8 ways to boost your home’s value

What are today’s homebuyers looking for? That’s the question sellers should ask, especially now that millennials, 75 million strong, have become the leading cohort of buyers, purchasing 32 percent of homes in 2014.

Consumer Reports offers an overview, based on shifts in the current housing market and its nationally representative survey of 1,573 millennials.

1. The kitchen is still king. Buyers of all kinds have long focused on the kitchen, but it holds particular sway over the newest wave of first-time homeowners. A “modern/updated kitchen” topped the list of ideal home features in Consumer Reports’ survey of millennials, registering as most important to more than one-third of respondents. For as little as $5,000, you should be able to add a new suite of appliances, as well as a new countertop and flooring, resulting in a fresh, coordinated look.

2. Make floor plans work harder. Bigger isn’t necessarily better in today’s market, but strategically increasing the amount of living space in a home is sure to add value. An “open floor plan with flexible living space” was second only to an updated kitchen on millennials’ list of most-desired features. Finishing a basement is the most-common way to add usable square footage to a home.

3. Don’t let your home be an energy hog. Lowering your home’s energy costs will save you money for as long as you live there, and is expected to be a major selling point down the line. Indeed, “energy-efficient” was second only to “safe community” on the list of attributes that would most influence a purchase decision, according to a 2015 survey by the National Association of Home Builders.

4. Keep it simple and stress-free. Stain-prone stone countertops and dust-catching wall-to-wall carpet used to be symbols of luxury, but today’s homebuyers are more likely to equate them with extra work. “We call it stress-free living,” says Miguel Berger, a real-estate professional in Albany, N.Y. “The younger generation, in particular, would much rather spend their time entertaining at home than fussing over it.” It’s safe to assume boomers feel the same.

5. Build a home for “the ages.” By 2040, there are expected to be almost 80 million seniors, accounting for 21 percent of the population. The existing housing stock isn’t equipped to safely accommodate that many older people – too many steep staircases and slippery step-in bathtubs. Forward-thinking homeowners are making necessary improvements to their homes now – and those changes will benefit people of all ages.

6. Paint is still a potent upgrade. Paint keeps your home looking its best while also defending its surfaces from wear, tear and the elements. If you’re getting ready to sell, don’t have every square inch repainted. Instead, focus on high-traffic areas, including the kitchen and bathrooms.

7. Remember the great outdoors. Your home’s property is another opportunity to expand its living space. Adding a deck or patio, with room for seating and a built-in or freestanding grill, is a way to create a defined space for outdoor living on a large or small scale. But remember the rule of low upkeep, especially if your future buyer is likely to be a millennial.

8. Make sure your new technology is actually smart. High-tech features offer notoriously bad returns on investment because technologies tend to evolve quickly. But certain smart devices add value and interest, including programmable thermostats. “I’ll often install a Nest thermostat in a home that doesn’t have one because it creates the impression that this is a high-tech home,” Berger says. Consumer Reports is seeing the same benefit with such products as lights, door locks and security systems.

To learn more, visit ConsumerReports.org.

2016 Consumers Union Inc.