Real Estate Rules

5 ways to maximize your DFW home's value — and 5 features that'll cost you

Carpet is a no-no.

Photo courtesy of Opendoor

When it comes to selling a home, one thing is certain: homeowners always want to get top dollar. To boost their home's value, many embark on renovation projects hoping, but not knowing, that those upgrades will significantly increase their bottom line when it comes time to sell. Questions like, "Will I see my money back from that bathroom facelift?" or "Is installing quartz countertops in my kitchen worth it?" abound.

As we head into the slower fall real estate season, when many homeowners opt to stay put and contemplate selling next year, the list of potential projects might be top of mind. So what should you focus on? If you want to tackle just one project this year, what should it be?

Local real estate company Opendoor just launched a Home Improvement Value Calculator that eliminates the mystery by enabling homeowners to see how much certain upgrades can increase their overall home value.

Looking at Opendoor data for homes valued around $300,000 in Dallas-Fort Worth (close to the current median price), here are the five upgrades that typically provide the biggest boost, along with the average increase in value:

Add a pool: $21,350 (7.12 percent increase)
Add 150 square feet of interior living space: $14,850 (4.95 percent)
Add a second or third bedroom: $14,750 (4.92 percent)
Add hardwood flooring: $13,550 (4.52 percent)
Convert existing living space to a second or third bedroom: $8,600 (2.87 percent)

Opendoor also looked at data from the past year to identify which existing home features could be costing homeowners thousands. Here are the top five offenders, along with the average reduction in value for each:

Carpet as a primary floor type: -$5,400
Formica or tile kitchen counters: -$5,000
Carpet in the master bedroom: -$4,100
Located on a busy street: -$2,800
Low-quality cabinetry: -$2,700

As the largest acquirer of single-family homes throughout Dallas-Fort Worth, Opendoor is able to analyze individual home features and understand how they add to (or detract from) the overall value of a home. The company has been keeping Dallas buyers and sellers in the loop on real local estate trends since 2015, and has served over 10,000 local customers.

For sellers not interested in undertaking stressful, pricey renovation projects to get their home "open-house ready," Opendoor is a dream come true. Homeowners can go to opendoor.com to begin the no-obligation process today and Opendoor will provide a competitive, all-cash offer within 24 hours, regardless of whether or not a home has been remodeled.

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Opendoor's calculator is offered for educational purposes and is not a guarantee of return on investment. Individual results may vary.

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Million-dollar homes

Multi-million-dollar gated home community The Preserve rises in Frisco

Preserve

A palace on the prairie of The Preserve in Frisco

Construction has begun on a multi-million-dollar custom home community in Frisco. Called The Preserve, it's situated among PGA Frisco’s championship golf courses and near the Omni PGA Frisco Resort, with multiple phases that will roll out over the next few years.

The Preserve is part of Fields, a 2,500-acre development in North Frisco off the Dallas North Tollway. Fields is co-developed and owned in partnership with The Karahan Companies, Hunt Realty Investments alongside investors Chief Partners and Cross Tie Capital.

The development will feature retail, dining, entertainment, hotels, corporate offices, native Texas plants, flowers, trees, and 250 acres of park space. It's designed by the same team responsible for Plano’s Legacy West, led by Fehmi Karahan.

Phase 1 of The Preserve will feature 233 homes crafted by 10 North Texas luxury homebuilders: Alford Homes, Coats Homes, and Starside Builders have all begun home construction. The other seven are The Preserve Bella Custom Homes, Endurance Homes, Faulkner Perrin Custom Homes, Hawkins-Welwood Homes, Shaddock Custom Builders & Developers, Sharif & Munir Custom Homes, and Ventura Custom Homes, for whom construction will start soon.

The Preserve Frisco The Preserve in Frisco, soon to be covered with homes.The Preserve

Lot sizes range from 6,800 square feet to more than an acre. Home design options will incorporate high ceilings, open floor plans, glass walls, and seamless transitions between indoor and outdoor such as patios, infinity pools, and landscaped exteriors.

The surrounding area will have more than 2,000 new trees plus views delivered via design elements such as floor-to-ceiling windows and expansive outdoor living areas.

Many of the homes will address sustainability, health, and wellness with green architecture, energy efficiency, water conservation, and recycled building materials.

It will combine the privacy of a gated community with resort-style living, featuring amenities such as the PGA golf courses, 20+ miles of hike and bike trails, and the exclusive Brookside Club with an expansive swimming pool, state-of-the-art fitness center, tennis and pickleball courts and a playground.

Prices will start at $3,500,000.

Hunt Realty SVP Todd Watson calls it one of the most anticipated mixed-use projects in the area -- æa perfect location for discerning buyers seeking their forever home or a secondary residence" — although he's involved with the project so he's probably biased.

“As part of the Fields development, with prominent neighbors like PGA of America and the Omni PGA Frisco Resort, we know The Preserve will be one of the most sought-after addresses in North Texas," Watson says.

According to the Frisco Economic Development Corporation, Frisco’s population has increased by 500 percent in two decades and was recently recognized as the fastest growing city in Texas and third across the U.S.

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