Yesterday we talked about the top 3 things young Boston home buyers want in a potential property. In the course of my research I noticed there were stark differences between what young home buyers look for and home buyers their parents’ age (35-54).
Not surprisingly, people in the 35-54 age range have different needs and wants in a home than their younger counterparts. They are more concerned with interior finishes and functionality, as well as the comfort level of the home.
Earlier this year the National Association of Home Builders released a study titled “What Home Buyers Really Want,”. It explored what home buyers nationwide prefer in a potential home’s design, functionality, kitchen, bedrooms, outdoor features and technology.
“[It] provides an inside look at the things home buyers really want or don’t want in their homes,” said Rose Quint, NAHB’s Assistant Vice President for Survey Research, and one of the study’s authors.
The National Association of Realtors (NAR) also conducted a nationwide survey on what home buyers are looking for in potential homes. Aside from location and budget constraints (both personal issues) here’s a look at the top 4 things Boston area home buyers want in a home based on data from nationwide surveys conducted by both the NAHB and NAR.
Central Air Conditioning
According to data from the NAR, 60 percent of homeowners, regardless of age, considered air conditioning “very important,” and would prefer a home with it. In fact, nearly seven out of 10 homeowners surveyed said they would be willing to pay more for a home with central air conditioning. With Boston temps soaring for the next few months, this is one feature we can all agree that we want!
New Kitchen Appliances
Who doesn’t love shiny new things, especially when they come in the form of a double-door refrigerator or a dynamic dishwasher? Home buyers prefer new kitchen appliances because it means less money spent on repairs or replacement. Not surprisingly, 69 percent of those polled in the NAR study said they were willing to spend more money for a home with new kitchen appliances.
The desire for new kitchen appliances is not really an extravagant indulgence; it also has a practical side. Regardless of age, everyone wants to save money on their utility bills. According to the NAHB study, some of the most wanted features in a home involve saving energy, i.e. energy-star rated appliances and windows, and an energy-star rating for the whole home.
Walk-In Closet in Master Bedroom
According to the NAR data, a whopping 60 percent of homeowners are willing to pay extra for a walk-in closet in the master bedroom, with 44 percent of people between the ages of 35 and 54 viewing this feature as “very important.” Many view walk in closets are status symbols while others value them for their space.
The need for space to organize and store items also ranked high in the NAHB survey. As people age, they tend to accumulate more belongings and therefore require space to put all that “stuff.”
Published June 27, 2018
Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.