Top 10 on Home Buyer's Wish List
In this new economy, home buyers are scaling back their wish lists, re-thinking the lifestyle choices that were in high demand through the housing boom of the last decade.
According to an extensive study of over 22,000 American consumers by Avid Ratings of Madison, Wis., homebuying preferences have changed since the recession of 2008. Here are the highlights:
1. Green is increasingly desirable to buyers. This study has been conducted for 4 years, each year showing increased demand for green home features. Top on the list: energy-efficient windows, appliances and insulation. Lower on the list, but still desirable: recycled building materials, green flooring, and tankless water heaters.
2. Kitchens are still most important to buyers, big kitchens. One interesting detail of this kitchen is that it must have a free-standing island.
3. The community club house is no longer desirable. Along with the insuing HOA fees, community swimming pool and golf courses. Consumers are basically indifferent to these ammenities and would gladly trade them for neighborhoods without the rising HOA fees of the last 24 months. (The only neighborhood ammenity worth keeping in buyer's opinions is the walking path.)
4. Once popular home features which are now out: Whirlpool baths are no longer desirable, in their place consumers want oversized showers with seating. Home theaters, traditional living rooms and dining rooms, mud rooms and game rooms are out.
5. The "Must-haves" continue to be: granite countertops, home-office space, fireplace and two-car garage.
If you're thinking about renovations or remodels in the next few years, these kinds of studies are invaluable to help you keep "resale" in mind as you plan your renovations.
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