If you’re considering selling your home, you ought to know what the majority of buyers are looking for in a residential property. Not surprisingly, buyers want to purchase a home for a good price, but it’s actually things about the home which they most want.
Of the seven at the top of the wish list, all have to do with two things: money and quality of life. Buyers make these things a priority because they usually intend to stay in the home for many years and contrary to what aired nightly on cable, only a very few are looking for any kind of project home. Move-in ready is by far, more wanted than homes which need any repairs or improvements.
Features which Have a Poor Return on Investment
Before we get to the features which home buyers most want, let’s look at which home improvements buyers want the least. Chief among these are a bedroom that’s no longer a bedroom, like making it into a home office or a home entertainment space. Another thing that buyers do not think is much of a bonus is a sunroom addition. Sure, it makes for a bright and warm retreat, but only nets about 48 cents on the dollar. The reason is why it’s a nice amenity, these rooms tend to be less than stellar with energy efficiency, something that’s viewed as an added monthly cost.
“Homeowners are sometimes hesitant to upgrade when it’s time to sell. After all, you won’t be living there much longer, and home remodeling efforts only increase home values by 66.1% of the average project’s costs, according to Remodeling magazine’s 2014 Cost vs. Value report.” —Kiplinger.com
One of the most surprising improvements that does not bring a good return is a generator. While a backup power generator seems to be a big plus, it scores on the minus side for a return on investment. An investment, which on average, costs nearly $15,000 fully installed and ready to go but loses its purchase power, returning less than 49 percent. Faring a bit better but still by no means a big bang for the buck is a master suite renovation or addition, which only brings back about 52 percent.
Top 7 Things Buyers Most Want in a Home
Buyers have certain features and amenities in-mind and the most wanted are not necessarily what you might believe. Here are the top things buyers want in a home the most, according to a news report published by Market Watch, citing a study conducted by the Demand Institute, a non-profit organization run by the Conference Board and Nielsen, which included 10,000 participants:
- Energy efficiency. A large number, 71 percent, of respondents in the survey said that energy efficiency is a top feature. The reason is because the average cost of monthly utilities has risen 56 percent since the beginning of the new millennium.
- An up-to-date home. Fixer homes and those which are a bit outdated don’t fare well with buyers, as 67 percent they prefer to purchase a property that is up-to-date, with modern features and no projects needing to be completed.
- High-end kitchens. A home with a high-end kitchen is something that 62 percent of buyers want. That’s no surprise as the kitchen is the most visited, most used room in the typical household. New appliances and resurfacing the cabinets and countertops will certainly make a home far more attractive.
- Safe neighborhoods. Of the ten thousand participants, 83 percent said that a safe neighborhood is one of the most important factors which go into their decision whether or not to purchase a home.
- Privacy. Another feature which sells buyers on a home is its level of privacy. In fact, 63 percent of home buyers will put this at or near the top of their lists. Should your home be nestled away from neighbors, that’s a great selling point.
- A lot of space. Space is important to 55 percent of people included in the survey. Storage space is at the top of that want, with living space coming-in a close second.
Another huge thing buyers want most is a good return on their investment. A full sixty five percent of buyers put ROI at the top of their lists. That certainly isn’t a surprise, but what might be is that even more buyers, 76 percent, want a home they can stay in well into retirement.