The market has recently been adjusting and many of my clients are reaching out to me about what changes or features would best help their home value. I have my own opinions, but more importantly I was able to get some insight from a local appraiser on the trends he is seeing right now in the Bay Area. If you are planning on staying in your home a long time and have features that would improve your quality of living I would recommend it, but if you think you may sell in the near future you will want to make sure you get the most out of your investment.
1. Owned solar adds to the appraised value while leased solar does not.
2. A pool in the Bay Area could add approximately $50,000 in value depending on the area.
3. When it comes to certain upgrades adding to the appraised value, a large factor is desirability. Try to focus on upgrades that would appeal to the majority of homeowners.
4. When it comes to overall quality of upgrades (like a kitchen), there is a large emphasis on what is current and in style. If someone upgrades their kitchen though it isn't in style, it wouldn't add as much to the appraised value as something that is in style.
These trends are different than what would have been desirable or affordable ten years ago. Solar used to be be very expensive and pools were relatively affordable. Now the opposite is true with solar being affordable and pools being very in demand and limited pool contractors. Leaning towards more sleek, modern upgrades or remodeling is increasingly popular and the appraiser agrees that buyers also prefer this style. What upgrades have you done on your home that you think have improved the value? What features in a new home would you be willing to pay more for?