Holiday Home Wish List

By Ryan Dosen

 

Many of us will be hard at work this week fulfilling holiday wish lists. Lots of gifts to buy. Not a lot of time left to get them. And when we think about holiday wish lists, we’re usually contemplating things like cookware, cologne, and clothes. We may not think of home enhancements as things we should be longing for in lieu of other holiday luxuries, but these improvements can be enjoyed now and also pay dividends when it comes time to sell.

The Demand Institute recently released the results of a 10,000-household survey that outlined the top items on Americans’ home wish lists. Detailing the so-called “Satisfaction Gap,” the Demand Institute helped shine some light on the gap “between what Americans have and what they say they need or want” in their homes.

 

1. Energy Efficiency

Energy efficiency is becoming increasingly important to Americans and it tops our home holiday wish list. The Demand Institute reports that the average household spending on home electricity has jumped 56 percent since 2000. With energy cost increases far outpacing wage growth, the Institute says that “a desire for energy efficiency will drive renovations, maintenance, and new technology use….”

71 percent of surveyed households felt that having a “very energy efficient” home “with low monthly utility costs” was important, while only 35 percent of people responded that they were satisfied with their home’s current energy efficiency. This 36 percent “Satisfaction Gap” was the largest revealed in the survey.

Whether it means installing programmable thermostats, replacing old appliances, sealing leaks, or simply changing their energy usage habits, people are working to become more energy efficient. This trend toward an ever-increasing demand for energy efficiency is not going to fade and it will probably gain momentum.

 

2. Renovations

Number two on American home wish lists was having a home that “requires little or no renovation or improvements.” The Institute’s survey revealed a Satisfaction Gap of 26 percent for home renovations and concluded that “consumers plan to increase spending on home improvement in the next few years.”

The survey reported that for those looking to do major home improvements, the most common jobs would be painting walls, replacing carpeting or flooring, remodeling a bathroom, or remodeling a kitchen. However, despite the likelihood of many going the route of home improvement, the Institute also concluded that “a desire for move-in ready homes will drive a continuing demand for new construction.”

 

3. Updated Kitchen

62 percent of households think it’s important to have “an updated kitchen with modern appliances and fixtures.”  However, only 38 percent of households are satisfied with their home’s kitchen. The kitchen is arguably the most important room in your house and it’s no wonder that a significant percentage of the population feels that theirs needs an overhaul.

The Institute states that more Americans are cooking and eating at home now than they were five years ago and that kitchens “will remain a key driver of home renovation activity.”

 

4. Aging-Friendly” Homes

As our population gets older, it is becoming increasingly important for us to own homes in which we can “age more comfortably.” 76 percent of people felt that it was important to have a home that they could stay in as they age. Only 53 percent felt that their current homes met that standard.

For those aged 50 and up, the most important aging-related home characteristic was low maintenance and upkeep. The study concluded that “older movers will still purchase single-family homes—similar to what they have now—but will place greater emphasis on ease of maintenance and a single story.”

 

5. Safety

The fifth item on Americans’ home wish lists is for their homes to be “located in a safe neighborhood with low crime.” 83 percent of people felt that having a safe neighborhood with low crime was important, while only 61 percent felt satisfied with their neighborhood’s safety and crime level.

Why anyone would not see safety as an important home and neighborhood characteristic is anybody’s guess. That said, the Institute notes that wireless, smart home-security systems and public safety apps are becoming more affordable and therefore more available to Americans. As these items continue to become more affordable, look for more households to feed their desire for safety and install or upgrade their home’s security systems.

 

Happy Holidays

I don’t think it would go over very well if I stuffed my sons’ stockings with energy-efficient light bulbs this year. I also would probably (and rightfully) get some strange looks from my wife if I gave her a programmable thermostat for Christmas. But in the right situation, or if you’re looking to splurge on something for yourself, consider some of the above improvements to your home. An improved kitchen is enjoyed every day and a more energy efficient home is the gift that keeps on giving all year.

Happy Holidays to you and yours. And let us always remember that it is the precious persons and memories made within the walls, and not the home itself, that matters most.

 

— Ryan Dosen manages The Wayne Megill Real Estate Team of Keller Williams Brandywine Valley in West Chester. Contact Ryan Dosen for buyer or seller representation or for more perspective on the local and national real estate market by emailing rdosen@megillhomes.com or calling 610-399-0338. Please also visit The Wayne Megill Team blog at www.PAHomesAndRealEstate.com.

 

This article was published by 21st Century Media and the Daily Local News (West Chester, PA). To read this article on the the newspaper’s site, please visit the Daily Local News.

 

 

To view all of Ryan Dosen’s 21st Century Media real estate columns, visit http://www.dailylocal.com/search?text=dosen.