Instanced, but being able to pick its own location/type. Like being a small hut/house/cave, with being able to pick a location, would lessen the chain of players standing outside
Allow us to loot/steal items to decorate our house/cave/hut and display them anywhere in the house, could also be rewards from achievements.
Being able to display armor sets in full, maybe with their spec/talents setup, so swapping armor sets also changes your talents/spec to that of what you saved to that suit of armor.
Maybe getting to build on extra rooms/floors or bonus stuff like stables, blacksmith ect.
And we can pay NPC's to come work for us so our instanced little home seems more alive.