As a homeowner, you should always aim to increase the value of your property, particularly if you plan to sell it in the future. One of the best ways to do this is by buying brand-new appliances. But if your appliances are in good working order, you might be wondering if the price tag of high-end appliances is worth it or if it’s a waste of money. The answer, unfortunately, isn’t so straightforward as it will depend on where your property is situated and who you’ll sell it to.
If you’re torn between buying new appliances or retaining your current ones, don’t worry. In this post, we discuss why it may – or may not – be a wise financial move to invest in new appliances for your South Florida home.
Will Appliances Increase Property Values?
Consumer Reports statistics show that a renovated kitchen, which includes new appliances (particularly stainless steel), countertops, etc. can bump up the sale price of your property by 3% to 7%. However, this doesn’t always mean that remodeling your home is a wise investment. Whether or not new appliances increase the value of your home relies on a variety of variables.
Is Your Property in an Upscale Community?
Consider whether or not the buyers in your particular area would expect to buy a home that comes with premium appliances. Remember, luxury homebuyers want to move in immediately. VIP homeowners from cities with a reputation for luxury, such as Miami, don’t have the time to purchase items themselves. They’ll be more willing to buy a home with pre-installed appliances, even if that means paying a bit more.
What If Your Property Isn’t in an Upscale Community?
If your property is in a less upscale area, investing in premium appliances might not significantly increase the value of your property. Because many mid-range buyers don’t need high-end appliances, they won’t care if your home has been outfitted with stainless steel dishwashers, smart systems, etc. What matters most to them is that your property is within their price range.
Besides, mid-range homebuyers would rather prefer to buy their own appliances if they want better ones down the road.
How to Determine if You Should Upgrade Your Appliances
Examining other properties that are currently on the market in your neighborhood or nearby is one of the best ways to determine if you should buy new appliances. Since you’ll be competing with these properties, it’s critical to “copy” what they’re offering. A good property management company can help you with this.
As a general rule in real estate, you should aim to closely model your house to comparable ones in the neighborhood. For example, if you own a three-bedroom home, find out if other sellers with three-bedroom homes offer. If they don’t offer high-end appliances, then don’t offer high-end appliances. You don’t want your property to stand out too much in the ordinary market.
Let’s say there are ten comparable homes on the block and yours is priced $5,000 more than the others because you have premium appliances. Do you think your potential buyer would pick yours? Probably not.
To the “ordinary” buyer, it won’t matter if your home has the best appliances on the block. Since price is their top priority, they’ll steer clear of communities where property values will probably be inflated. On the other hand, people who want premium appliances are unlikely to look for properties in less-upscale areas. They’ll be more interested in homes in high-end neighborhoods.
In sum, if you’re wondering whether you should buy high-end appliances, you must first ask yourself who your target buyers are. That way, you can gauge what they’re looking for.
What Appliances Increase Property Values?
If your property management company determines that purchasing new appliances is the cost-effective choice and that it can increase your home’s return on investment (ROI), spend your money on these items:
If you own an old refrigerator, chances are that it’s no good. Old fridges consume more energy and let’s face it, no one wants to pay more for electricity. Not only are newer refrigerators more energy-efficient, but they also come with functions you wouldn’t find in older models, such as LED controls, ice dispensers, and more.
#2 Built-in Stove
A stove is a must-have in every home, but the question is, what stove should you buy? Built-in stoves are always better than standalone ones because they feature flat surfaces that reduce clutter. They’re also sleeker and are sure to appeal to the tastes of modern homebuyers.
No homebuyer will want to wash their dishes in an old, moldy dishwasher. If your dishwasher looks worn out, it’s time to replace it to increase your property’s value and attract more people. A new dishwasher will cost you around $970, which isn’t cheap, so consider hiring a high-end property maintenance company to make sure it stays in good working order for a long time.
#4 Other Energy-Efficient Appliances
In general, appliances with an Energy Star rating are a good idea. Today’s homeowners are looking to save energy, so it pays to invest in energy-efficient improvements such as programmable/smart thermostats, front-loading dishwashers, and french-door refrigerators.
Hire a High-End Property Maintenance Company to Increase Property Values
Once you’ve purchased appliances to improve your property’s value, don’t forget to maintain them! Your appliances will only be able to boost your home’s value if they’re still in like-new condition by the time your home is posted on the market. To help you out with that, we at Luxury Property Care offer expert property maintenance services for South Florida homes. Whether your home has been outfitted with ordinary or premium appliances, we’re here to make sure they’re well-maintained. In that way, you can get a great deal once it’s time to sell your home.
We can also help you choose which appliances can increase your property’s value the most. Call (561) 944 2992 today to schedule a one-on-one consultation with our team. You could also fill out our contact form to request a commitment-free quote for our services.