What are home buyers willing to pay more for?

What are home buyers willing to pay more for?

According to an article in the USA News in April 2013, there are some extras in a home that a buyer is looking for and will pay extra for.  Some of them might surprise you.  The article mentions that the first things usually on a home buyer’s list are location, school district, and the commute to work.  What a home buyer is looking for also depends on their age.  If a home buyer is younger, they are most likely looking for a property to “hang their hat” and build some equity.  If the home buyer is older and has a family, they are looking for a few more comforts, space, etc. in order to raise their family.   Here are the other extras mentioned in the article that a home buyer would be willing to pay more for in order to buy the home:

One or more fireplaces

Percentage of home buyers willing to pay more: 40%

Amount willing to pay – $1,400

The article mentions that some 40% of home buyers without a fireplace said they would spend additional money for at least one and would cough up an extra $1,400 in order to have one.

Eat-in kitchens

Percentage of home buyers willing to pay more: 40%

Amount willing to pay – $1,770

Most home buyers looking for this feature have families and need this extra space for all their activities the family is involved in – extra entertaining, kid hangout space, etc. and will pay more for it.

 Home less than 5 years old

Percentage of home buyers willing to pay more: 40%

Amount willing to pay – $5,020

Some people simply want a newer home and will pay more for this feature.  Maintenance in an older home can certainly be above and beyond what they would consider paying extra to have a newer home.

 Stainless steel appliances

Percentage of home buyers willing to pay more: 41%

Amount willing to pay – $1,850

The article stated that from a cost perspective, stainless steel appliances are not necessarily the best investment.  People are primarily driven to buy stainless steel appliances because they look more attractive.

Kitchen island

Percentage of home buyers willing to pay more: 48%

Amount willing to pay – $1,370

This feature, again, appeals more to families who are looking for more space for the kids and when entertaining.   Buyers are willing to shell out some additional money for this feature, but less than others more important to them.

En Suite Master bath

Percentage of home buyers willing to pay more: 49%

Amount willing to pay – $2,030

This is a feature that appeals more to married couples who are looking for a “sanctuary” in the home and are willing to pay quite a bit more for this feature.

Hardwood floors

Percentage of home buyers willing to pay more: 54%

Amount willing to pay – $2,080

This features appeals to many more buyers because of the ease of cleaning.  Older buyers prefer carpeting due to its comfort and warmth.

Granite countertops

Percentage of home buyers willing to pay more: 55%

Amount willing to pay – $1,620

There has been more emphasis on beautiful kitchens because people are spending more time in their kitchens, and granite countertops are part of the beauty.

Walk-in closet in master bedroom

Percentage of home buyers willing to pay more: 60%

Amount willing to pay – $1,350

Extra storage space is a highly desirable feature for people as they get older and acquire more clothes, etc.  The space allows for better organization and people are willing to pay more for this feature.

New kitchen appliances

Percentage of home buyers willing to pay more: 69%

Amount willing to pay – $1,840

Home buyers do not want to deal with the stress of having an appliance break down and are willing to pay more to assure this won’t happen.

Central air conditioning

Percentage of home buyers willing to pay more: 69%

Amount willing to pay – $2,520

Nearly seven in 10 homebuyers said they would be willing to pay more on central air conditioning.  Central air was considered “very important” by more than 60% of people in all age groups.

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