It’s no secret that the economy has been pretty flaky lately – as a result, most Americans are tightening their belts, cutting out unnecessary extras and looking for long-term, solid value in the investments that they do choose to make.
It should come as no surprise that this practical mentality is also influencing the choices home buyers make when scouring the market for their new homes. According to Market Watch, a subsidiary of Dow Jones, the priorities of today’s home buyers can be boiled down to this short list:
1. Large kitchens, with an island.
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2. Energy-efficient appliances, high-efficiency insulation and high window efficiency.
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3. Home office/study.
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4. Main-floor master suite.
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5. Outdoor living room.
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6. Ceiling fans.
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7. Master suite soaker tubs.
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8. Stone and brick exteriors.
9. Community landscaping, with walking paths and playgrounds.
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10. Two-car garages.
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You’ll notice that each item on this list shares one or more of these features: practicality, affordable luxuries, family friendly spaces, and an emphasis on entertaining at home. For example, instead of going out to fancy dinners, home buyers envision themselves crowding around their kitchen island with a large group of friends and family, or roasting marshmallows over a fire pit in the backyard. Spa days have been replaced with bubble baths at home. Kids are having fun with their friends around the neighborhood rather than spending a few hours at Six Flags.
So what does all of this mean for you?
If you currently own a home and are looking to sell now, there are some things that you just can’t change about your house, like the location of the master bedroom or whether the home has siding. But, on the bright side, there are simple and affordable changes you can undertake that will make your home more attractive to prospective buyers. The easiest upgrade is to stage your backyard to include an outdoor living space – it doesn’t have to be extravagant or expensive, a few comfortable chairs with colorful pillows will go a long way. Is there an unused or underused nook in your home that you can stage as an office? While we don’t recommend staging an entire bedroom as an office (bedrooms are more valuable), adding a desk to a larger room can show that the space is multifunctional.
If you currently own a home and are looking to sell in the next few years, keep this list in mind when you’re making upgrades to your home. Opt for a soaker tub over a more expensive jetted tub, think about replacing leaky windows with energy efficient models, and include an island in your kitchen if you have the space – this doesn’t necessarily require a renovation as there are tons of free-standing islands on the market (here are just a few examples).
If you are thinking about buying a home, you may want to take a hard look at this list to see which features are important to you. Having a checklist of your needs in mind when you start viewing homes will help keep you on the right track.
