Are home improvements really status symbols? Or, do they help maintain the status quo?
In the National Association of Realtors’ survey published in Remodeling Magazine, one of the top items that buyers will pay more money to have in a home is a master bedroom walk-in closet. Buyers are willing to pay about $1,300 more for one. Remodeling Magazine calls it a “status symbol.”
Home remodeling projects might signal status to your neighbours, and they might help you keep up with the Joneses, but they are surely based on needs and wants. Before undertaking a home remodeling project, you have to commit time and treasure. When you do, you won’t want to skimp. In the survey, buyers reported they would be willing to pay more for hardwood floors and granite countertops. We’re not surprised.
Sleek finishes in flooring and countertops are mirroring the sleek stainless steel look. Hardwood floors are becoming more popular throughout the house but especially in kitchens of younger homeowners. They are easy to keep clean and durable for a lifestyle full of children and entertaining. About 54 percent of the survey respondents would pay more for hardwood floors – up to $2,080. Granite countertops are the material of choice both in kitchens and bathrooms and are worth an additional $1,600 according to this survey.
Finally, master bedroom suites with a luxurious bathroom are a must for 49 percent of the responding buyers. No longer are people looking for huge Jacuzzis or circular tubs that take up half the room. Large showers with frameless glass are replacing the tubs. If a soaking tub is desired, it’s smaller and more compact. Whether it’s your kitchen, bathroom or master suite you’re planning to remodel, don’t let the “status” scare you – make it something you’re going to love yourself. Then show it off to the neighbors.