As the coronavirus (COVID-19) forces many people to social distance and stay home, many homeowners who are thinking of putting their home on the market are now attempting to improve their home’s value.
Just as the world rapidly adjusted during the beginning of the pandemic, the real estate market must also adapt to changing buyer needs. As people stay home for the vast majority of their days, their homes now serve a much more important role as both a place to relax and a place to work.
Designated home office
Nearly a third of the world is currently working from home. And while the future is still uncertain, home offices will likely become a more consistent feature in homes as remote jobs become permanent society fixtures. In HomeLight’s 2020 Q2 survey, the highest number of top real estate agents — approximately 17% — claimed a designated home office would be the most important and desirable feature for homebuyers in a post-COVID-19 era.
Some companies will never return to an office structure — finding remote work a safer and financially fiscal option. Prior to COVID-19, many homeowners viewed their home as a landing base to rest and recharge in between work and social outings. Now as many are spending all day at home, they’re wanting their home to have multi-functionality: a place to work and a place to relax. Therefore, home offices are going to be key factors for buyers in the future.
Private backyard oasis
Prior to the coronavirus pandemic, many real estate agents hailed landscaping and curb appeal projects as traditionally the most recommended exterior projects in terms of marketability. However, in a time when many are subbing trips to the backyard for trips to the local parks, having a desirable outdoor space is more important than ever.
Even once a vaccine is found, many are predicting that homeowners are still going to value at-home barbecues over city excursions. This means potential homebuyers are going to be looking for amenities like patios, pools, and well-manicured backyards.
According to top real estate agents, the desire for more space is the top reason people are uprooting and looking for a new home. This applies to both the interior and exterior of the home. In fact, 15% of real estate agents claim private and spacious outdoor spaces are going to be the most important feature to attract homebuyers in the post-COVID-19 world.
As restaurants are shutting down and enforcing strict regulations for their patrons, many homeowners are getting much more use out of their kitchens. About 11% of realtors also chose a well-appointed kitchen as the most important amenity post-COVID-19.
Thankfully for future sellers, a new, updated kitchen also has a very high return on investment. In fact, adding new stainless steel appliances returns 141% of the cost on average.
This makes kitchen renovations perhaps the most advantageous renovation project for those looking to eventually sell their home. Of all the top features realtor’s predict is the most important amenity for homebuyers in the future, kitchen renovation is the only one that returns over 100% of the investment.