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What Features Homebuyers are Looking for in a Home in 2020
Even though the hottest time to buy is being interrupted by a pandemic, it is still important to know what features homebuyers are looking for in a home.
Madison Clifton
May 26, 2020
Even though the hottest time to buy is being interrupted by a pandemic, it is still important to know what features homebuyers are looking for in a home. Once stay-at-home orders begin to be lifted widespread, buyers are expected to jump right back into the market. Leading to a large influx of buyers in the next few months, searching through a limited inventory.
While this is promising for you, if your home isn’t up to par with their preferences, you most likely won’t be making a quick sale. If you want your home or investment property to attract attention, make sure your curb appeal is high, and that you can at least offer a few of these key features buyers will be on the hunt for.
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Spacious Kitchen
The trends relating to kitchens and dining areas have definitely evolved over the years. There was a time when people loved having a separate dining room, but nowadays not so much. Today buyers are searching for an open and spacious kitchen with dining areas, and a walk-in pantry.
Breakfast nooks, islands, and space for a large table is what buyers have their sights set on this year. The kitchen is becoming a place that people want to gather, entertain, cook, work, and eat all at the same time. Meaning there is definitely going to need to be lots of space in this family favorite room. If your kitchen is small and outdated it is definitely worth it to make some changes. If you have the means, knock out a wall to open the space up. A cheaper alternative would be to add an island to accommodate the extra eating spaces people will be looking for.
Hardwood Floors
Hardwood floors have been a growing trend in the industry for the past several years. It should come to no surprise that they are still on the rise due to the many benefits they offer compared to carpeted flooring. They are significantly more durable than carpet, easier to clean, and look amazing. Carpets require constant deep cleaning and regular replacement to hold their appearance. Which is a task that is nearly impossible if you have kids, or a growing family.
Hardwood floors have become the gold standard in real estate. If you don’t already have them installed throughout the majority of your home, you will definitely want to add that to the project list. Without them you can expect your home to either sit on the market for some time, or receive a multitude of low-ball offers.
A Garage
A garage offers buyers storage space that is a must in many opinions. Many buyers insist on a garage for a variety of reasons. Such as to store their vehicles, set up a worktable, or even to simply store holiday decorations and other belongings they may have.
Having an easily accessible and well organized storage space is sure to attract many buyers. Unlike backyard sheds or attics, garages are large spaces that are often just steps from the rest of the home. Thus making it a much more convenient and appealing feature than any other storage space.
Separate Laundry Room
A full size laundry room is a feature homebuyers are looking for that definitely tops the list. It would be a mistake to underestimate how important this room is to buyers. A recent survey from the National Association of Home Builders shows that a laundry room is the number one preferred feature for move-up buyers, and the number two preferred feature for first time buyers.
These rooms make it easier to deal with the mountains of laundry that come with kids, pets, and a household full of people. A laundry room allows people to stay organized and on top of their laundry without clothes overflowing into their guest room. A perk that almost all buyers are searching for this year.
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Energy Efficient Windows and Appliances
Energy efficiency is gaining traction in every industry, and real estate is no exception. In homes people are primarily on the lookout for energy efficient windows and appliances. Energy efficient windows can trim heating and cooling costs by 12%. While energy efficient appliances can save buyers a significant amount of money on their utility bills every month. These are selling points for buyers, so be sure to mention them and their money saving benefits to every buyer that comes to your house.
Various trends, like energy efficiency, often is a determinant of what features homebuyers are looking for in a home. So as a seller or investor, it is always important to stay on top all popular trends so you know to improve your home, and make a great investment.