What home improvement projects actually increase the market value of Florida properties?
The gentle sound of water splashing off rocks from two massive artificial waterfalls greeted Bobby Fletcher recently at a home in Southwest Florida.
Because the custom-built waterfall was one-of-kind — created at a cost of tens of thousands of dollars — its proud owners were positive the water feature should have increased the value of their property by a substantial amount.
"They wanted to convince me that it was value-added," he said. "It was very cool but that wasn't true."
Fletcher has been appraising property for nearly 30 years, and in his opinion, niche home improvements like expensive water features, secret rooms or putting greens don't increase market value when it comes time to change addresses.
Fletcher, principal at Bass Fletcher & Associates Inc. in Sarasota, said when it comes to projects worth their cost, it's those that are important to the broadest audience that move the needle the most.
What home improvement projects result in increased market value?
The things that add value are the things that are important to the average buyer, and the average buyer will be willing to pay more than if the improvement wasn't there.
What is important to the average homebuyer from a home improvement perspective?
It is the things that most people care about: The quality of the kitchen, and the quality of the bathrooms. What material and how old is the roof? What is the quality of the windows? These are things buyers will compare between properties before they make their decision.
What about pools? Do they add value to a property?
They do add value. Depending on the neighborhood, I typically add about $20,000 to $50,000 if a property has one.
Does that mean people should not build their dream improvements if they don't have broad market appeal?
You should build what you want to build because you are the one who will be living there. But be aware that not all improvements result in increased value to a property. Generally speaking, the quirkier the improvement is to your specific tastes the less likely the improvement is to increase your resale value.
This article originally appeared on Sarasota Herald-Tribune: What home improvement projects increase a property's value?
