Although many real-estate purchase decisions are affected directly by fluctuating factors out of the buyer’s or seller’s control, such as interest rates and commuting costs, there are other considerations that will also weigh into many buyers’ decisions. These factors go beyond the buyers’ core needs for location, size and relatively good repair. This means that homeowners determined to improve the resale value of their property need to be mindful of how renovations will attract potential buyers in competitive market situations. For example, wireless security is known to be a high priority for new buyers, as are energy-efficient HVAC systems and ever-popular kitchen and laundry appliances and bathroom upgrades.
This is not surprising when you think of how these comforts and conveniences can help ease the burden of young growing families pressed for time and budgetary efficiencies. Younger homebuyers are less likely to have additional resources to finance expensive renovations, especially if their savings are dedicated to investing in as much real estate value as they can afford in their final offer to purchase. Current homeowners looking to improve on their property’s future value can benefit from data about such buyer profiles and trending preferences. If you’d like more specific information, let’s have a chat.