The Capitalist Investor - Episode 47 Now that everyone has spent a significant amount of time in their homes due to the Coronavirus pandemic, we’re seeing a surge in home improvements. People are pulling money from the vacations that they would’ve had and are investing it into their home. But be careful—some improvements won’t add value. Which 11 improvements are worth investing in? What will raise the value of your home? In this episode of The Capitalist Investor, we walk through Kiplinger’s article “11 Home Features Today’s Buyers Want Most”. We share our thoughts on each item—and throw in a bonus feature. Check it out!Outline of This Episode[1:58] 11 Investments in Your Home That Pay Off[5:58] #2: Energy-efficient windows and appliances[7:04] #3: An outdoor living space adds value[8:10] #4: The affordable value-add—a ceiling fan[9:05] #5: You NEED garage storage space[9:46] #6: Exterior lighting is important[10:42] #7: Install a walk-in pantry[11:53] #8: Do hardwood floors add value?[13:36] #9: Walk-in closet in the master bedroom[15:04] #10: Add an eat-in kitchen[15:47] #11: Are dining rooms outdated?[18:09] Yes or no: Should you add a pool?[19:44] How does this impact you financially?[20:28] Swag-time!A laundry room is #1According to Kiplinger’s article, 91% of buyers want a laundry room. Honestly, we’re surprised it’s not closer to 100%. We use our washer and dryer every single day. It is essential for a family. The only regret I have is not adding a dog-washing station to our laundry room. The average cost to install a laundry room is only $1,000–$10,000. It’s definitely worth the investment. What else is worth it? Keep listening as we share the next few.Walk-in closet + Walk-in pantryA walk-in closet is another no-brainer that people expect to see in a home. Older homes have tiny closets. But you can see the transition over time in newer homes. Now, every single one will have a walk-in closet. In Derek’s previous home, he and his wife turned an entire bedroom into a closet. When they sold it, the people that bought it fell in love with the closet. While a walk-in pantry is a newer commodity, it’s one of the best things in my home. It’s great storage space, especially if you’re buying in bulk. Where else do you need extensive storage? Listen to find out!Dining room or eat-in kitchen?My last house was not an open floor plan. We had a family room and a kitchen that was combined. The other half of my first floor was a dining room and a formal living room. No one ever went in those rooms. This time around, we built a wine-tasting area instead. Formal dining rooms are becoming less and less important. I’m surprised it’s on the list at all. Granted, everyone is different, but younger families on the go probably aren’t using a dining room very often.What is a definite must-have? An eat-in kitchen. It’s fairly standard to have a breakfast nook or bar seating at an island in your kitchen. At the very least an area for a table is a must. The kitchen is where your family and friends will spend their time. In contrast, your dining room may get used a few times a year.The big question mark: Should you pay for a pool?Pools are in very high demand right now. But if you pay to install a pool, you won’t get a dollar-for-dollar return on your investment—and might even lose money. But searches on Zillow for houses with a pool have skyrocketed during the pandemic. The problem is that you can easily pay $100,000 for a pool and maybe get half of that back.These days everyone wants a pool. But the pool can take up the whole backyard (which I’m not a fan of). But I can’t imagine seeing someone going to see a house and saying they don’t like it because it has a pool.When you’re upgrading your home, this type of stuff is important to know. It helps you narrow down renovation projects on things that will actually improve the value of your home. Be strategic, ask the experts questions, read articles, and make smart financial decisions. Find out what the rest of the must-have home features are by listening now!Resources & People Mentioned11 Home Features Today’s Buyers Want MostConnect with Derek GabrielsenTwitter: @DerekGabrielsenFollow Derek on LinkedInSend Derek a message hereCheck out Derek’s YouTube channel!Connect With Mark TepperTwitter: @MarkTepperSWPFollow Mark on LinkedInSend Mark a message hereThe SWP Connect YouTube ChannelSend your questions and comments to us at info@SWPConnect.comSubscribe to The Capitalist InvestorShow Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com
