If you plan on selling your home, it is essential you know what buyers are looking for. You must connect with them, and how you present your home influences this. At Thomas Morris, we are pleased to say we have helped many homeowners connect with buyers when it comes to selling their home.
We focus on what local buyers and vendors are looking for, and we stay in touch with the latest studies taking place across the country.
Some buyers are willing to pay more for homes with storage space
The findings showed the “percentage of respondents who wouldn’t be prepared to pay anything over the asking price for a home with lots of storage space”:
People aged between 18 and 24, 11%
People aged between 25 and 34, 12%
People aged between 35 and 44, 13%
People aged between 45 and 54, 22%
People aged between 55 and 64, 30%
People aged 65 or over, 26%
This shouldn’t be a surprise. People who are upwardly mobile, perhaps with a young family need a lot of storage space. At the other end of the spectrum, many people aged 65 or older are associated with downsizing, requiring less space at home. This means, we shouldn’t be surprised to see younger people willing to pay for storage space, while fewer older people think the same.
With respect to the money being spent, the following numbers backs up this line of thinking. The same study also asked “how much over the asking price buyers would be prepared to pay for a home with lots of storage space”:
People aged between 18 and 24, £14,691
People aged between 25 and 34, £17,459
People aged between 35 and 44, £15,366
People aged between 45 and 54, £10,149
People aged between 55 and 64, £10,416
People aged 65 or over, £8,710
There is a big difference between storage solutions
While any storage space is better than none, it should be pointed out that not all storage options are the same. This is why people are more willing to pay more for a house that has a garage or a spare bedroom, as opposed to a house where kitchen storage is the leading space-saving solution. When it comes to the type of storage solutions people want, respondents were asked “I’d pay more for a house with…” and the following details the responses:
42% of respondents agreed they would pay more for a house with a garage
42% of respondents agreed they would pay more for a house with a spare bedroom
40% of respondents agreed they would pay more for a house with a large driveway
40% of respondents agreed they would pay more for a house with a utility room
34% of respondents agreed they would pay more for a kitchen with a lot of cupboards and drawers
Kirsty Oakes, Head of Product and Marketing at Hammonds Furniture, concludes: “When looking for a new home, making sure you have enough storage space is clearly a big priority for many. In fact, our survey showed that for some, it’s considered essential. If your home doesn’t have ample storage space, you may consider altering lesser-used spaces, such as rooms with sloped roofs or adding under stairs storage. There are lots of different storage solutions out there, such as wardrobes for awkward spaces, and installing these can be a great way to offer more room for your things and add value to your home without losing ‘living’ floor space.”
If you are looking to sell your home, you need to connect with buyers. This is a speciality of ours, and we look forward to helping you present your home in the most appropriate manner.
If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.