Before sale: Which home upgrades are worth the expense?

Compromises will be made when it comes to buying a home, but certain features are definitely a priority, such as air conditioning, basements and houses hardwired for technology.
The National Association of Realtors released results of the 2013 Profile of Buyers’ Home Feature Preferences, which examined the importance buyers placed on 33 features and 12 rooms commonly found in homes. The survey analyzed responses from 2,005 households who purchased a home between 2010 and 2012.

Realtors use the survey results to assist buyers in finding a home, and “it’s interesting and sometimes surprising to see what buyers think is important when choosing the right house for them,” said Jessica Lautz, manager of member and consumer survey research for the National Association of Realtors.

It also can give good insight into which upgrades might pay off in a home you’ll eventually sell.

3 bdrs, 2 bath
The typical recently purchased home totaled 1,860 square feet with three bedrooms and two baths and was built in 1996.

“What’s surprising is that everyone wants three bedrooms and two baths. It doesn’t matter if it’s a single female or a family with two parents and two children,” Lautz said.
Slightly more than half the homes purchased were single-level, and “that’s probably important for people who are older and are looking to avoid having to climb stairs, but it also was an important feature for single women,” Lautz said.

Single men preferred a home with a finished basement.

AC, walk-in closets
For all buyers, the most desired home feature was central air conditioning, with 65 percent of buyers considering it very important.

“Air conditioning is important all over the country but even more so in the South, where 79 percent said it was very important,” Lautz said.

It’s also something people are willing to pay extra for in order to have it in their home. Sixty-nine percent of the buyers who did not purchase a home with air conditioning said they’d be willing to pay on average an extra $2,250 to have it, the survey found.

The next most important feature was a walk-in closet in the master bedroom; 39 percent of buyers considered this feature very important, the survey said. Closely behind was having a home that was cable-, satellite TV- and/or internet-ready; 37 percent considered this important.

“I found it very surprising that more people did not feel it was important to buy a home that is cable-, satellite-, TV- and internet-ready,” Lautz said.

While it might not have topped the list of priorities, 94 percent of buyers bought a home that was wired for technology.

All about kitchens
Kitchens tend to be the gathering areas in the home, and 89 percent of buyers had an appetite for an eat-in kitchen.

“People want a communal space where they can watch their kids while they cook or have a drink with friends,” Lautz said.

New kitchen appliances were also a big draw for married couples and single men. Sixty-nine percent of buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with this feature. Luxury countertops of granite and stainless steel were big draws as well.

“You turn on HGTV and they’re on every program,” Lautz said. “Even though stainless shows off all those fingerprints, people still want it.”

Bigger and better
The most surprising finding for Lautz was that even if people were satisfied with their home purchase, a majority said they would try to improve it almost immediately.

Although 97 percent of recent buyers were satisfied with their home purchase, there are always features buyers would like that they don’t have, said NAR Vice President of Research Paul Bishop.

“Most satisfied homeowners still said they would like more or larger closets and storage space” or a larger kitchen, and two out of five would prefer a larger home overall, Bishop said.

Within three months of a home purchase, 53 percent of buyers undertook a home improvement project.

By Melissa Erickson
Read more: http://www.timesreporter.com/archive/x1533300191/Before-sale-Which-home-upgrades-are-worth-the-expense#ixzz2cbPoiJvO