The Top 10 Things Buyers Really Want in Their Next Home
There is likely no bigger purchase than a home. There are some things on almost every homebuyer’s list when it comes to looking for their perfect property whether they’re buying for the first time, upgrading or downsizing.
These 10 things seem to be really important to most:
1. Separate Laundry Room.
Most homebuyers want a designated space to do laundry. Having enough storage space for laundry items, as well as being able to fold clothes, is a must. Buyers see it as a huge plus. Most people prefer this space to be close to the master bedroom or at least on the main floor.
2. High Efficiency.
Even when buying an older home, homebuyers look for efficiency in appliances and windows. More people are mindful of their utility bills and look to things to cut those costs.
3. A Patio Or Deck.
Outdoor living is embraced by most homeowners. 87% of house hunters look for a home with a patio where they can entertain family and friends in the warmer months.
4. A Large Garage.
For more than just the vehicles. A spacious garage can also double as a great storage space. A garage also provides easy accessibility to stored items unlike an attic or shed.
5. Exterior lighting.
Most people take great pride in the time and money they’ve invested in landscaping and would like to highlight that even at night. Next to a patio, exterior lighting is the most desired outdoor feature. That includes spotlight, walkway and pendant lights.
6. A Modern Kitchen and Bathroom.
Most people’s savings will be going toward a down payment, so getting a kitchen and bathroom they won’t have to change is high on the priority list. An eat-in, open-concept kitchen is what most people strive for. These are really attractive to young families with children.
7. Hardwood Floors.
Hardwood floors are cleaner and easier to maintain. Good flooring can last a lifetime if maintained well.
8. Walk-in Closet in the Master.
These types of closets are quickly gaining in popularity among first-time homebuyers. Such closets rank in the top five on the home want list.
9. Walk-in Pantry.
A full-sized pantry used to be a staple in every home in the early 20th century. They went out of favour, but are making a strong comeback. According to statistics, it’s the most wanted kitchen feature among buyers these days.
10. A Separate Dining Room.
Like the walk-in pantry, the formal dining room is back on the want list. A separate dining room is among the top 10 essentials for first- and second-time homebuyers.
Are you a professed open house snooper? Do you love popping into open houses even if you’re not looking to sell or buy? While touring an open house is an important step for most buyers, there’s still a lot you can learn even if you’re not presently in the market. For example:
Get staging or design inspiration.
Most open houses are professionally staged, so checking one out, especially if it’s similar in size or style to your own, can be a great way to get a sense of how different colours and furniture styles look. When it comes time to stage your own for sale, you might have some great ideas.
Get to know your price point.
Taking a look through different open houses that are either similar to your own, or in a price point you plan to buy in, can give you a reality check. If you keep seeing homes in your price range that just don’t fit the bill, it might be time to increase your budget or be prepared to compromise. The same goes for your current home. If you see similar spaces that sell for a lot less, you might want to rethink your sales strategy.
Learn what doesn’t work.
Open houses can also be a great chance to see some seriously misguided renovations or decor choices. Did someone take down a wall and lose a valuable potential home office? Undertake a bathroom renovation that just didn’t make sense? Learning what doesn’t work in a similar home, or what features you absolutely couldn’t compromise on can be valuable, too.
Most listing agents know that a certain number of open house visitors are there out of curiosity, not because they’re in the market, so don’t be shy! There’s still a lot you can learn from browsing open houses whether you’re looking to buy immediately or not.
5 Real Estate Tips
Thanks to a glam Hollywood treatment and an influx of design and reno shows, the world of real estate can look like a pretty sweet deal. You tour some high-end houses, sign some papers, close a few deals and you’re set. Right? In real life, it’s a little more complicated than that. From emotional sellers to DIY disasters, real estate agents deal with challenges just like any professional. Here’s what they wish you knew about the job:
“Reality” television isn’t that real.
Shows can make it seem simple and fun to buy a fixer-upper, gut the place and sell it to make a profit, all within a short timeframe. In reality, these projects take much more time and often encounter more complications. Make sure you speak with both a real estate agent and a contractor before deciding if this is the right option for you.
Time is of the essence.
In Canada, where many housing markets are hot, hot, hot, timing can make all the difference when it comes to scoring your dream home. For buyers, being responsive and filing paperwork on time can be the reason you get—or lose—the place you want.
It pays to keep your emotions in check when selling.
It only makes sense that when you put down roots in a space you become attached to it. Unfortunately, emotional connections sometimes get in the way of pricing a home at its actual value or accepting a perfectly good offer.
Staging has real benefits.
People become attached to their things as well as their actual dwellings. But not every potential buyer will be as enthused about your treasured family vacation photos or carefully curated souvenirs. If your agent suggests you use the services of a professional stager, they’re trying to get your home the value it deserves.
Keeping your home tidy helps!
Even in a hot market, going out of your way to make your home as presentable and welcoming as possible is a necessary piece of getting the buyer you want. Spending a few minutes every day to tidy up, wipe down counters and give the floors a quick swiffering makes an agent’s job that much simpler.
How to Purchase Commercial Real Estate: PART 3
Purchasing Commercial Real Estate: Identify the Right Property
There are a number of factors to consider when looking for suitable commercial real estate to purchase. The old adage "location, location, location" is true for commercial properties just as much as it is for residential. But there are other issues at play, as well. Here are some things to consider:
Location: This is still the No. 1 issue. You want to be close to your customers, your workers, and your vendors or suppliers. "You want to be convenient to customers to the extent that you have a business where the customer comes to you," Martin says. "But depending on the type of business, access to rail and highway and shipping lanes may be important, too."
Physical condition: After identifying the general location, consider how the property was used, the wear-and-tear, whether there are any environmental issues or potential liability issues, such as asbestos or lead paint.
Allowable uses: If your business is an accounting firm, you likely need commercial office space. If you are a manufacturer, you need an industrial space. Either way, you need to make sure the zoning allows you to do what you need to do on the property.
Limitations on exterior or interior: Whether due to zoning laws or building codes or covenants, there may be limits to changes or alterations you can make to the property. A good example is a building that is in an historic area and subject to restrictions on changes that can be made to the façade.
Adequacy of access and parking: You need to make sure your customers can park and take into consideration whether access is compliant with laws such as the Americans With Disabilities Act.
Opportunity for expansion or leasing: Entrepreneurs often have a rosy outlook about growth and so the potential to expand is a consideration as is the flipside – if you don't grow as much as planned, can you lease out extra space?
Part 4 coming soon!!