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After a few years of turbulence in the British housing market, homeowners are still keen to make their next move and buyers are on the hunt for a property with all the trimmings included.
With this uplift in the housing market, at The Residence Collection, we have conducted a survey to find out exactly what today’s prospective homebuyers are looking for, and if sellers can boost the value of their home with additional features.
So, what features are buyers hunting for in their next home?
There is so much to consider when searching for a new home that fits the needs of the whole family with everything from location to parking spaces to think about.
The top five home features that buyers are looking for when viewing a new home, are:
1. Outdoor space (63%)
2. Good neighbourhood (61%)
3. Reasonably priced property (51%)
4. Parking spaces (49%)
5. Double or triple glazed windows (49%)
Surprisingly, a massive nine in 10 respondents (93%) in our survey claimed they were willing to pay over the asking price on a new home to have the additional features to suit their needs. That’s good news for anyone who has recently renovated their home ready to sell!
And if you are wondering what those home features are, then the top five are:
1. Double or triple glazed windows (34%)
2. Good neighbourhood (33%)
3. New kitchen fittings (31%)
4. New boiler (30%)
5. Solar panels (29%)
What homebuyers aren’t looking for
Now we have told you what homebuyers will pay extra for, here is what won’t be boosting your home value.
Surprisingly after the takeover of home working during the pandemic, there is now a question on whether the working from home era is slowly coming to an end or if remote and hybrid workers are finding alternative arrangements.
A home office was the least likely feature to boost the value of a home with only 15% saying they would pay extra for this, suggesting home workers have stopped converting their garages and found peace with working from the dining table.
Those thinking of what renovations to do before putting their house on the market can also avoid upgrading their roof (21%) and installing new security features (23%).
How much are homebuyers willing to pay?
With house prices starting to see less change in the market and the average cost of a home coming down to £285,000, potential buyers are starting to seize their chance to find their dream home.
However, with house prices still £11,000 higher than this time last year, buyers are still thinking about upping their offers to land a house they love.
So how much extra are homebuyers happy to spend on these property must-haves? When on the search for their next home, the average buyer is willing to add £9,956 to the asking price.
Windows are a winner
Windows came out on top for boosting home values, and it’s no surprise, when thinking about what new windows can do for your home.
Not only are your windows oozing with natural light to bring the outside in, but they can also help lower your energy bills by keeping the temperature just right, no matter what season it is, improve noise levels from busy roads and keep security tip top while in the sanctuary of your home.
Let’s not forget, new windows beautifully upgrade your home giving it a fresh and modern feel too.
The Residence Collection window experts uniquely designed three core ranges to authentically replicate traditional timber windows but are made from modern PVC materials, keeping them up to date with everyday life.
Our carefully curated collections, include: R9, authentically replicating 19th Century timber designs with traditionally elegant, flush exteriors and stylish, decorative interiors. R7, with a sophisticated seven chamber design that’s flush inside and out, offering the best in modern living. R2, providing an architectural highlight, with clean lines matched by cutting edge design and superb performance.
Experts from The Residence Collection have also created a range of more than 25 colours from timeless classics like Grained White to modern favourites such as Eclectic Grey. Plus, dual finish is available that allows you to find windows that look as good from the inside as they do from the outside.
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