your potential buyer
- Alternatively, there is the potential to overwhelm people with too many bedrooms
- Consider having one bedroom as an office space or play room
- Tech and Entertainment Features
- Smart home tech & automation
- Recessed lighting
- Built-in audio
A home could have many upgrades and luxury features, but if it has not been well maintained, it will show poorly and deter buyers. Well maintained homes make a huge different in perceived and actual value. It’s important to work with a knowledgeable realtor or property manager, like our team Caron B Realty International. We would be happy to answer any property management or real estate sales questions you have and to provide you with our checklist for home maintenance tasks. Call us to schedule a private consultation at (808) 593-9826 or email concierge@caronb.com
©2021 Zonda Media, a Delaware corporation. Complete data from the 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.