Luxury Home Flipping: Trending Improvements
What home improvements, features and keywords are trending in the luxury home market?
As the real estate market undergoes major changes and is impacted by new influences, buyers are subjected to an entirely new set of options. As tends change, so do the demands of prospective owners.
A significant part of being successful in flipping houses, or any form of real estate sales, involves keeping on top of constantly evolving trends.
Buyer tastes, demands and shopping habits change fast. They make a ton of differences in the traffic home listings attract, the number of showings a property gets, how many offers come in, and how much a property will sell for.
So much attention in this industry is given to math and what makes ‘good financial sense.’ Real estate agents, marketing agencies and real estate investors flipping luxury houses spend endless dollars and hours on this stuff. The math is critical from a business and investment perspective. Sometimes it can be the hook which closes the deal. However, more often than not, buying a home is truly an emotional decision.
So what’s hot and what’s not?
According to a new report from the Wall Street Journal and data from Trulia, the following are the top ten movers seen in luxury home listings:
- Marble baths +78%
- Roof deck +63%
- Oversized windows +56%
- Storage space +42%
- Terrace + 42%
- Floor to ceiling windows +39%
- Ceiling windows +37%
- Marble floors +30%
- Wine room +30%
- Gym + 28%
- BBQ -16%
- Hardwoods -13%
- Plantation shutters -13%
- Covered patio -11%
- Lush landscaping -9%
- Custom cabinets -9%
- Fireplaces -9%
- Double sinks -8%
- Stain appliances -7%
- Pool -7%
However, before you go ripping out your latest remodeling work or panic and rip down your website, it is important to remember to read between the lines. Real estate agents will try to tap in and tweak their words, features and keywords. So just because something is up on the list, it doesn’t automatically mean it is increasing in demand. It can be deceiving.
For example; some other trending home improvements and features which aren’t mentioned include spiritual spaces, saunas, home offices and views. Conversely, keywords like marble baths and floors may be yesterday’s inventory. Home theaters and luxurious bathrooms may soon be expected and therefore a must add.
Keep on top of these trends and other similar data if you are fixing and flipping luxury houses. Use the data to stand out, be different and know what not to compete on.
Reach out to real estate agents, appraisers, contractors, interior designers, home builders and even consumers on social media to find out what they really want. Use these hot trends to highlight in ads and include in your rehabs.