Today’s home buyers have a long wish list of features they’d like to see in their future homes. And rightfully so, given that American homeowners live in their home, on average, for seven years before selling and moving. That’s a long time to be stuck in a place that doesn’t suit your fancy!
If you’re interested in renovating your home there are a number of factors to consider. While the enjoyment of your own home is important, you may also want to consider how it may impact your re-sale value and how it may stimulate future buyer interest. So what do home buyers look for in a home? Take a look at 5 desirable features that home buyers are looking for:
1. Open floor plan—
A recent survey by the National Association of Home Builders (NAHB) suggests that home buyers desire open floor plans. 32% of buyers want a completely open kitchen-dining-living area, while an additional 38% desire a partially open area, including a half wall or arch for easy flow. An open space is a good way to promote everyday living, entertain guests and keep a watchful eye on the children. Here are some additional features that could aid your open floor space:
- Harwood floors—82% of buyers prefer them on at least the main floor.
- Energy-star windows—87% of buyers want the cost-cutting heating and cooling benefits, according to NAHB.
- Plenty of storage—home buyers want ample storage (cabinets, pantries, et al) to keep clutter out of sight.
2. Updated kitchen—
Kitchens are one of the most important features of the home. They are the social center where families gather for meals and conversation. So for prospective buyers, the kitchen could make (or break) the sale. The NAHB and Houzz surveys highlight several amenities homeowners are adding to their homes to meet the desires of home buyers:
- Double sinks (80%)
- Table space for eating (80%)
- Walk-in pantry (80%)
- Energy star appliances (90%)
- Stainless steel appliances (75%)
- Granite countertops (41%)
- Quartz countertops (40%)
- Custom cabinetry (40%)
3. Garage Storage—
81% of potential home buyers want garage space. And why not? A place to store tools and items for your growing family and park your car within a few steps of your home sounds perfect! The price is just right, too, at $2,000-$2,400 for a 380-square-foot space, which includes durable cabinetry, peg wallboard to hang tools, adequate lighting and updated electrical circuits.
4. Neutral paint—
When it comes to color, keep it simple. Neutral colors give off a sense of warmth and openness, especially in high-traffic areas like the family room and kitchen. A Consumer Reports analysis found that certain colors increased home sales up to $5,000, while other color choices depressed the selling price. Here are the most popular colors that buyers want, according to the report:
- Kitchen: wheat yellow
- Bathrooms: oatmeal or beige
- Living room: dove or light grey
- Bedroom: light green or khaki
5. Updated bathroom(s)—
A fresh, updated bathroom can really capture the attention of a potential buyer. A midrange bathroom remodel may come with a serious price tag—$18,546 for a remodel and $43,232 for an addition—according to Remodeling Magazine’s 2017 Cost vs. Value Report, though you may get a 65% and 54% ROI, respectively. A few eye-catching add-ons, however, can catch people’s eye. According to HGTV, these design trends are all the rage:
- Soaking tubs (Say goodbye to whirlpool tubs!)
- Natural stone counters
- Dual sinks, brushed metal faucets, hardware and fixtures.
- Cost-effective flooring options: tile and laminate
- High-end flooring options: hardwood, natural stone and concrete.
In addition to the features mentioned above, here’s a list of what the next wave of home buyers, millennials, most want in their homes:
- Laundry room
- Exterior lighting
- Living room
- Front porch
- Both shower stall and tub in master bath
- Ceiling fan
- Hardwood on the main floor
- Energy Star rated appliances
When your projects are complete, treat yourself to a delicious home-cooked meal from your updated kitchen, enjoy a movie in your upgraded family room and cap off the night with a glass of wine while soaking in your new tub. Enjoy the space now, because soon enough, buyers will come knocking.