Buyers Value Storage Space, Central AC, In-Law Suites, Survey Finds

Purchasing a home is an important life decision, and many factors can influence the home choices buyers make.

Geography and demography strongly influence what buyer’s value in a home. The typical recently purchased home was 1,860 square feet and was built in 1996. Repeat buyers, buyers of new homes, married couples and families with children typically purchased larger homes. First-time buyers and single women tended to buy older homes. The typical buyer purchased a home with three bedrooms and two full bathrooms. Slightly over half of the homes purchased were on a single level.

More than three-fourths of all buyers purchased a home with a garage, garages were more popular among new-home buyers.

Central air conditioning was also important. When it came to actually buying a home, buyers considered central AC. Buyers value some features so much that they are willing to spend more money to have them. Sixty-nine percent of buyers who did not purchase a home with central AC would be willing to do so in future.

The rooms that buyers were willing to pay the most for were a basement and an in-law suite.

Most satisfied homeowners still said they would like more or larger closets and storage space.

Within three months of a home purchase, 53 percent of buyers undertook a home improvement project.

The typical buyer spent $4,550 on various projects. Remodeling the kitchen was the most common home improvement project; 47 percent of buyers undertook a project in the kitchen. Bathrooms were a close second at 44 percent. Forty-one percent of buyers who made home improvements added or replaced lighting, and 37 percent added or replaced appliances soon after becoming a homeowner.

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