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.
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.
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.