Tuesday, August 15, 2006

Interesting Stats for Home Amenities

As reported by the National Center for Real Estate Research, here are a few examples of how certain amenities can add value to a home' s price in the market place. This data was gathered in the Philadelphia metro area from 1996 - 2003.

*Each additional 1,000 square feet of living space increases the selling price by 3.3%.
*Each additional bedroom adds 4%.
*Each full bathroom adds about 24%, each half bathroom adds 15%.
*Nine-foot ceilings add 6%.
*A basement adds 9%.
*Laundry in the basement decreases value by 2%; laundry located on the first or second floor
raises market value by 15%.
*A golf course view adds 8.1%, and a water view adds 7.8%.
*A sitting area in the master bedroom increases the selling price by 8%.
*An island in the kitchen adds 5.3%, and a double oven increases value by 8.8%.
*There are no significant price differences for houses that are on flat lots versus sloping lots.
(Diane's comment--most of my buyers want to avoid steep driveways--they are not common
in our area.)
*On average, houses advertised as "fixer-uppers" sell for 24% less than other houses.
*Houses with flat roofs sell for about 10% less than those with pitched roofs.

Please keep in mind the norms for your area. For example, if your home is in a newer custom home community and all homes have 9 ft ceilings, to not have a 9 ft ceiling would be a detriment.
The same would be true for basements. If you have a specific question about your home, feel free to write me or to consult with a Realtor in your are.

Cheers!

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