Boosting your home's value: Part II
Last week we covered the first four ways to boost your home’s value based on a recent Consumer’s Report survey of the millennial generation. This week, we’ll cover the last four ways. By the time you have read all eight ways, not only will you know the inner workings of the minds of the mellennials, but you may have also increased the value of your homes by 35 percent, so let’s get going.
Rule number 5: Millennials have parents who are aging rapidly and living longer. It is estimated that by 2040 there will be almost 80 million seniors accounting for 21 percent of the population. Basically, it’s time for seniors and their children to find ways to retrofit homes to accommodate them, either in their own home or their children’s. Walk-in showers are the first thing that older people are looking for. Forget about those tubs – too difficult to get in and out of. Next are master bedrooms on the main living level with a bathroom attached outfitted with comfort height toilets. Possible increase in sales value could be 1 to 3 percent.
Rule number 6: If you ever watch HGTV, you know that a gallon of paint is the most recommended and least expensive home improvement. High traffic areas like kitchens and bathrooms always could use a fresh coat of paint and never more than when a house goes on the market. In addition, front doors and back doors get beat up from everyday use, especially if you have small children or pets, so they should also be at the top of your paint list. Using neutral colors and good quality paint will impress your millennial potential buyers, since its one less thing they have to think about.
Rule number 7: Outdoor space, especially in states like ours where good weather is the norm, is very important to millennials. However, they are very cognizant of the maintenance cost associated with outdoor living. If you’re planning on a deck, make it as maintenance free as possible and the same with a pool. Actually less may be more for this generation in all areas including landscaping. Curb appeal is still important, as are plantings that require less water maintenance – added value to your sale price 3 to 5 percent.
Rule number 8: Technology can be tricky in a home since it changes so rapidly, but millennials grew up on smart phones and want the ability to control systems at their fingertips. Programmable thermostats, locks and security systems, all controlled with a smart phone, are normal technology to millennials. Also, whole house generators in states that are prone to tropical storms and hurricanes can bring a great return on your dollar. These items can bring 3 to 5 percent in additional value to your home.
What most of this survey has taught us is that the millennial generation wants a home that is move-in ready where they can start cooking and entertaining on day one. They want a home with a lot of high tech amenities, space for an office and room to have live in child care options, i.e. parents. But what they really want is what every other house buying generation has always wanted, a comfortable, safe home for their families. Only they want it without having to pick up a paint brush.