Most valuable high-end home additions
Monday, 20 May 2019
For most people, upgrading their home can mean adding granite countertops, picking a new color palette or investing in professional-grade appliances.
But if you're already living in a luxury home, what can you do to make it even more elegant — and valuable?
Whether you're adding features to increase your home's value before you put it on the market, or you just want to up the luxury factor for your own enjoyment, here are some of the most desirable amenities high-end homeowners are investing in — and buyers are seeking.
Outdoor living space
The outdoor living trend is strong and shows no signs of waning. Many homeowners — especially those who live in warmer climates — are extending their home's cooking, eating, and entertaining spaces to the outdoors. Whether it's a high-tech grill, a gourmet pizza oven or a dreamy outdoor dining space, adding some alfresco areas can allow you to take advantage of your home's exterior while also making your house more appealing to potential buyers.
- While estimates vary from source to source, the real estate news site inman.com says outdoor kitchens can deliver from 100 to 200 percent return on investment.
Again, in the warmer parts of the country, pools are considered an essential element of a luxury home. However, your basic rectangular pool doesn't fall into the “luxury" category anymore. High-end pools of today feature infinity edges, waterfalls, fountains, swim-up bars and more. Indoor lap pools are currently enjoying a moment of popularity among luxury homeowners as well.
Custom-designed wine room
It's not uncommon for even moderately priced homes to have a basement wine cellar for wine storage. However, the upscale version of this is something completely different. These wine rooms are custom-designed spaces with high-tech climate controls, elegant tasting rooms and stunningly beautiful storage and display spaces. A fabulous wine room is an excellent way to maximize some unused space in your home and can be a very attractive feature to future buyers.
- A high-end wine cellar can translate into a 31 percent sales premium, according to Marketwatch.com.
Smart home tech
These days, almost all luxury homes feature some kind of tech. This can range from the latest programmable thermostats, “smart" appliances, and app based systems that do everything from dimming the lights and heating the pool to cranking up the music. And, in most luxury homes, a high-tech security system is a must-have. The more tech, the better — it's impressive, adds value and makes life easier.
Walk-in dressing rooms
These are not closets. The word wardrobe doesn't do them justice, either. These are absolutely cavernous, walk-in dressing rooms customized to accommodate vast collections of designer clothes. Features may include floor-to-ceiling mirrors, sitting areas, valet rods and hooks, built-in laundry bins and vanities. And, according to many designers and homeowners, an island is an absolute must.
- According to Thumbtack.com, adding a customized closet can range from $2,000 to. $6,000. However, a truly luxurious walk-in dressing room with a center island and vanities can cost $50,000 or more.
If you're going to have a luxury home, it should have luxury bathrooms. These days, high-end bathrooms feature everything from heated floors to steam showers, towel warmers and vast walk-in showers. An attention-demanding, freestanding tub is a must-have, as is space. Lots of space. Beautiful materials, such as custom tile work and wall-to-wall marble are essential for creating the at-home spa atmosphere high-end homeowners want.
Home theaters and entertainment areas
Entertainment takes center stage in many custom homes in the form of high-tech, full-featured home theaters and other leisure-enhancing spaces. Stadium seating, high-quality audio-visual equipment and custom lighting create the perfect setting for enjoying the latest Hollywood hits. Rooms with full bars and multiple flat-screen televisions can be ideal for sports-loving families.
If you're thinking about putting your home on the market in the near future, investing in some of these high-end additions could help you get top dollar for your home. Tapping into the equity in your home with a home equity loan or line of credit can be an affordable way to finance these valuable add-ons, which can potentially have an excellent return on investment when you sell your home.
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Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.Links to third party sites are provided for your convenience and do not constitute an endorsement.
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