Everyone knows that location is a key factor in dictating how much a property can sell for in a given market. But while close proximity to employment, amenities, and green space are all important to boosting property values, the physical features of the homes themselves obviously also play important roles in how much buyers are willing to pay for them.
Buyers often have a list of features that they ideally want to see in a home before they consider putting in an offer. While different buyers may have their own unique needs and wants, there are specific features that seem to be universally considered valuable, so much so that buyers are willing to may more for them.
If you’ve got any of the following traits in your home, you’ll likely be able to find buyers that will dish out more for them.
1. Ensuite Bathroom in the Master Bedroom
There’s something about a master ensuite that offers a personal retreat right in the confines of your own home. A master ensuite has been a popular feature for homeowners for the last decade or so, and continues to be a highly coveted feature. It’s a staple in the design of new homes, but older homes typically require a renovation job to squeeze this extra space in.
If your home boasts a master ensuite, almost half of the buyers out there will pay over $2,000 more versus a home down the street without one.
2. Walk-in Closet in the Master Bedroom
It seems like the master bedroom is more of a sanctuary than just a place to lay your head at night. In addition to a master ensuite, having a walk-in closet in this room can bring even more money to the table.
Having extra storage space to house clothes and shoes for more effective organization and easy access is something that about 60% of homebuyers are willing to pay an extra $1,300 for. And the bigger the space and more features it boasts (think Carrie Bradshaw’s amazing closet), the more attention – and – money – you’ll draw in.
3. Hardwood Flooring
If your home is still lined with old-fashioned wall-to-wall carpeting – especially on the main level – it may be time to switch things up, especially if you’re considering selling anytime soon. Hardwood flooring has now become an expected trait in homes for sale, so much so that many buyers will simply dismiss listings that don’t have this trait.
This is especially true among the younger millennial demographic of buyers, who have more modern tastes when it comes to home decor. Hardwood not only looks sleeker, it’s also easier to maintain compared to other surfaces like carpeting. More than half of buyers are willing to pay over $2,000 more for hardwood flooring, so it’s a feature you may want to consider if you’re thinking of selling soon.
4. Open Concept
More and more prospective homebuyers desire an open concept where they are not separated by walls. They are especially attracted to homes with an eat-in kitchen that’s large enough to seat the family for meal times.
Cooking dinner, keeping an eye on the kids, watching TV and conversing with guests can all be done with an open concept layout, and if your home is laid out in this manner, almost half of buyers would be willing to pay an extra $1,700 for it.
5. Kitchen Island
Not only does a kitchen island create a much more impressive room, it also allows for a lot more counter space to prepare meals and house your small appliances. It also adds more functionality and practicality to the room by offering additional storage space for your pots, pans, dishes and kitchen utensils. They’re great for entertaining guests, and offer an alternative seating space for casual meals. Buyers love kitchen islands – nearly half of them are open to pay over $1,300 more for a home that has one.
6. Brand New Kitchen Appliances
A new set of stainless steel appliances can do wonders at improving the look and feel of a kitchen. And high-end brands, as well as unique and modern appliances like wine fridges, can really up the ante when it comes to what homebuyers are willing to pay for your home. Nearly 70% of buyers are open to coughing up an extra $1,800 if your kitchen boasts new appliances.
7. Central Air Conditioning
Air conditioning is a must, especially if you live in the southern part of the country. In fact, the majority of homebuyers consider A/C to be an extremely important feature in a home, and will pay over $2,500 more to get it.
If you’re planning on selling soon, you may want to make certain improvements to your home to get top dollar. However, it’s important to note that certain projects will cost more than what you might necessarily recoup upon the sale of your property. Make sure you speak with your real estate agent about any potential home improvements that would yield the highest returns before you start making major changes.