Home renovations are a great way to increase the value of your house. If you are looking to sell, you might consider sprucing up your place with a new coat of paint and a few other choice updates. But when you have a fixed budget or timeline, what should you focus on?
Zillow recently analyzed 1.4 million home sales from 2020. 221 phrases of interest were recorded, and the listing descriptions were tagged based on whether they included variations on these phrases.
This allowed Zillow analysts to correlate sales prices with certain home features. This sale price premium analysis has revealed some clues as to what amenities draw higher sales prices. Keep reading to learn what to focus on during a renovation!
The Key Takeaways
When Zillow lists a home, they make an estimate of what they think the home will sell for. But in their analysis, Zillow found that homes with certain amenities sold for higher than their estimated price.
Out of the ten amenities listed in homes that sold for higher than expected, six of those items can be found in the kitchen!
For example, homes that advertised a steam oven sold for 4.9% more than expected. Homes with butcher blocks sold for 2.7% more than expected, and homes with quartz countertops (often in kitchens) fetched 3.2% more than expected!
This could be because more people cooked at home last year during the pandemic lockdown. Eating at home really makes you realize that cooking is more enjoyable with certain kitchen upgrades.
The other room of the house that stood out in this analysis is the bathroom. Homes that advertised heated floors sold for 3.2% more than expected, while curbless showers sold for 3.6% more than their Zestimate.
Get The Most Out of Your Renovation
If you are renovating to sell, this sale price premium analysis can help you target your renovation. Focus on the kitchen and the bathroom to achieve your maximum sale price.
This is not to say that adding these specific features will automatically make your home sell for more. But it does indicate that people are attracted to luxury kitchens and bathrooms. Focus on these two rooms during your renovation and in your advertisements, and you’ll be on track for success.