If you’re a luxury homeowner, you know that some high-end features make all the difference. And 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.
But 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.
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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 the top five things he says turn luxury homebuyers away.
5 Home Features Luxury Homebuyers Don’t Like
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,” says 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.”
‘Almost’ Ski In/Ski Out
This piece of advice is specific to luxury ski homes, but the idea applies to any luxury home. If your home is “almost” in the perfect location, you can’t command premium prices.
“This goes back to the old adage about location,” says Chapel. “When luxury homes are priced at a premium and they are almost in the perfect spot, this presents a compromise. When buyers have to lug their gear on a walk to the ski area, there are often other homes to consider at a lower price point. If they are already making a compromise on the perfect location, other properties begin to look more attractive.”
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Transfer Fees
For homes in a community with association dues, additional fees just to buy the home can hurt your sale price.
“This is becoming more and more common and we are seeing more and more HOAs adopt a transfer fee,” says Chapel. “The transfer fee is usually the responsibility for the buyer to pay and can be as much as 1 to 2% of the purchase price of the home. While buyers don’t ever recoup this money, if they ever sell the home they usually pass the responsibility of the transfer fee onto the next buyer. These fees are great for funding a healthy reserve fund for the HOA, but they also add up quickly in the luxury market.”
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,” says 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.”
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+,” says 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 that luxury homebuyers are actually looking for, and can help your luxury home sell for more.
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,” says 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.”
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,” says 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.”
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,” says 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.”
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This article originally appeared on GOBankingRates.com: I’m a Luxury Real Estate Agent: These Are the 5 Home Features That Turn Buyers Off
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