Last month, my ‘eye on tradition’ blog offered an insight into the appeal – and potential issues – of a buyer opting for an older pre-1920s home.
As we spring into Easter and a traditionally busier period for potential home buyers to seek out that dream home, I thought it would be interesting to draw on some findings of the key features and factors within a home that can influence a buyer’s decision-making. This may also give food for thought to anyone planning to put their home on the market.
Is that garage on the side of the property, the attractive kitchen island, home office outdoor cabin, spa-like bathroom or even the in-home gym really the deal maker that prompts the potential buyer to ask their solicitor to sign off on the missives?
Of course, I am assuming that ‘macro’ factors like the specific location of the property and its market value and price will very likely be the main factors driving any decision. So too will the all-important findings in the mandatory home report, documenting the energy efficiency and condition of the property.
Some features of a property will influence the potential buyer though keep in mind that not every enhancement within a property will automatically equate to the seller being able to command a higher price.
Buyer attraction
One statistic that caught my eye was by the carpet and flooring company Tapi and picked up by the press: https://www.express.co.uk/life-style/property/1673430/how-to-increase-property-value-features-buyers-find-most-attractive
Its research suggested that over 50% of respondents favoured a nice garden and a spacious kitchen. At the same time, parking, good storage space (including a garage) and natural lighting in the property were all factors that hold buyer appeal.
Other commentators also note that an open floor plan configuration with extra storage space (including a garage and the likes of walk-in wardrobes), a spacious bathroom and a modern kitchen area (potentially with an island) are among the most popular features for buyers when viewing a property. Larger properties that offer outdoor living space – for example an outdoor office / study or decking area is also reportedly appealing.
Unsurprisingly, in Scotland, a home’s energy efficiency is increasingly a feature considered by the potential home buyer. In an era when the Scottish Government has ambitions to meet its net zero energy targets and utility prices are rising or at least volatile, many potential homeowners recognise the importance of this factor that’s also documented in the home report Energy Performance Certificate (EPC).
It could be new windows and wall insulation, solar panels, underfloor heating, an air source pump system or even a modern upgrade of the traditional gas boiler system. All have their benefits – and potential drawbacks – but research – and my own professional observations of the market – suggest a property’s existing energy set-up is increasingly closely considered by those in the market for a new home.
We can’t all afford the luxury or space of a spa bathroom, gym or even home cinema! However, the durability of hardwood flooring – and the fact it’s relatively easy to clean and enhance the character of a home, is a feature that can appeal to the buyer.
Buying the dream – or a compromise
Let’s be clear. In the age of shiny Instagram images, it can be very tempting to stretch the budget to secure that property that ticks all the boxes in your search. However, it may pay to be prudent.
The latest statistics from Registers of Scotland (RoS) reveal that the average cost of a property is £190,000 (Jan 2024), up 4.8% compared to January 2023 https://www.ros.gov.uk/about/news/2024/uk-house-price-index-figures-for-january-2024. Furthermore, 26 of Scotland’s 32 local authority areas have seen average property price rises over the same period and detached houses (6.7% rise from Jan 2023) continue to command the highest average price rise of all property types.
Therefore, when you also factor in that the cost of borrowing is again on the increase – and many of us hope for reduced mortgage borrowing rates in the months to come – it’s clear that for many people house buying budgets are being squeezed.
Consequently, if moving from a flat to a larger family home is your dream, that extra bedroom or more open-plan living space may well be very high on your shopping list. So too may the larger garden area or the modern energy-efficient heating system. All three of these factors can positively impact the value of the home.
If there’s an attic space or garage adjoined to the house, there can also be scope to further add living space in the years to come and when budgets permit (and subject to any necessary planning permissions).
However, you may also decide that the walk-in wardrobe, cabin-style outdoor office space or that shiny new in-home cinema can wait!
