When homeowners look at what they have invested in their home – including money and time in mortgage payments, maintenance, and updates – and they are planning to sell a home, they may run into issues if they have done updates that are not generally appealing to potential buyers. Realtor.com® put together a list of common features in homes that tend to sell and close the most rapidly and for the highest price.
“Renovating a home with the right features can not only recoup the cost, it can help you sell your place much faster,” says Jessica Lautz, Managing Director of Survey Research at the National Association of REALTORS®. “That means a quick transition into your dream home,” Lautz adds. A home feature that has become outdated due to technological advances, for example, is the home-theater room, while the addition of an extra bedroom still has an overall positive appeal, since it can be used as a guest room, an office, or a home gym. Currently, the most attractive features for millennials are those that have to do with home connectivity.
After looking at the 40 most common home features, as well as home listings and the number of days on market, for comparison, realtor.com® came up with the following list of home features:
- Smart home features, such as thermostats, refrigerators and door-locking systems
- Walk-in closets
- Granite countertops
- Eat-in kitchens
- Hardwood floors
- Laundry rooms
- Open kitchens
- Front porches
- Dining rooms
- Energy Star appliances
- Two-car garages
- Security systems
- Finished basements
A few of the features that you may think would be near the top of the list, like wine rooms or infinity pools, ranked near the bottom of the list, since they are usually part of properties that are more out of reach for the average buyer.
Smart home features are all about making things more convenient and easier to control for many extremely busy homeowners. According the realtor.com® study, the median listing price for a home with smart home features is $575,000 – an increase of 82.6 percent for this type of home over the past couple of years. The reasons the median listing price has increased so much for this type of home are because of high demand and also because many newer, above-average-price homes have these types of features installed from the beginning.
Security systems, which often play a central role in the connected home, are showing a 11.5 percent price appreciation over the past couple of years. Energy Star appliances, a government designation for efficiency, are also an extremely popular feature, as they tend to help with lower utility bills.
Hardwood floor installation is also an extremely popular remodel project that is proving to be worth the time and money investment. Home listings with hardwood floors have increased by 14.8 percent since 2015.
Granite countertops are another feature that has been popular for decades, with a price appreciation of 1.2 percent over the last two years, as well as outdoor living spaces and other outdoor home features, including outdoor kitchens, gazebos, patios, front porches, and two-car garages. Dual garages, according to the report, have had a 16.1 percent price appreciation over the last two years. Most households across American have more than one car, so two-car garages are often seen more as a necessity than a preference. Homes with two-car garages have a median value of $313,350 and an approximate 16 percent appreciation over the last two years.