Luxury Agent Says 3 Home Features Can Kill a Sale
If you're a luxury homeowner, you know that some high-end features make all the difference. If you've built your own luxury home, you've probably added your flair to the house, as well, making it feel more like home.
However, when it comes to selling your luxury home, there are some features that just don't cut it -- and might actually turn potential buyers away.
Read Next: Salary Needed To Afford a Luxury Home in Every State
For You: Start Growing Your Net Worth With Smarter Tracking
3 Home Features Luxury Homebuyers Don't Like
We interviewed Josh Chapel, a luxury home real estate agent for Berkshire Hathaway HomeServices in Park City, Utah. As an agent in a high-end ski town, Chapel knows a thing or two about luxury homebuyers. Here are three things he said turn luxury homebuyers away.
1. Partial Updates
Updating your luxury home is important, but equally as important is finishing those updates.
"When luxury market buyers are shopping around, they are usually looking for a thoughtfully designed/fully updated home," said Chapel. "In our market, there are homes that are sometimes 20 to 40 years old and in various stages of updates. When sellers have only updated the bathrooms or just refreshed paint and floors, this leaves buyers wanting more. Sometimes buyers are willing to take on a project, but usually they are willing to pay more for a fully updated home vs. taking on a project."
2. A Lot of Stairs
When selling a luxury home, it's important to know your potential buyers. Many luxury homes are sold to retirees, so with the potential for limited mobility, an excess of stairs can present a barrier to entry for many would-be buyers.
"Homes that are built on an uphill slope, known as uphill builds, can present pause for some buyers," said Chapel. "Being in the mountains, many of our homes are built on sloping hillsides and uphill builds represent about half of the homes. These homes often have great views with their main living levels usually placed on the top floor. However, a lot of our buyers are retired and aren't planning on getting younger. Given the choice, these buyers gravitate to a downhill build which usually offers main-level living. These homes have the garage on the same level as the main level (living room, kitchen, dining room) along with the primary bedroom on the same level."
3. Road Noise
You can have all the amenities, finishes and luxury features in the world, but if you're located near a busy road, it might hurt your sale price. Road noise does not feel like luxury, and a luxury home with an excess of road noise might turn away potential buyers.
"This may seem like something you wouldn't have to worry about in a luxury market. However, things like road noise become very concerning to clients paying $5M+," said Chapel. "With so many high-end homes, we have a lot of construction happening all over town. Just looking at a home in the photos doesn't tell the whole story and I make sure to spend a lot of time with my buyers and highlight all potential factors that could be a concern. In some busy areas, this becomes unavoidable, but sometimes the choice between two homes side-by-side can have a major difference in their noise exposure."
3 Features Luxury Homebuyers Actually Like
Now that you know what to avoid, here are a few things luxury homebuyers are looking for, and can help your luxury home sell for more.
1. Views
A view always sells, period. Potential luxury homebuyers can even overlook some things as long as the view is great.
"Being in a mountain town, our clients want to feel like they are in the mountains," said Chapel. "When you have a property that just wows you with dramatic views from the moment you enter, it is a huge positive. Whether the views are of the ski slopes or long views that feel very private, views always win if there is a choice between two similarly priced homes."
2. Amenities
While your home might have some great features itself, having nearby amenities can increase the appeal to luxury homebuyers.
"Most of our luxury buyers are purchasing second homes or appreciate the convenience that comes with having amenities nearby," said Chapel. "In Park City, we have everything from communities that offer an array of club experiences, to on-mountain condo buildings that offer simple gym, hot tub, and ski access amenities."
3. Indoor/Outdoor Living
Having a functional outdoor space and well-designed indoor living space is a huge plus.
"Most people come to the mountains for the winter and stay for the summer," said Chapel. "Luxury properties with well designed space that lets owners take advantage of indoor and outdoor living is very popular. Heated decks and patios with fire pits and hot-tubs extend that enjoyment through the winter months."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: