What are you looking for in a new home? A fairly large kitchen? More living space? Perhaps you want a recreation room? A general contractor can certainly help you out with that, whether you’re transforming your current home, or are buying a new one. A new survey has revealed what new home buyers are looking for in their homes.
Designing and building homes and amenities so that they convey what new home buyers are looking for begins with thorough market research.
The home building industry has to understand what home buyers want in a new home, so that they can build it. Builders and developers do extensive research before launching a new project and it often means the difference between offering more townhomes or one-bedroom suites, and buildings that feature a concierge or a pet spa.
Depending on the area, the type of home, the buyer and their age, home preferences can vary. To get a sense of who is buying new homes in Toronto and what they are looking for, BILD member Avid Ratings Canada and the Canadian Home Builders’ Association surveyed 12,384 new homeowners across six provinces about buying a new home and their features and design preferences.
Today’s new home buyers are largely made up of growing families with kids, according to the survey. More than half of the respondents – 54 per cent –are Generation Xers. Another 26 per cent are Millenials. This tells us who is out shopping for a new home and that most are out there looking for family-sized homes and entry-level, starter homes.
The highest ranked preferred in-home features are:
- energy-efficient features;
- storage space;
- multi-functional kitchen space.
For those in low-rise homes, the building or community amenities that ranked the highest are:
- parks and recreation centres;
- walking or cycling paths.
Those in the mid and high-rise homes ranked 24-hour security, a gym and wireless internet throughout the building as top preferences.
It’s no surprise that a new home buyer’s budget plays into their decision-making process. Especially since in the GTA, the average price for a new low-rise home like a detached, semi-detached or townhouse is more than $802,000 and the average price for a new high-rise condominium is more than $440,000.
The Avid and CHBA survey asked new home buyers what they would be willing to sacrifice to lower the price of a home and 30 per cent said they would sacrifice size to improve affordability. Another 20 per cent said they would accept fewer community features and 18 per cent said they would choose a location further from work and amenities.
The industry continues to innovate and provide a range of housing choices that deliver the features and amenities that consumers want and that they can afford.
Is your home missing some of these desirable and practical features? Hire a general contractor to build in storage, or create living spaces via open concept.
But maybe you’d like to build your very own oasis. These custom home builders can build the home of your dreams. Don’t forget to read through reviews and scroll through image galleries to help you hire exactly who you need!
About the Author: Bryan Tuckey is the President and CEO of Building Industry Land Development Association (BILD).