Tagged: Armand Candea

Armand Candea Shares What Home Features Buyers Want Most

Within the past year and a half, the real estate market has changed drastically, not only in terms of housing prices but in what features are most desirable in a home. Since the start of the pandemic and stay-at-home orders, the time Americans spend at home has increased by close to five hours, causing many Americans to reconsider what features they most desire in their living/working space. Armand Candea of Candea Development, the Chicago-area real estate development firm, has seen these changes first hand and today will share what American buyers most desire in a home’s features in 2021. 

Laundry Room 

Expected Costs: Between $1,500-15,000 

Percentage of home buyers interested in this feature: 87% 

Out of any home feature, homeowners have noted an interest in a dedicated space for laundry where they can wash/dry clothes, iron shirts and pants, and keep dirty clothes out of the living space. According to the National Association of Home Builders’ (NAHB), this feature tops the most-wanted features list of a majority of home buyers. As the average time homeowners spend at home continues to increase, it has become more important for homeowners to keep an organized home and a dedicated space for laundry. 

Concrete Patio 

Expected Costs: $1,700 to $4,500

Percentage of home buyers interested in this feature: 82%

Since the start of the COVID-19 pandemic, there has been a stark uptick in the interest of buyers in functional outdoor living spaces. Homes with wood/ concrete patios, outdoor kitchens, built-in grills, and fireplaces have received much more interest from prospective buyers in 2021 than homes with grassy yards. To increase the value of a property, Armand Candea of Candea Development recommends homeowners invest in a dedicated outdoor living space. 

Walk-In Kitchen Pantry 

Expected Costs: $600-$2,000 depending on the scale of the project 

Percentage of home buyers interested in this feature: 81%

According to the most recent NAHB report, a walk-in pantry is home buyers’ second-most desired kitchen feature, just behind a double sink. Most homeowners would agree that a kitchen pantry’s additional storage space is essential to avoid overcrowded shelving and can help create a more enjoyable cooking experience. With new trends in organization, a kitchen pantry’s ability to store clear food storage containers and canned goods also has another level of appeal.

What Drives Down Property Values?

One of the primary reasons real estate is considered such a great investment is its rate of appreciation. Today, the national average for appreciation has risen to just over 14.5% year over year of 2% per month. However, while most homes’ values will only go up, certain things can drive down a property’s value. Armand Candea, co-owner of the Chicago-based property development company Candea Development, has worked within real-estate development for the better part of 15 years and understands the nuances of property value. In order to better help first-time homeowners and aspiring property developers, Armand Candea of Candea Development will share within this blog the biggest factors that drive down a property’s value. 

Poor Exterior Paint Quality

For all Candea Development properties, Armand Candea and the Candeateam ensure that only high-quality exterior paint is used for the home’s façade. This is largely due to the fact that a home’s exterior condition greatly impacts its value. A home that has a faded, cracked, or peeling exterior can drive a home’s value down significantly. In addition to port quality paint, the color of paint can also impact a home’s value. For this reason, homeowners should consider painting their home neutral colors such as beige, white, or gray before putting their home on the market. 

Proximity to Certain Facilities and Businesses

Before settling on a new location for a housing development project, Armand Candea and the Candea Development team will research the neighborhood and see if their potential location is close to any sites that may drive down the property’s value. Unfortunately, a home’s proximity to a number of locations can significantly drive down its value and reduce the chances of it being sold on the housing market. Some sites that are associated with major drops in property value include: 

A Poor Scoring School (22.2 %)

Strip club (14.7 %)

Homeless shelter (12.7 %)

Cemetery (12.3 %)

Funeral home (6.5 %)

Power plant (5.3 %)

Shooting range (3.7 %)

Hospital (3.2 percent)

Neighborhood Foreclosures

If a home forecloses close to your development property, it can hurt that property’s value. This is because home appraisers compare all selling prices within a neighborhood when estimating a single home’s value. Foreclosure homes can sit vacant for years without selling, driving down the price and the prices of homes in the surrounding neighborhood. For this reason, if more than one home forecloses in your neighborhood, it could significantly impact your development property’s selling price.