New #kitchen adds over $30,000 in value to homes in #Boston #MA #homebuyer #realestate #agent

In Boston, Massachusetts a new kitchen adds more than $30,000 in value

The coronavirus pandemic has been an accelerator for change, and it may be that the area where that is most apparent is in the way Americans view and use their homes. Suddenly, a home is no longer just a place to live — it is also a place to work, learn, exercise and stay safe.

It’s no wonder that lockdowns have inspired many homeowners to upgrade their homes, either to make them more livable or to make them more valuable when they put them on the market. But how much should they spend, and what are buyers actually willing to pay for?

A new report conducted by Wren Kitchens surveyed 2,000 U.S. homeowners and renters to reveal how much homebuyers would increase their offer by based on different home upgrades. Looking at nine different metrics, if Boston homeowners tackled every item on the survey’s list, they would reap as much as $264,602 when it comes time to sell.

It’s no surprise that a new kitchen is the project that brings in the best bang for the buck, with homebuyers willing to increase their offers by more than 5% of the property’s market value for one. In Boston, that translates to $33,333 in added value for a new kitchen.

A new bathroom was second highest on the list, averaging $30,818 in added value, while new floors/carpet is worth $29,465. While outdoor living spaces have been growing in popularity and amenities for years, coronavirus restrictions have spurred even greater demand as homeowners look for a safe place to connect and relax outside. According to the report, a “garden makeover” in Boston, MA will add $26,370 in value to an average home.

According to the report, the average age of first-time homeowners has increased — the median age is now up to 33 — and along with that, so have their expectations. Digitally savvy and well-informed, they’re not overlooking the nuts and bolts of the home.

Homeowners who install new double-glazed windows will recoup $28,755, new electric will bring $29,851 and a new HVAC system will add $30,625 in value.

Also, homeowners who are able to convert attic space might consider doing so. Whether for a dedicated home office, playroom or workout room, that extra bonus space is in demand right now.

According to the report, an attic conversion in Boston will add more than $27,208 in value.

The post In Boston, a new kitchen adds more than $30,000 in value appeared first on Boston Agent Magazine.

Who Pays the Home Buyer's Agent?

Both seller's agent fees and buyer agent's fees are part of a typical real estate transaction and are included in the final negotiated purchase price of the property. There should be no additional fees to the buyer for a buyer's agent above and beyond the negotiated purchase price of a home unless specifically agreed in writing between the buyer and agent before an offer is made.

In most cases, the seller's agent pays the buyer's agent for bringing the buyer, negotiating the purchase price and terms, writing a legally correct offer, coordinating inspections, responses, and financing plus handling numerous additional details on the buyer's side of the transaction.

Buyers should avoid contacting seller's agents and sellers directly unless they are comfortable negotiating and representing themselves. That is why it is important for buyers to choose their agents BEFORE they begin looking at homes or as soon as possible if they have begun looking.

Did you know that fewer than one percent of the agents and brokers in Massachusetts have committed to being 100% loyal to their buyers 100% of the time?

To learn more about the pros and cons of various types of buyer agents, or to get a list of experienced local 100% loyal buyer's agents to interview without obligation, click the button below.

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Selecting the Right Homebuyer's agent

Unlike most other real estate agents, a MABA home buyer's broker never represents both a buyer and seller in the same transaction so you never have to worry whether a MABA agent is really looking out for your best financial interests. A MABA buyer's agent acts as your advocate, real estate educator, advisor and negotiator, always loyal to you and dedicated to helping you find and buy the best home with the best terms at the price and showing you which homes to avoid along the way.

Fewer than one percent of the agents and brokers in Massachusetts meet our high standards. 

Whether you are ready to buy now or just beginning your home buying journey, click here to choose a Great Buyer's Agent to answer all of your home buying questions!