11 Most Popular Home Improvements
Which 11 features are homeowners willing to pay more for? 24/7 Wall St. took a look at the question, using data from the National Association of Realtors.
11. One or More Fireplaces
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,400
Some 40% of home buyers without a fireplace said they would spend additional money for at least one and cough up an extra $1,400. The fireplace, while always popular, was less necessary when several TVs were going in the house all at once, said Errol Samuelson, president of Realtor.com. But he speculated that having a home with fireplaces may become more popular in the future as people spend less time watching TV and more time on tablets and e-readers. These people may find the fireplace a good place to cozy up and use their devices, he said.
10. Eat-In Kitchen
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,770
The people who are most interested in an eat-in kitchen tend to be in the 35 to 54 age range, with 30% of those prospective home buyers indicating this is “very important” in a house. Meanwhile, just 21% of those under 35 years of age and 20% over 55 feel the same way. More people, especially those who are raising families, want kitchens that look into family entertainment rooms. Some have even made it a family hangout by placing big-screen TVs and other electronics in the kitchen. “Buyers who are in families want to be in one space and do it all,” said Brendon DeSimone, a Realtor and real estate expert with Zillow.
9. Home Less Than 5 Years Old
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $5,020
Some people simply want a newer home. For those willing to pay more for a newer home, the median that people would dole out was more than $5,000. Although this is a lot of money compared to most features, that money could be a wise investment in the long-run. Maintenance costs are considerably less in newer homes compared to older homes, Samuelson pointed out. He also noted that newer homes tend to be much more efficient, attracting people who are environmentally conscious.
8. Stainless Steel Appliances
> Proportion of home buyers willing to pay more: 41%
> Amount willing to pay extra: $1,850
Like most features, stainless steel appliances are most important to people between the ages of 35 to 54, with 23% considering them to be a “very important” investment, compared with just 16% of those under the age of 35 and a mere 11% of those over the age of 55. From a cost perspective, stainless steel appliances are not necessarily the best investment. Samuelson noted that stainless steel wears out far easier than most other common materials. Also, the children in the house can also get their fingerprints on the appliances, requiring more cleaning. However, Samuelson said people are primarily driven to buy stainless steel appliances because they look more attractive.
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11. One or More Fireplaces
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,400
Some 40% of home buyers without a fireplace said they would spend additional money for at least one and cough up an extra $1,400. The fireplace, while always popular, was less necessary when several TVs were going in the house all at once, said Errol Samuelson, president of Realtor.com. But he speculated that having a home with fireplaces may become more popular in the future as people spend less time watching TV and more time on tablets and e-readers. These people may find the fireplace a good place to cozy up and use their devices, he said.
10. Eat-In Kitchen
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $1,770
The people who are most interested in an eat-in kitchen tend to be in the 35 to 54 age range, with 30% of those prospective home buyers indicating this is “very important” in a house. Meanwhile, just 21% of those under 35 years of age and 20% over 55 feel the same way. More people, especially those who are raising families, want kitchens that look into family entertainment rooms. Some have even made it a family hangout by placing big-screen TVs and other electronics in the kitchen. “Buyers who are in families want to be in one space and do it all,” said Brendon DeSimone, a Realtor and real estate expert with Zillow.
9. Home Less Than 5 Years Old
> Proportion of home buyers willing to pay more: 40%
> Amount willing to pay extra: $5,020
Some people simply want a newer home. For those willing to pay more for a newer home, the median that people would dole out was more than $5,000. Although this is a lot of money compared to most features, that money could be a wise investment in the long-run. Maintenance costs are considerably less in newer homes compared to older homes, Samuelson pointed out. He also noted that newer homes tend to be much more efficient, attracting people who are environmentally conscious.
8. Stainless Steel Appliances
> Proportion of home buyers willing to pay more: 41%
> Amount willing to pay extra: $1,850
Like most features, stainless steel appliances are most important to people between the ages of 35 to 54, with 23% considering them to be a “very important” investment, compared with just 16% of those under the age of 35 and a mere 11% of those over the age of 55. From a cost perspective, stainless steel appliances are not necessarily the best investment. Samuelson noted that stainless steel wears out far easier than most other common materials. Also, the children in the house can also get their fingerprints on the appliances, requiring more cleaning. However, Samuelson said people are primarily driven to buy stainless steel appliances because they look more attractive.
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