What are the features you want to see in your next home?
The National Association of Realtors recently surveyed home buyers nationwide on the home features that are most important to them. They found that the typical home buyer currently is looking for a three-bedroom, two-bathroom home with a garage and updated kitchen.
The study also found that home buying needs and preferences vary by age. According to the survey, family needs were the biggest factor in prioritizing home amenities for home buyers under the age of 55. For many families with small children, for example, features such as the number of bedrooms, school quality and yard size can be important considerations. For those 55 years and older, privacy — having a space solely of their own — was the main goal. In that age group, the number of bedrooms and lot size are not as important for many home buyers.
Contemporary and colonial homes were the preference of Millennials, while ranch homes, which typically have a single level and no stairs, are the most popular home style for buyers 55 and older. Lastly, while many home buyers age 55+ are moving from other homes, many Millennials are moving from rentals and purchasing their first homes. In fact, the survey shows that rent increases are driving many Millennials to become homeowners this year.