Is it a good idea to invest in branded appliances? Will these pieces of equipment help increase your property’s value? Read on to find out more!
CAN BRANDED APPLIANCES INCREASE A PROPERTY’S VALUE?
There may be two questions that come to mind when a homeowner plans to purchase new home appliances. 1) Can the equipment improve my family’s overall quality of life? 2) Can the appliance increase the value of my property when I sell it? The truth is that not all homes increase in value due to having the latest kitchen appliances or a remodeled kitchen. In most cases, it comes down to one’s region, real estate market, as well as buyers’ tastes and preferences. Now, this should not stop you from getting the equipment that the home deserves – branded appliances. If you are looking to invest in new appliances, here are some factors to keep in mind:
THE CURRENT VALUE OF YOUR PROPERTY
It is important to determine the current value of one’s home before upgrading its appliances and preparing it for sale. When a home’s value is high, potential buyers typically expect to see branded appliances in place. Properties with lower estimated values, on the other hand, often cater to buyers who are on a tight budget. These individuals may be against the idea of purchasing a home due to its luxury appliances. Don’t worry; some potential buyers feel indifferent about this.
Because it boils down to one’s individual real estate market, there is no one-size-fits-all answer that will guide you. Your property’s value is decided upon various factors, including targeted buyers, home type, price range, and neighborhood.
FREQUENCY OF COOKING AND ENTERTAINING GUESTS
In some cases, it is not the monetary value that kitchen appliances add to one’s home. It is how much value updated kitchen appliances can add to one’s overall quality of life. If you are lucky, the potential buyer may have an active social life. For example, they may need to entertain guests and hire chefs on a regular basis. If your property provides the required amenities and convenience from the get-go, chances are they might be willing to accept your higher asking price.
REAL ESTATE MARKET TRENDS AND DEMANDS
Today, the U.S. real estate market does not operate on a single set of parameters; property prices rise and fall with time. Every property type, price range, and region have their own sets of rules to determine what will or will not add value to one’s home. Existing property owners should consider whether potential buyers in their specific markets expect to see branded kitchen appliances in a home that is being considered. Individuals who are in the market for luxury homes may be more open to seeing high-end appliances inside the properties they view, e.g., in areas such as Bel Air and Beverly Hills. If your home has everything these people need to begin living comfortably or “move in tomorrow,” your property’s value just got a boost.
BRANDED APPLIANCES IN OTHER HOMES (WITHIN THE SAME NEIGHBORHOOD)
Consider checking out other homes that are also for sale in your area or neighborhood. These are the properties that you may be competing with. If these listed properties offer high-end kitchen appliances, you may need to update your appliances to outshine your competitors. In these cases, investing in branded home appliances, e.g., refrigerators and dishwashers would make sense.
