While every homebuyer is different, certain features in residential properties tend to be of greater value to consumers. To find out what some of those features are, theNational Association of Realtors (NAR) surveyed over 2,000 households that purchased a home between 2010 and 2012.
Out of the 33 home features presented in the survey, NARreported central air conditioning was the most important feature to buyers, with 65 percent stating this was very important.
A walk-in closet in the master bedroom was said to be of great value among 39 percent of buyers, making it the second most important feature. Homes that were cable-,satellite TV-, and/or Internet-ready followed closely behind and was an actual feature found in the homes of 94 percent of buyers who said it was important.
There were also certain features a large share of buyers were willing to spend more money on. For buyers who did not purchase a home with central AC, 69 percent stated they would be willing to spend $2,520 more for a home with this feature.
New kitchen appliances were also valued by buyers, with 69 percent stating they would be willing to invest $1,840 more for a home with this feature.
Buyers also said a walk-in closet in the master bedroom was important and were willing to pay $1,350 more for a home with this feature.
Buyers viewed waterfront properties and homes less than five years old as holding the greatest dollar value. For waterfront homes, 32 percent of buyers said they would be willing to pay a median of $5,420 more, while 40 percent of buyers would be willing to spend a median of $5,020 more for a new home less than five years old.
Certain types of rooms also appealed to buyers, with 32 percent stating they were willing to pay a median of $3,200 more for a home with a basement, while 20 percent were willing to pay a median of $2,920 more for a home with an in-law suite.
More than half, or 53 percent, of buyers also invested into some type of home improvement project within just three months of their purchase. The most common type of upgrade involved a kitchen project, with 47 percent of buyers stating they remodeled their kitchen.
Forty-four percent of buyers undertook a bathroom project, making it the second most common renovation, while 41 percent added or replaced lighting. Changing appliances was another common upgrade, with 37 percent adding or replacing appliances.
According to the survey, the typical buyer spent $4,550 on projects, and the typical home purchased was 1,860 square feet and built in 1996.
by Esther Cho