These are the features homebuyers are willing to pay extra for
May 6th, 2013 by
Homebuyers always have and probably always will look to location, style and price above all when in purchase mode. The rest, one might say, is just gravy.
Of course, if the location, style and price check out, homebuyers then may be attracted by a home’s more alluring features. So much so that some buyers are will to pay a premium for just the right arrangements.
Using data from the National Association of Realtors, 24/7 Wall St. reviewed the 11 features that most homeowners were willing to pay more for. Taking things a step further, 24/7 Wall St. looked at how much buyers would be willing to pay for certain features. Here is what they found:
1. Central air conditioning — 69% ($2,520)
2. New kitchen appliances — 69% ($1,840)
3. Walk-in closet in master bedroom — 60% ($1,350)
4. Granite countertops — 55% ($1,620)
5. Hardwood floors — 54% ($2,080)
6. Ensuite master bath — 49% ($2,030)
7. Kitchen island — 48% ($1,370)
8. Stainless steel appliances — 41% ($1,850)
9. Home less than 5 years old — 40% ($5,020)
10. Eat-in kitchen — 40% ($1,770)
It’s important to note this data not only reflects the new home market but the re-sale market, as well. So while adding central air, kitchen appliances, granite countertops and hardwood floors might be a big price to stomach, it appears buyers not only desire those features — they are willing to have them at a premium.