Top 5 Home Features in Nashville
Realtor.com recently released a trend report for home features that were most popular in each state. So we compiled the Top 5 features for the state of Tennessee and combined them with data from the Cost vs. Value report from the National Association of Realtors. Whether you are a seller or buyer, this information should help you determine the added value for each of these important features.
Here are the Top Five Home Features in Nashville
The back deck is the top home feature for Tennessee. Due to the beautiful scenery we are surrounded by and the great outdoor weather we have 9 months of the year, it is no wonder that a deck was the top feature.
The average cost of a 16x20 basic deck addition in Tennessee is $8,608. This deck would include a simple linear pattern of deck boards, bench, planter and three steps to grade. You can expect to your home value to increase by 86.9% of the cost or $7,480. Building the same deck from composite material would increase the average cost to $14,701 while recouping 75.7% of the cost in added value to your home.
2. Hardwood Flooring
Hardwood was the original choice of flooring for many years and has staged a comeback over carpet in the last 20 years. Hardwood flooring lasts longer, is easier to clean and looks much better than carpet over time. Many people consider hardwood flooring cleaner and less prone to inflame your allergies than carpet.
A recent study by Realtor.com and USA Today found that 54% of buyers were willing to pay more for a home with Hardwood Flooring. Not all hardwood flooring is created equal. There are several choices in types/quality of hardwood flooring and several popular look-alike alternatives. Most quality hardwood flooring is either sand and finish or engineered hardwood. With engineered hardwood, the sanding and finishing takes place in the factory. This makes for a faster and cleaner installation.
A high quality hardwood floor can return about 90% of your investment as added value to your home. This is one of the highest value returns that you can get on home improvements.
3. Covered Patio
Like the deck, a covered patio extends your living space outdoors. This way you can enjoy your beautiful Tennessee surroundings in almost any type of weather and nearly any time of year. Many people incorporate an outdoor kitchen and TV (for football of course) into their covered outdoor spaces.
If you are covering an existing patio, the cost will be very similar to adding a deck to your home, approximately $8,000 - $15,000. Just like the deck, you should recoup about 90% of your investment in added value to the home. A $10,000 covered, outdoor living space should add about $9,000 to your home and hours of enjoyment with your family and friends.
4. Custom Built
Most homes are not custom built and that is not something that you can change later. However, you can add features to your home that are found in many custom built homes that will increase the value of the home.
I want to caution current homeowners. You have two concerns if your want to add custom features to your home. First, don’t add so many features that you price yourself out of the market as this will diminish the return on investment. Being the highest priced home in an area typically means that it takes longer to sell and more difficult to get the full value of your investment. The second concern is nearly the opposite. One custom feature does not make a custom home. Start with the kitchen and master bath. Then carry those finishes through the rest of the home.
The average cost for a major kitchen remodel is about $50,000. You can easily get to $100,000 with high end appliances, fixtures and finishes. Adding custom features is a great way to set yourself apart from competing homes as long as you do not get carried away.
5. High Ceilings
Tall or Vaulted Ceilings are nearly impossible to change once the home is built. So this feature is hard to set a cost and added value.
My best advice for a buyer is to always keep this in the back of your mind when looking at homes. If you have a choice between to nearly equal homes, I would always recommend the one with higher ceilings. Higher ceilings are easier to sell and are much more enjoyable to live under.
My best advice for a seller, if you have high ceilings in your home make sure they are showcased in the professional photos and marketing.
Whether you are a buying or selling your home, this information should help you determine the value of the features that are important to you and fellow Tennesseans.
If you would like a copy of the Repair Vs Value report for Nashville click the link below:
Nashville Home Repair Cost vs Value Guide
Or, you can view the original article at Realtor.com here: What is the Signature Feature of Your State
Otherwise you can look at features in the Most Expensive Homes in Nashville for inspiration here: Nashville's Most Expensive Homes