One of the most important considerations for homeowners in today's housing market is property value. How much their home is really worth will impact all aspects of this segment, from the sale to residential financing. As a real estate professional, it is important that you know how to get the most value out of each home, whether you are advising clients or investing your own cash into a deal.
Home improvements adding value is nothing new, but the type of renovations that current buyers prefer is changing. Therefore, it is incredibly important that any change to a property be made with today's market in mind.
Here are a few trends that have taken hold among many homeowners:
A home's flexibility is key
A recent study from the American Institute of Architects has found that flexibility is on the top of the list for many homeowners. This is related to the desire to age in place, or bring in older generations into the current household.
The AIA study looked at home design trends that are popular today. One favorite option was the dedicated guest room or in-law suite, so homes could hold more people without feeling cramped. Other trends included changes meant for older adults, such as ramps and elevators to improve handicap accessibility.
"As many households become caretakers for aging relatives, separate living suites have become popular options for accommodations," said AIA chief economist Kermit Baker. "Homeowners want to ensure that their homes can support the needs of aging parents who may be staying for an extended period of time and other visitors with accessibility needs."
Newly remodeled homes also incorporate more "smart" technology, the AIA noted. That includes thermostats, tankless water heaters and Energy Star appliances.
Following trends and other developments in the real estate industry is incredibly beneficial for real estate professionals. With CRS Data, you can access mortgage records, warranty deeds and much more, right online. To learn about how CRS Data gathers its reliable data, click here.
Look for effective improvement projects
While the yearly trends in home improvement often change, there are several strategies that can pay off no matter what is happening in the current housing market.
For example, This Old House explained that more space is beneficial for every home. A number of today's buyers prefer open floor plans and other similar trends. With that in mind, you could either knock out a wall on a home you are investing in or recommend that step to one of your clients. If the living room flows into the kitchen, it could help increase the value of any property.
The same could be said for the curb appeal. A well-manicured, attractive lawn is a plus for every home. This Old House suggested cleaning up any trees, shrubs or other flora that has overtaken a property. Make sure the lawn is mowed properly and that there are several attractive plants or other features in the front yard. This way, any potential buyers that swing by will be greeted with a lovely first sight.