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Selling your house? Here’s what buyers want most

Aly J. Yale
The Mortgage Reports contributor

The most in-demand home features

Thinking of selling your house this year? Then you may want to add a back porch first. According to a new study, backyard porches and decks are the most in-demand feature for today’s homebuyers.

Verify your new rate (Oct 25th, 2020)

What buyers want

According to a study from home contracting platform Porch.com, back porches and decks are the most common must-have in a new house. They ranked as No. 1 overall and No. 1 with each individual generation surveyed (Gen X, Baby Boomers and Millennials).

It’s not too much of a surprise, though. Recent stats show that more and more homebuyers are willing to scrimp on square footage in exchange for more outdoor space. 

A newly renovated kitchen and hardwood flooring come in just slightly lower on buyers’ list of demands, while a finished garage and open floor plan claim spots four and five.

Rounding out the top 10 were finished basements, natural sunlight, newly renovated bathrooms, energy-efficient features, and renovated bedrooms. 

What the American dream home looks like by generation

Get more money when selling your house

Aside from just increasing the marketability of your home, some of the most in-demand features can actually add quite the price premium.

According to the study, buyers would spend an additional $4,500 more for a renovated kitchen or finished basement, $4,200 more for an open floor plan, and about $3,500 for renovated bathrooms or a finished garage.

Women are more willing to spend more on a finished basement ($5,353), while mean will spring most for the kitchen upgrades ($4,607). 

Verify your new rate (Oct 25th, 2020)

The Gen X difference

Generation X actually has a different top five than other cohorts, with many prioritizing “natural sunlight in one or more rooms” over kitchen renovations and other perks. They also rank a finished basement as their No. 5 most in-demand feature.

Open floor plans also weren’t important to Gen Xers. In fact, Baby Boomers were 31% more likely to value an open floor plan than Millennials and a whopping 49% more likely than Gen X.

Here’s what Millennials want in a starter home

Get today’s mortgage rates

Are you considering selling your house and buying a new one? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Oct 25th, 2020)