Building Value Into A Brand New Home-
Let's face it, what may be of value to you may not be to someone else. Your comfort and happiness within your home can not be undervalued. The designing and building of a new house should be based on what makes it valuable to YOU. If a tray ceiling makes you smile, then don't be afraid to explore it as an option. That being said, here's how certain upgrades can add value to your house at an appraisal time in the future.
Inherent value -
It's always a good idea to keep an eye on the potential resale market value of your house. One indisputable, very valuable aspect of new construction houses is - they're NEW. This means it was built to the latest code standards. It passed all its inspections and is a safe structure to live in. You aren't going to need to worry about electrical hazards or plumbing mishaps. New construction has inherent value.
From the ground up -
If you're looking at building in a neighborhood rather than in a more remote setting, consider the lot. People used to believe a corner lot was important. That idea has dramatically cooled down in recent years. When looking for a lot, make sure it suits your needs.
- For instance, a lot with a naturally occurring slope or hill will more easily accommodate a walk-out basement.
- Lots that back up to nature preserves or land that comes with a guarantee that it can never be built on will be more private. While it may be considered an upgrade - it will most often come with a site up-charge.
It's best to know what you need and what's important to you before buying any piece of land to build on.
Love at first sight -
Curb appeal is important. It's the first impression you have of your home when you see it. It's also the first impression an appraiser will have. Upgrades to the exterior of your house can be very helpful in adding overall value.
- Consider upgrading to brick or stone on the front of the house. It's a great look and can be difficult to re-do after your home is built.
- Adding a deck or patio is another asset that is more costly to add after your new home is built. Recent research shows buyers have a high degree of interest in outdoor living spaces
- The front door, while much easier to change after your home is built, is another place where spending a bit more will really make an impact.
- One item many people overlook is the garage door. Before writing it off as "just a garage door" consider the visual impact it makes. It can take up a lot of the sight line. You may want to consider getting an insulated garage door as well - the visual impact aside, it makes the home more quiet and can help with heating and cooling costs.
It's what's on the inside -
It goes without saying that the interior of a house will have a huge impact on both its perceived and actual value. Because times and tastes change, it's more wise to focus on structural elements rather than cosmetics.
- Walk out basements have held their popularity due in part to the increase in "livable square footage" of a home. They are also VERY difficult and VERY expensive to "add" after your new home is built.
- Go for the higher ceilings in the basement -regardless of whether or not you're planning to finish it. Your basement will feel more open and usable. Higher ceilings on the main floor add value by increasing the feeling of spaciousness.
- Plumbing - yes - there are plumbing upgrades. They are worth it. No I don't mean a bidet toilet... I mean - adding roughed in plumbing to the basement whether you intend to finish it or not. Someone else may want that option in the future, and it's much less difficult and costly to add it in the beginning.
- Electrical upgrades can help you get the full value of your home when should you decide to sell it. Extra outlets can be so helpful. Don't believe me? Remember the last time you didn't have one when you needed it? Consider adding wiring for a generator. Even if you don't ever add one, the next person may find it's the feature that puts them over the top on purchasing the house.
If you or someone you know is considering building a house, or you just have questions about the process, give us a call at 269-345-3859. We will be happy to help.