If you’re thinking of putting your home on the market this spring, you may be wondering how to make your home more attractive to prospective buyers. The following are the most common features buyers want in a home.*
1. Laundry room. While many homes have a nook in the hallway or within a bathroom for a washer and dryer, most buyers (92%) of all ages want a separate laundry room with space for these appliances, plus room to sort and iron. If you want to add a laundry room, think of putting it in the basement or in an area where there are utility lines and plumbing is accessible. Since the utility lines are already there and many basements aren’t finished, it’ll be much cheaper to install than if you have to take out walls or move utility lines.
Cost to install: $1,000 to $10,000
2. Exterior lighting. 90% of buyers want a home with outdoor lighting, including spotlights, walkway lights and pendant lights. Not only does this lighting highlight your home’s curb appeal, it’s also a safety measure. For example, motion lights will turn on whenever they sense movement.
Cost to install: $63 to $135 per fixture*
3. Energy-efficient windows and appliances. Energy Star-rated windows and appliances are a top choice of buyers – 90% prefer energy-saving appliances and 87% prefer energy-saving windows. Energy-efficient windows can reduce heating and cooling costs by 12%. Additionally, homeowners may save up to $40 a year on their utility bills by including energy-efficient appliances in their homes.
Cost to install: $270 to $800 each for windows; cost varies for appliances*
4. Patio. More than 84% of buyers feel a patio is an important home feature. Many people entertain outside during the warmer months of the year and a patio allows them to do so without having to modify their home.
Cost to install: $961 per 120 square feet for a concrete patio*
5. Hardwood floors. For 82% of buyers, hardwood floors are a desirable selling point in a home. Hardwood floors tend to be more durable and easier to maintain than carpet. They also offer a timeless aesthetic to a home. Homeowners can add rugs to improve the warmth of a space or tie the room together.
Cost to install: $1,473 per 120 square feet of unfinished hardwood; $1,353 per 120 square feet of prefinished hardwood*
6. Garage storage space. Storage is important to 81% of buyers, especially if they have growing families. Additional storage in the garage keeps the main living areas free of clutter and is more accessible than attic or basement spaces. Improvement options include installing pegboard on the wall for tools, improving the lighting and electrical circuits or adding cabinets.
Cost to install: $2,025 – $2,363 for a 380 square-foot space*
7. Eat-in kitchen. Many buyers (80%) like the appeal of eating their meals in the kitchen, especially if they have children. Creating space in the kitchen for a small table and chairs may be as simple as removing a wall. You will want to make sure the wall is non-load-bearing, with limited repair work involved and without pipes or wires needing to be removed. If the wall contains any of these factors, your costs could increase dramatically.
Cost to install: $1,000 to $10,000*
Before embarking on any home improvement project, always consult with an experienced Realtor. Realtors can provide expert advice regarding the value and appeal of potential home improvements. At The Provenzano Group, we are available to provide insight into which property improvements are likely to provide the greatest return. As your area real estate experts, we know what today’s buyers are looking for in their ideal home purchase, and we are connected to numerous local home improvement professionals.
If you’re thinking of selling your home, give us a call! We’re here to help you with all of your real estate needs and to answer any questions you have.
*Source: Kiplinger, August 2016