If you’re thinking about making home improvements or getting your property ready to put on the market, you’re likely wondering about the return on your investment and the overall value of your property. What improvements are most effective in drawing buyer interest? And what is the biggest improvement you can make to your home to increase its value?
According to Aaron Young, Vice President and Chief Appraiser at First Hawaiian Bank, “The single best improvement to your home to increase its value is the kitchen.”
While it is a huge undertaking to renovate an entire kitchen, it’s often viewed as the centerpiece or focal point of the home and, in many cases, dictates how the rest of the floorplan is planned.
“What affects value positively are improvements to the kitchen, and homes with good flow or design,” says Young. “This is where the homeowner is going to get the most bang for the buck.” While adding square footage to the home, or increasing the number of bedrooms or bathrooms are worthwhile projects to help increase your property value, the most popular is a kitchen upgrade.
When considering your kitchen upgrades, the quality of the components and the workmanship is just as important to note. If the quality of the materials or workmanship is below market standard, what was intended to increase the home’s value could negate the potential increase in value and may even devalue the property.
If you’re thinking of getting a kitchen makeover or making other improvements your home, talk to a personal banker at any First Hawaiian Bank branch about a home equity line of credit to finance your renovations and upgrades.