Top 5 Features Home Buyers Want in 2020

It’s always helpful to know what features buyers are looking for in a home before you put yours on the market. Millionacres, a Motley Fool Company, conducted a home buyer and seller survey recently to see what consumers want in a home. Here are the top five features for 2020.

1. Air Conditioning

Obviously, air conditioning is important to people who live in warmer climates. This survey revealed it’s equally important for people living in colder climates, as well. Even if they don’t use it often, they would still buy a home with a/c over one without it. More than 42% said air conditioning was one of the top three features home buyers want. Almost half said they absolutely would not buy a home without it.

2. Hardwood Floors

What once was a luxury is now becoming a standard expectation. It comes down to durability and cleanliness. Carpet absorbs everything – allergens, airborne debris, pet dander and germs to name a few. Even routine cleaning can’t get some of these things about of the deepest layers of carpeting. Plus, carpeting eventually gets worn out. Hardwood floors have a higher upfront cost for supplies and installation, but they are durable enough to last a lifetime and easier to keep clean. The good news is making the transition from carpet to wood floors in your home could add more value to the home than what you actually paid for the wood floors.

3. Garage

If you don’t have a garage, there’s very little you can do about this before putting your house on the market. Many are looking for extra storage. If you have plenty of storage options in your house, maybe even an attic, that may sway a buyer in your favor. A long or spacious driveway may also help. Just know if you are selling your home and don’t have a garage, it may take longer for your home to sell.

4. Eat-in Kitchen

Open kitchens are all the rage these days. Buyers want large kitchens with built in breakfast nooks, a large island and even a counter to accommodate bar stools. Kitchens like this help keep the family in one place. Kids can do their homework while the parents cook. It also makes a great space for entertaining. If you need to expand your kitchen and can do it by converting your formal dining room into part of the kitchen, that would be ideal. Buyers do not want formal dining rooms in 2020.

5. A Fenced Yard

Larger yards usually trump smaller ones, but no fence around that yard could be a deal breaker. Buyers with children or pets will look for a home with a yard that already has a fence. If they really love your home, they may negotiate the price down or ask you to put up a fence as a condition for buying it. Since everyone’s fencing preferences are different, it might make more sense for you to wait until a buyer mentions it. Thankfully, fencing is a relatively easy upgrade that can be installed quickly.

Since we are in a buyer’s market, the more upgrades you can make, the better the chances of your house selling. If you can’t make these upgrades, it’s not a deal breaker. Just put your home on the market knowing your home may not sell quickly.

Buying or selling a home and need guidance? Speak to one of our mortgage experts!