The property features that modern buyers most desire
The best thing about a perfect property is that it's different for every potential buyer. Some people may want a large property that features a minimum of 10 bedrooms, 4 bathrooms, and 2 garages, but others may prefer a smaller property located within a friendly, close-knit community. While it's impossible to determine what exactly makes a perfect home, Lamudi, a global real estate portal, has conducted a study and documented the 10 most important factors modern homebuyers look for when choosing which property to purchase.
1) Energy efficiency rating
The cost of running a home has always been a major factor in a potential buyer's decision, especially during the recent economic recession where money was tight but bills continued to rise. Thankfully, now that the recession is over, prospective buyers have more money to spend on bills, but it's still not surprising to hear that when looking for a new property, many people make their decision solely based on the Energy Performance Certificate (EPC) rating.
2) Storage space
According to Lamudi's findings, potential buyers are placing storage space as a key factor in their decision process, and in-particular built-in storage space. To stand out in the current property market, sellers need to ensure that built-in wardrobes, kitchens and linen closets are available, otherwise a buyer will likely look at other properties.
3) Modern technology
Unsurprisingly, the current homebuyer now requires modern technology to come as standard in a property. We're not talking futuristic features, like the electric, automated doors from Star Trek, but rather, simple additions like LED lighting or an automated thermostat will help a property stand out in a very competitive market.
4) Security
As we place more of an emphasis on technology and gadgets, it's certainly no surprise that security is as vital now as it's ever been! Homebuyers expect all properties (old and new) to come fully equipped with burglar and fire alarms, but sellers can also boost their chances of a sale by installing additional safety features, such as motion-activated exterior lighting, glass break sensors, and even CCTV cameras. Buyers may compromise on location, provided that adequate safety features have been fitted. If, for example, a property is in a well-known crime area, buyers will expect more safety features to come as standard, whereas if a property is situated in an affluent area, a buyer may expect to be provided with only the basics.
5) Open living spaces
In the modern 21st century home, open living spaces are a sure way of selling a property quickly! Unfortunately, many older properties don't benefit from open spaces, and are instead traditionally built with separate kitchen, dining and living areas. Sellers can, however, paint the walls in bright, warm colours, fit internal storage or even knock down walls to open up any enclosed spaces.
6) Modern kitchen
Like with technology, an out-of-date kitchen just won't cut it in the current property market. Gone are the days of small kitchens with granite tops, replaced by the rise of a large kitchen that boasts modern marble countertops and a monochromatic colour scheme. Buyers also expect a modern kitchen to be fitted with top-of-the-range white goods, including a dishwasher, tumble drier, washing machine and fridge - the giant American-style fridge freezers complete with ice dispenser are particularly popular!
7) Entertainment space
We're not suggesting that you spend $2 million on a real life Batcave complete with Batmobile, Batsuit, cinema and getaway tunnel, but when selling a property, it's definitely important to remember that a property is more than just a place to sleep and eat. A property is a place to entertain, so one that benefits from entertainment spaces like a large garden or gaming room will likely sell quicker than one that doesn't!
8) Laundry room
Admittedly, laundry rooms are more common in the US, but they are becoming increasingly attractive in the UK property market as they're perfect for washing and drying clothes without damaging the rest of the property. One of the most common reasons for mould in a property is condensation created by air-drying clothes, and we regularly suggest to buyers, tenants and students that they try to open a window when drying clothes indoors. Although there are no official studies into the popularity of laundry rooms in the UK at the moment, in the US, a laundry room is now a staple for a family home.
9) Small homes
As we mentioned earlier, the perfect home can be big or small, but according to Lamundi's findings, modern property buyers reportedly prefer to purchase smaller properties as they tend to be more environmentally friendly, easier to maintain, and they also boast better quality appliances.
10) Location
The location of a property has been on lists like these for years, but location continues to play a major role in the decision of the buyer. In some cases it can even be the definitive factor! If a buyer has a young family, they may prefer rural communities over a busy city centre location, while young professionals who have no children may consider city centre flats to be more convenient. A seller needs to take these factors into consideration when marketing their property and deciding how much they are aiming to sell it for.
Here at CPS Homes, we specialise in helping buyers find their perfect property in many areas across Cardiff. If you're thinking about moving to Cardiff, or relocating to another area in the city, please get in touch with us today on 02920 480490 or pop into our sales office in Cardiff Bay.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
