What buyers want may be changing
A new survey* says buyers are prioritising 'ready to go' properties – rather than homes requiring extensive work – due to higher borrowing and renovation costs.
It says buyers now prioritise the quality and finish of a property. Meanwhile, potential for extensions and conversions has sunk to the bottom of the list.
Paresh Raja, CEO of Market Financial Solutions, says: “Our 'Homebuyer Wishlist' survey monitors how the wants and needs of UK property buyers evolve over time. The standout finding this year is that there is an increased desire for properties in good condition.
“With borrowing costs still above the levels seen from 2008 to 2022, buyers are perhaps seeking stability and predictability, favouring homes that are ready to move into rather than those needing renovation or refurbishment.
“Any 'doer upper' brings uncertainty, particularly when it comes to the cost of materials and labour, as well as the potential for delays, which can present challenges from a financing perspective.
“But as ever, we have to appreciate that all homebuyers are different. Some will relish a project, others want the turnkey option.”
Ways to get your home move-in ready
Clean, clean, clean
It's the easiest way to make a home look ready to live in.
Paint and decorate
Paint is a relatively inexpensive way to make a home look as good as new. Make sure you opt for neutral shades.
Fix anything that's broken
Repair sticky doors and broken kitchen drawers. This way, potential buyers won't be making a mental 'to-do' list when they view your home.
Kitchens and bathrooms sell houses - so some people say. Consider whether a mini facelift would be worthwhile.
Make the decision that's right for you
Will your home sell better if a buyer can just move their furniture in, relax on the sofa and start living?
Maybe. But there's also an argument for marketing your home as it is, too.
Some people still want to personalise their home to their exact requirements, while others prefer a project. (They actually enjoy ripping out kitchens and stripping walls.)
If you're thinking of selling, why not invite us round for a free valuation and marketing advice? Then you can decide for yourself whether to go straight to market or make some improvements first.
Do you know someone who is thinking of moving home? Please share this article with them.
* Source: Market Financial Solutions Homebuyer Wishlist Survey