Rooms with a specific purpose are great conversation starters with prospective buyers as they walk through a home for the first time.
Fancy kitchens for the would-be Michelin-starred chef, or a home theatre with all the bells and whistles, will grab attention and make your home memorable against standard homes in the same price range.
As an experienced agent, these dedicated rooms can be a double-edged sword. For those who love to cook or fan-out on Hollywood movies, they are awesome features.
Unfortunately, not every buyer fits these categories. They’ll see the square footage you’ve dedicated to your passion as a questionable use of space, an indulgence or they’ll be calculating the cost to convert the room back to something more useful to them and wondering if it’s worth the bother.
The only exception exists at the luxury end of the market, where you’re expected to have these showpiece features and so many more!
If you build a specialist space in your home, you should always have an eye to the future and the type of return on investment you’re going to get when the time comes to sell.
Here are the most popular choices:
Chef’s kitchen – These can cost around $80,000 depending on the appliances you select. A cook’s range with super-hot flames, super-zero fridges and at least two ovens are essential. If you installed an average kitchen, you could spend less than $15,000, according to a Harvard University study.
Home theatre – You may not be surprised if I tell you these can be as expensive as a top-class kitchen. The cost will depend on the equipment you install and whether you go to the trouble of engineering the acoustics and installing soundproofing.
Home gym – This is another dedicated feature that will attract some buyers but put off others. Home gyms only appeal to a certain percentage of your target market. Most will try to work out whether they can turn the space into and office or bedroom
Mudrooms – These have more pulling-power. An area where the family can hang hats and coats and kick-off muddy boots or snowy gear is increasingly popular. A large and well designed laundry has become a must-have with many of today’s buyers, especially for families whose washer is always on the go.
Home office – The Work from Home movement has become a lasting trend in many industries. Home offices continue to attract professional couples and parents who need a quiet space away from family activities to focus on work or catch up on paperwork. The belief that a home office contributes to better work-life balance remains strong among buyers.
If you’re thinking of putting your home on the market, I’d be delighted to help you. We can also discuss the best way to market your current property and maximize its value.