If you are considering putting your house on the market in the near future, you may be wondering what prospective homebuyers are looking for before investing in a home improvement project. Afterall, you don’t want to sink a lot of money and time into an upgrade that won’t appeal to buyers. These improvements go beyond fixing major issues that would come up during a home inspection (which should be addressed prior to putting your house on the market) or quick/ inexpensive fixes like cleaning the carpets or fixing chipped paint. So, what do buyers want in a house?
Renovated or Updated Kitchen
According to realtor.com, a survey they conducted in early April of this year found that 13.3% of 1,300 surveyed (both renters and owners of houses) rated an updated kitchen a must have for their next home. The 2019 Realtor Remodeling Impact Report found that 40% of realtors recommend sellers update their kitchen before listing their home (and 20% said it helped close a sale). Now more than ever, the COVID-19 pandemic has encouraged more people to cook at home, thereby making a kitchen with updated appliances a sought-after commodity. Check out these blog posts on counters, cabinets, and DIY renovation tips for more ideas on how to update your current kitchen. Also keep in mind that 75% of agents surveyed in HomeLight’s Q3 2019 Top Agent Insights Report said that stainless steel appliances are the most in demand appliance finish among buyers.
Gone are the days of wall-to-wall carpeting, homebuyers of recent years want hardwood floors. This home project has one of the best ROIs you can find in home remodeling; there is a 106% cost recovery of new hardwood flooring and 100% cost recovery to refinish existing hardwood floors (according to the same Realtor Remodeling Impact Report). If hardwood throughout the house is not in the budget, opting for another hard surface, like laminate, is still preferred over carpeting. Prioritize the main living areas and keep the carpet in the bedrooms if you can’t update all the flooring. The best practice is to keep the flooring consistent in the house by using the same color and material in all the rooms you plan to make hard surface floors.
Buyers today want modern interiors with clean lines. Bathrooms are similar to kitchens in that they are a high traffic area for family members and so they can wear out faster than other rooms in the house. Buyers like bathrooms with big showers that give off a spa-like environment. If you are not in a position to remodel a bathroom, re-grouting tile and replacing water stained ceilings will go a long way to refresh the space.
Even if you have all the amenities a prospective buyer could dream up inside your home, it’s the exterior of the house that will immediately create an impression on the buyers before they even step foot inside. Create some curb appeal to ensure you impress the buyer from the start. For a quick and relatively inexpensive face-lift, keep the yard mowed and powerwash the exterior of the house. Homebuyers also want ample exterior lighting for both aesthetic and safety reasons. If you can take on a bigger project, the number one outdoor feature buyers want in a house is a patio. Check out this blog post for tips on how to upgrade your existing patio or talk to a contractor about building one.
To get an offer on your house it’s important to help potential buyers envision making your house their new home. There are several ways to accomplish this, particularly with proper staging, but one of the best ways is to paint all the walls neutral colors. A neutral palette (think whites and grays) makes the furniture pop and gives the home a move-in ready appearance.
Let’s face it, Americans today have a lot of stuff. Minimalism, while trendy, is a challenge for most of us. We want to live in simple, calm spaces without sacrificing our beloved possessions. This creates a demand for more storage areas in the house. Homebuyers want walk-in closets, garages with shelving, large pantries, and laundry rooms. While it’s not always possible to create these spaces if they are not part of your floorplan, with a bit of creativity, you can still improve these areas. Try installing an organizational system with shelves and hanging rods to optimize the space in a reach-in closet. Similarly, you can add shelves and a peg wall for tools to increase the storage capacity for your garage or even invest in a shed.
Energy Efficiency and Smart Technology
According to 2019 survey results from the National Association of Home Builders (NAHB), energy-saving features such as Energy Star appliances, windows and whole house certification are among the most wanted home features. Buyers are willing to spend a little more upfront in the interest of saving money on utilities down the road. In addition to replacing old windows and appliances with energy-efficient ones, consider installing ceiling fans and smart thermostats which will also help lower utility costs. You may also decide to upgrade your insulation which boasts a recovery value of 83%. Be sure to have these features highlighted in your listing since they can be overlooked in a typical home tour.
When in doubt about which projects to focus on, ask your realtor! They will have the most up-to-date data and trends, plus know what appeals to buyers specific to your local housing market.