5 Ways Buying a Home Will Improve Your Financial Standing

Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

Over the past two years, the housing market has heated up again around the country. Homebuyers have a variety of tastes and features they have in mind and that they feel that they need. Whether they’re selling a home or looking for a new place to dwell, these are the top features that luxury homeowners are looking for.

  1. Laundry Room – According to the National Association of Home Builders (NAHB) and the National Association of Realtors (NAR), having a separate laundry area or room in the home is at the top of the list. The cost of installing a laundry room can cost between $1,000 to $10,000.
  2. Exterior Lighting – Having a home that is well-lit on the outside in order to clearly show walkways, patios, porches and landscaping design features is another highly preferred feature for home buyers. Exterior lighting adds definite curb appeal even at night from those passing by. The cost of adding exterior lighting can range from $69 – $150 per fixture.
  3. Hardwood Floors – According to Kiplinger, 87% of homebuyers want hardwood flooring, at least on the first floor of the home. Hardwood floors are easier to clean than carpeting and don’t need to be replaced every 8 – 10 years. The initial cost of hardwood floors can be rather expensive – $1429 per square foot for oak flooring.
  4. Garages with Storage Space – An attached garage with plenty of space to store unused patio furniture, tools, toys and such is important to homeowners across the board. According to Garrett Waldrop of National Garage Door in Atlanta, “A beautiful, insulated garage door and a heated floor can transform the garage into a very important part of the house. It’s not just a place to store things; it can also become a workshop, a play space or an area to entertain guests.” A 380 square foot space will cost between $2,025 – $2,363 to install.
  5. Energy Efficiency – Today, more homeowners than ever are extremely conscious of making homes as energy efficient as possible. This means that they are looking for homes which feature Energy Star-qualified windows, doors, HVAC systems, and appliances. The cost of replacing and installing windows can range from $250 – $800 per window. Energy efficient HVAC systems and appliances depend on features and options the homeowner wants. Energy Star ratings can be found on each unit along with operating costs per year on average.
  6. Eat-In Kitchen – The kitchen is the heart of the home, and for homeowners that are on the go, an eat-in kitchen is also a top contender as a desired feature. An eat-in kitchen can be a place to gather at all times of the day and it can be either casual or formal. On average the cost of this feature is between $1,000 and $10,000.