When in the market to buy a home, look beyond square footage, number of bedrooms and year built to understand the value of a property. Many homes come with hidden gems that are worth every penny of the listing price.
ActiveRain, an online community of real estate professionals, conducted a survey to find out what members thought were some of the hidden gems in real estate. Although some features were considered a “waste of money” by some and “worth every penny” by others, certain hidden gems stood out as having the potential to add long-term value for a buyer.
This infographic by ActiveRain, allows a buyer to look beyond the obvious things that affect price and identify hidden gems that could add value to the next home they purchase.
ActiveRain asked over 1500 real estate professionals three primary questions. Their answers shed some light on the hidden gems every buyer should be on the look out for and also that every seller should consider highlighting when they market their own home for sale.
Each potential gem could be rated:
- Waste of money
- Slightly worth it
- Moderately worth it
- Worth every penny!
Hidden Gems Frequently Not Reflected in the Listing Price
Are there hardwood floors lurking under the carpet? If you’re a seller, you should play up that angle. Sure, it’s going to take a little work from the buyer to make them shine, but based on these results, real estate professionals believe that hardwood floors under the carpet are a hidden gem that doesn’t get adequately reflected in the listing price of a home.
Who doesn’t want great neighbors? For many people moving in, the neighbors are an afterthought. You meet them after you move in. Real estate professionals however believe there is intrinsic value in having great neighbors. Over 42% of real estate professionals believe having great neighbors is generally not reflected in the listing price of a home but something buyers will ultimately come to value a great deal.
Hidden Gems Typically Reflected in the Listing Price
Sellers, in particular, should take notice of these results. Real estate professionals believe amazing views and a new roof are typically worth every penny that a buyer will spend to buy a home with those attributes. How do they know this? Because every day they work with buyers looking for certain things in a home. Most of us can’t change the view from our home, but if we have a great one, these results say it makes sense to market the heck out of the view if you are trying to sell.
Lifestyle Attributes Typically Reflected in the Listing Price
Neighborhood quality and schools dominate. Commute times and access to transit and other amenities are rated less high. Which would seem to mean that people are willing to sacrifice being closer to jobs and amenities if it means they can find a home with great schools and a neighborhood they love.
These results also seem to indicate that lifestyle is pretty important across the board as very few real estate professionals saw any of the lifestyle attributes as a complete waste of money.
Source: ActiveRain Blog