Adding value to your home can often involve a whole lot of time and money. Fortunately, there are a couple of basic adjustments anyone can make to boost the value of their home, and no, they don't involve a full kitchen or bathroom remodel. Check out these three studies that prove there are simple fixes that offer relatively significant financial gains.
1. Painting your bathroom blue can raise your home value by up to $5,400.
We're not messing with you -- promise! In a 2017 study, Zillow found that bathrooms painted in powder blue or light periwinkle sold for $5,440 more than expected. This is the highest sales premium of all the colors they analyzed during their 2017 Paint Color Analysis. Zillow looked at more than 32,000 photos of sold homes around the country to see how certain paint colors impacted their sale price on average when compared to similar homes with white walls. Blue and gray tones were the winners.
"Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space," Svenja Gudell, Zillow's chief economist said. "Incorporating light blue in kitchens and bathrooms may pay off especially well as the color complements white countertops and cabinets, a growing trend in both rooms."
Looks like a $20 gallon of paint has a greater impact on home value than we ever could have imagined.
2. Buyers are willing to pay more for homes with solar panels.
While adding solar panels to your home isn't the cheapest quick fix, it is something to consider. For one, it doesn't involve tearing up the inside of your home, but most importantly, according to a 2015 study from the Lawrence Berkeley National Lab spanning the years of 2002 to 2013, solar panels have been proven to add value to homes in the eight states they've observed: California, Connecticut, Florida, Massachusetts, Maryland, North Carolina, New York and Pennsylvania.
Good for the environment, and eventually, good for your pocketbook.
3. Mentioning proximity to Whole Foods or Trader Joe's is key.
Is your home a stone's throw away from one of these well-loved grocery stores? Mention it in your listing!
In a 2016 study, Zillow revealed that between 1997 and 2014, homes located near a Trader Joe's or Whole Foods had a median value of $406,600 and $376,200, respectively, at the end of 2014, while the median US home was worth less than $180,000. During the same timeframe, homes near a Trader Joe's or Whole Foods appreciated by an average of 148 percent and 140 percent, respectively. The typical U.S. home appreciated by 71 percent over the same period. Neither Trader Joe's nor Whole Foods appear to be consciously selecting up-and-coming neighborhoods when opening new stores, so it's clear that they have some major customer loyalty.
If your home is just a few short blocks away from that two buck Chuck or ever-enticing salad bar, it's clearly in your best interest to emphasize this!