When it came to rooms that buyers want in a home, 55 percent of buyers thought it was very important to have a living room, although buyers in the Northeast placed more importance on a home with a dining room. Buyers aged 55 and older placed more importance on a bedroom on the main level of the house. Buyers aged 35 to 54 placed more importance on a laundry room, while those with children placed more importance on a family room.
The two most common rooms buyers were willing to spend more for were a laundry room and a den/study/home office/library. Sixty-three percent of buyers who did not purchase a home with a laundry room would be willing to pay $1,590 more for a home with this room. Forty-four percent of buyers who did not purchase a home with a den/study/home office/library would be willing to pay $1,920 more for a home with this room.
Although 97 percent of recent buyers were satisfied with their home purchase, there are always features buyers would like that they don’t have, said NAR Vice President of Research Paul Bishop. “Most satisfied homeowners still said they would like more or larger closets and storage space. In addition, nearly half of recent buyers would prefer a larger kitchen, and two out of five would prefer a larger home overall.”
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.
In October 2012, a sample of households that had purchased any type of residence real estate during 2010 to 2012 and still owned the property was surveyed. The survey sample was drawn from a representative panel of U.S. households monitored and maintained by an established survey research firm. A total of 2,005 qualified households responded to the survey. Households were sampled to meet age and income quotas representative of all home buyers drawn from the 2011 NAR Profile of Home Buyers and Sellers.
The 2013 Profile of Buyers’ Home Feature Preferences can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The study costs $14.95 for NAR members and $49.95 for non-members.