Do you know what home features are most valued by homeowners and home buyers? A recent Rocket Homes℠ study sought out to determine this by asking more than 1,000 homeowners and home buyers what they found to be the most valuable home features. Not surprisingly, when asked to estimate the price of a typical home, home buyers estimated the value of a typical home to be about $20,000 higher than homeowners. Of course, this is not an unexpected finding since home prices average about $10,000 above asking price in the current market. Below we discuss a few of the findings from this study.
The most important home features
- Location: You can’t discuss valuable home features without mentioning the importance of location. A desirable location increases a home’s estimated value by almost $100,000, representing a 30% increase, according to the report. Of course, this premium can vary significantly. For example, in South Florida, a waterfront location with ocean access can fetch a much larger premium vs a similar landlocked home.
- School zone: Consistent with a home’s location, the school zone that it is located in is a critical feature for a home’s value. Oftentimes, home buyers move specifically to be located in a certain school zone. According to this study, being near highly rated schools increased a home’s perceived value by more than $75,000. For example, we have assisted many clients purchase homes in the Addison Mizner Elementary School zone, Boca Raton Community Middle School zone, & Boca Raton Community High School. In fact, we have may clients relocating to these areas specifically for these school zones.
- Kitchen: Arguably the most important room in the home is the kitchen. Apparently, the respondents in this study tended to agree. On average, a kitchen renovation added more than $27,000 of perceived value in the eyes of the buyers surveyed. The top items on the list for the kitchen were upgraded appliances. However, cabinetry and counter tops also ranked highly as well.
- Bathroom: More than half of respondents said the design and quality of a home’s primary bathroom is of high importance. In fact, 54% of home buyers said that a nice primary bathroom may convince them to buy a home they wouldn’t consider otherwise. An upgraded shower increased a home’s estimated value by more than $2,600. As for upgraded bathroom flooring, this resulted in a $2,900 increase in value.
With more people working from home these days, additional space in the home has become more important than ever. Many buyers in today’s real estate market are seeking extra space for a home office (or two in the event that both spouses work from home). In addition, more Americans are also opting to have a home fitness center if possible. Add in the fact that fuel prices are at their highest level in history and climbing, more Americans are trying to limit the amount of driving that they do as well.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!