- Real estate in San Francisco is notoriously expensive, and buyers look for privacy and trendy neighborhoods.
- Tech millionaires are especially interested in turnkey homes that don’t require any work because they don’t have time to renovate, real estate agents told Business Insider.
- Updated kitchens and bathrooms are the most important features of a move-in-ready home, according to realtors.
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Tech millionaires looking to buy homes in San Francisco have many preferences: privacy, outdoor space, open floor plans, and other enviable features, but one feature is usually non-negotiable.
According to three Bay Area real estate agents Business Insider has talked to, move-in-ready homes are a must for tech executives.
These buyers need homes that have all major work done before they move in, the agents said. These individuals are often busy, working long hours, so they don’t have the time and energy to put into a fixer-upper. They want updated kitchens and bathrooms with new appliances that won’t require work once they move in.
Many of these buyers are drawn to historic homes with Victorian or Edwardian facades, but they want them already updated with modern interiors.
Bay Area real estate agent Mary Pope-Handy said that buyers want "expansive and luxurious kitchens" in their turnkey homes, so no updates are required.
She said that buyers prefer new appliances in the kitchen.
Buyers don't want to need any changes to the home, even cosmetic ones, according to Pope-Handy.
Founder of a data-heavy real estate brokerage Deniz Kahramaner said that tech millionaires also value renovated bathrooms before move in.
He says these updated bathrooms are important to high-end buyers.
Luxury real estate agent Albert Garibaldi said in a phone call that house flippers often buy historic homes, renovate them to a more modern design, and sell them to tech millionaires ready to move in.
He said that buyers like open floor plans, but don't want to do any remodeling themselves.
They also prefer high ceilings, which aren't standard in historic houses.
