If you have ever watched a show about selling or flipping homes, then you know that there are many improvements you can make that can add nearly-limitless value to your home. However, ALL upgrades aren’t good upgrades. Some improvements can add thousands of dollars to the value of your home when you go to sell, while, unfortunately, some additions can actually turn buyers off. Since the recession, people’s buying habits have really changed. Studies have shown that buyers are much more price-conscious. As a result, they don’t want to feel like sellers are nickeling and diming them to death in a sale – meaning they don’t want to pay extra for each add-on. Still, though, today’s buyers are looking for specific improvements to meet their individual needs. So, what exactly do they want? Check out our top 5 list:
1. Energy-star ratings
Going green has become extremely trendy. Part of it is definitely to help the environment, but a larger part of this trend is the extra savings it brings on utility bills. (Remember, today’s buyers are looking carefully at prices!) As a result, energy-efficient lighting and appliances top the list of what most buyers are looking for in their next home. If you can’t afford to replace your appliances with high-efficiency products, at the very least replace the light bulbs. Even though they’ll be going with you when you move, it will project the concept of high-efficiency throughout your home.
2. High-end amenities
Surprisingly, today’s buyers would rather see high-end amenities than extra space in their next home! The bathroom tops the list for these amenities, with buyers specifically wanting separate sinks and a separate bath and shower in their master bath.
3. Modern electronics
Many home buyers appreciate a wireless home so that they don’t have to be concerned with a bunch of unsightly cords. People are also looking for an already-installed security system to keep their family safe. If you are considering installing a security system, it does add value to the home, but be sure you don’t go overboard, as you won’t see a return if people find your security system excessive for the home.
Before the recession hit, so-called “McMansions” were all the rage. People had money to spend (rather, it was easy to qualify for a mortgage!), so builders put McMansions up anywhere they could and sold them quickly. People didn’t care if their home looked exactly like the one next to it; they just wanted a big home. Today, though, buyers are seeing the value in classic homes that have character, and many who now have the money for a big, expensive home are, instead, opting for something smaller – just because it looks unique. They’d rather lose some space rather than have something that looks just like the one next door.
5. Location, location, location
It’s always been a catch phrase in real estate, but there’s a new twist on location these days. With gas prices increasing every day, people are not willing to have a long commute. Buyers also want to have easy access to good schools, shopping, parks, and running trails.
In the past, these amenities were less of a consideration, but they have become increasingly important to buyers. Unfortunately, you can’t change the location of your current home when you go to sell it, but you can make sure to highlight any feature nearby that makes your home special and adds value to its location.
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