Upscale Home Buyers: Home Features The Wealthy Choose
Twin Cities, Minnesota (PRWEB) July 09, 2013 -- The Economics and Housing Policy released a laser focused report on upscale home buyer preferences on home features, as they vary considerably from the general real estate buyer pool. As Twin Cities home builders find a vast housing market, many specialized for a specific buyer group. To differentiate the preferences of upscale buyers from others, the National Association of Home Builders (NAHB) report offers key insights.
"If you have used a mortgage worksheet, you already know that as household income increases, so does the amount of home that household can afford. Likewise desired home features found on upscale homebuyer Wish Lists are more ample and thereby unique," states Jenna Thuening, owner of Home Destination.
What Home Buyers Really Want is based on a nationwide 2012 survey of new and potential home buyers. The study provides insight into buyer preferences for home type and size, room layout and design, kitchen and bathrooms, window and door products, accessibility, energy efficiency, location, outdoor features, electronics and technology in the home, including trade-offs buyers make. NAHB's report on Top 10 Features for Upscale Homes tells up that a remodeled kitchen with a warming drawer tops the list.
Basic results were summarized two months ago in a specialized May study, reporting a statistical analysis of home features that differentiated the preferences of upscale buyers from others. The top ten include:
1. A kitchen warming drawer
2. Two story family room
3. Gourmet kitchens with a wine cooler
4. An outdoor kitchen for entertaining
5. Grand front entry foyers that are two stories
6. An elevator for the home's interior
7. A custom wet bar
8. An exercise room
9. Home in golf course community
10, A Game room
As lists go, having a cut off point of 10, meant that other top features home buyers really wanted missed mention in the first ten - this time by very narrow margins. Therefore, the following home features merit be noted too:
- His & Her Bathrooms
- Laundry Chute
- An Outdoor Fireplace and Sitting Room
- Adaptive Infrared Sensor-operated Faucets
- Media Room
"Like a wine cooler, a warming drawer is a specialty item that would occupy valuable space generally allocated to more essential functions in a standard size kitchen," says Thuening.
Housing Economics explains that similar to a wine cooler, a warming drawer is one of the few kitchen features rated essential or wanted by less than 30 percent of all homebuyers. Viewing the category of home buyers at the $500,000 and above price range, 42 percent want a warming drawer, compared to only 15 percent of buyers expecting to pay under $150,000. For those asking why a warming drawer in the kitchen ranks as the #1 feature most appropriate in upscale homes, the answer may have to do the the fact that only 14 percent said they are unlikely to buy a house with a warming drawer.
Twin Cities home builders making plans to build luxury homes, find the NAHB study useful since it focuses on upscale amenities. However, adding a similar study that analyzes the lower end is extremely important too because it services homes to the larger population. "The foundation of the Twin Cities housing market is based on a significant number of households with more modest incomes who purchase homes at relatively modest price points. When taking an overall view, the larger homebuyer pool is gained at the lower end," comments Thuening.
Minnesota's Attorney General Lori Swanson sees more than one way to determine wants for a house and stresses location. "One is to close your eyes and dream. The other is to open them and look around. A little of both may be the best advice. Look beyond the elegant spiral staircase, the freshly laid carpeting, the kitchen space — or whatever catches your fancy in home design. First, look closely at the neighborhood to decide where you want to live."
Home Destination helps Twin Cities upscale home buyers searching for luxury homes to find just what they want. Call 612-396-7832 for a highly personalized search to buy a new home rich features that make home life the best of experiences.
Jenna Thuening, Home Destination, http://www.homedestination.com, 612-396-7832, [email protected]
Share this article