Home Features First-time Buyers Want

The age at which Americans are buying homes is changing. Every year the median age of homebuyers is increasing. In 1981, the median age for homebuyers purchasing their first home was between 28-29. Things have changed a bit since then. Now, the median age for homebuyers purchasing their first home is 33. That’s an increase of approximately 14%. Age is not the only thing that has changed about first-time homebuyers. Their needs and features they find desirable in a home have changed too. Understanding these changes and the features these first-time buyers want may help your home sell more quickly. 

Desirable Features

The 2020 Coronavirus pandemic is shaping what homebuyers are looking for in their first homes. With stay at home orders fading in and out worldwide, the way people live their lives has changed. Homes are no longer just places where you live. Homes now have to be multifunctional. They are our home, work place, gym, and for many, they are even schools. We are asking our houses to take on more and more functions. However, the features first-time buyers are searching for seems to be remaining fairly constant. What are these features that first-time buyers are looking for?

Open Floor Plan

An open floor plan is one of the most appealing features for first-time home buyers. 76% of first-time buyers desire a fully or partially open kitchen and family room. 59% of first-time buyers named this as a priority when choosing their future home. Knocking down a wall may be necessary in facilitating a sale in a timely manner. The right floor plan will increase functionality of the home and increase its appeal. Knocking down walls isn’t a choice you should make lightly. Make sure you consult your realtor to make sure that the juice is worth the squeeze. These types of remodeling can be expensive. Make sure you will get an adequate return on your investment. 

Updated Kitchens and Baths

Along with being open, first-time buyers want their kitchen updated. Stainless steel appliances are desired by 70% of these buyers. This may be the most important feature first-time buyers look at when selecting their home. 81% list this as the most important feature or update when making their final home decisions. This is even more true now that people are spending more time eating at home than at restaurants. 

First-time buyers also desire updated bathrooms. Bathroom features such as steam showers are less expensive than a lot of other possible upgrades. However, they increase the attractiveness of bathrooms. People also do not want outdated bathrooms. Improving countertops and adding simple backsplashes can greatly boost bathroom appeal. 

Walk-in Pantry

A walk-in pantry is typically just a small space for storing food items. Open kitchens often mean less cabinet space. With the amount of time buyers are spending in their home, having the extra storage is a must. 83% of today’s buyers desire a walk-in pantry. If you are knocking out a wall to open a kitchen this may be a great addition to the floor plan. Again, make sure you consult with your realtor to make sure this improvement is worth the investment. 

Smart Home Updates

Smart features are extremely important to many homebuyers. They increase the ease of use for the current generation making up the majority of first-time buyers. Along with creating some peace of mind, smart features can also increase energy efficiency and lower maintenance. Energy efficiency and low maintenance are highly sought after features that keep costs and labor down. Smart features are particularly attractive for millennials. This is important because millennials are driving home sales. 

Laundry Rooms

First-time buyers want to do laundry at home. They do not want to make trips to the laundromat or dry cleaner. 57% of first-time buyers want a laundry room on the first floor of their home. If you plan on including a washer and dryer in the home, consider high efficiency washers. High efficiency washers use less water, which helps keep water costs low for potential buyers. 

Patios

87% of today’s buyers want a patio. This is even more true now that people are staying home more because of the pandemic. Even a small concrete outdoor space can significantly increase the appeal of a home. 

Garages

80% of today’s buyers want a garage and 40% desire a two car garage. It is incredibly easy today to accumulate too much stuff. The garage is a space to safely store and maintain the extra items we accumulate over time. Adding a garage to a home that does not already feature one may not be cost effective. However, adding shelving to an already existing garage may seriously increase the home's appeal. 

Exterior Lighting

Curb appeal goes a long way. The right exterior lighting will not only add functionality and security but make the home look great as well. First-time buyers understand how good it can feel coming home to an attractive home with great lighting. 

Bottom Line

The typical first-time buyer is on a tight budget. That is important to keep in mind when considering updating your home to sell. Some upgrades may not bring enough appeal to warrant the extra costs. Your main goal when considering upgrades to your home is getting the most profit at closing. It is important to keep in mind the price of homes in your neighborhood with comparable features. There is a fine balance between making your home attractive enough and pricing people out of your neighborhood.

Working with a trusted realtor can help you find this balance. Experienced real estate professionals have the market knowledge to help you guide your choices. Contact us if you are thinking of selling your home. The professionals at Streamline Realty can help you guide you on which features are most attractive to first-time buyers. Take a look out our sellers guide if you would like more tips on how to get more for your asking price.