Updated: November 16, 2023
As a homeowner, you always want to increase what your home is worth – especially if you’re looking to sell it in the coming months. But what updates will do that? Updated kitchens are always a winner, but where should you begin? Can new appliances increase home value? Is it worth it? Find out.
Does Buying New Appliances Increase Home Value?
Nobody wants to buy a home with dated, unsanitary, or malfunctioning appliances. Not only can new appliances appeal to more buyers and potentially help a home sell faster, but also new appliances increase home value in many cases. Especially if the appliances are older than ten years or in bad shape, new appliances may add a significant boost in value.
How Much Value Do New Appliances Add to Your Home?
How much appliances increase home value will depend on a few factors such as:
- The type of appliance
- The new appliance’s model
- The state of the appliance being replaced
- How many new appliances are replaced
- The specific market
Typically, the more appliances that are upgraded, the higher the increase in value. While numbers can vary drastically, one report suggests that professional-grade appliances add value to a home and help it sell for 3.6% more.1 With the median home sales price in the United States at $431,000,2 this increase can equate to an extra $15,516 in sales price.
Appliances That Add the Most Value to Your Home
In general, you want to start by updating the oldest appliances or those that may not be functioning as efficiently as they should be, but there are some appliances that add more value than others. While there may be some debate on which appliances are the most important to upgrade during pre-listing home improvements, we’ve compiled a list of four appliance upgrades that add value to homes.
1. Refrigerator
Make your kitchen cooler with a new fridge. Let’s face it; old refrigerators can leave the entire kitchen looking dated. The aesthetic value alone can increase buyers’ interest, but if you have an older fridge, it’s almost certainly not as efficient as newer models either. More electricity consumption translates to higher energy bills, and who wants that?
Newer refrigerators also have far better functionality and features that you may not be able to find on an older model such as touchscreen controls, innovative internal organization, state-of-the-art water and ice dispensers, filtration systems, smartphone capabilities, and more.
While you may need to drop upwards of $10,000 for a professional-grade fridge with all the bells and whistles,3 a new refrigerator increases home value more than some other appliance updates in most cases.
2. Stove
A new stove cooking range can make your kitchen look more modern and up to date. The newest stoves are visually appealing and equipped with all the latest technology. Trendy features include smooth-top electric surfaces, self-cleaning oven options, and convection oven cooking settings. Expect to pay anywhere from $320 to $4030 for a new stove depending on just how fancy you want to get.3
3. Dishwasher
If your current dishwasher is leaky, noisy, moldy, or simply out of style, it’s time to upgrade. An old dishwasher will not draw buyers in. These days dishwashers can add value to homes with enhancements that reduce noise, allow for remote operation, or increase energy efficiency. The average cost of a new dishwasher is anywhere between $330 to $1,900.3
4. Washer/Dryer
From eco-friendly to tech-savvy machines, washers and dryers include a diverse collection of options. Some even have special features such as allergen-reducing and speed-dry settings. While you may not need to get something that high end, you should replace washers and dryers that are old, noisy, or not functioning as properly as they should. Each machine can cost anywhere from $445 to over $2,000 depending on the make and model.3
Tips on Updating Appliances Before You Sell
While new appliances add value, do not just buy any new appliance before you put your home on the market. You want to make sure that the upgrades you make will be beneficial to the sale.
Energy-efficient homes are becoming more and more desirable, so look for energy-efficient appliances to help draw buyers in. Also, you want the look of your home to be cohesive. When appliances are in the same room, try to match their color and materials. A stainless-steel refrigerator with a black stove and white microwave can kill the aesthetic of the room even if they are all new.
Finally, neutral colors are typically better. While blue or red appliances may add a pop of color, they can be a turnoff to a lot of buyers. It is safer to stick to all white, black, or stainless-steel appliances. These small tips on updating your appliances can help you make a fantastic first impression on prospective home buyers.
Need Help?
Just because new appliances increase home value in some cases doesn’t mean that upgrading these features will result in a great profit when you go to sell. If you are unsure if you should buy new appliances before selling your house, let us help.
At Curbio, we use data on national and local market trends to help determine what buyers are looking for. We also execute on the work with no money due upfront.Talk to your agent about partnering with us or contact us to get matched with an agent.
Sources:
- Zillow (2023). She sheds, steam ovens can help sell homes for up to $17,400 more
- The ascent (2023). Average House Price by State in 2023
- Experian (2023). How Much Do Home Appliances Cost?
