Whether you’re a property owner looking to sell or a landlord trying to attract tenants, there are certain investments that are worth making.
What people want from their homes has changed, in some ways dramatically, over the past two years. But some of this shift began well before the pandemic, and is likely to continue to affect buying and renting behaviour in the years to come.
Sellers trying to achieve the best price for their home will often give it a lick of paint and maybe a furniture reshuffle to make the property more attractive. Landlords, likewise, may try some simple, quick fixes to get tenants interested in a property.
However, for those looking to do more – and get more in return – it is worth noting what buyers rate the most when they’re looking at a new property, to help you gauge what might be worth sprucing up.
How to boost your property
A survey by Tapi.co.uk has revealed what Brits hone in on with the most critical eye when they’re mulling over a new home. While the survey focused predominantly on buyers, it’s safe to say that the wants and needs of tenants might not be too different.
What’s more, landlords who do a good job of targeting and attracting tenants are likely to pull in the best rents, while keeping renters in their properties for longer and reducing void periods.
The research found that private outdoor space was top of the agenda for more than half (52%) of Brits. Of course, this isn’t always possible, but even a property with a balcony or shared outdoor space is better than none.
Tapi also points out: “If you’re not blessed with lots of private outdoor space, there are ways to make your space appear more private by adding fencing, hedges, trees, and tall flowers to the far-reaching areas – both optimising the space and maintaining an enclosed feel.”
Are new-builds more appealing?
Interestingly, many of the features on the top 10 list are synonymous with new-builds. This could provide food for thought for investors, homebuyers and landlords alike.
Number two on the list was a new kitchen, which was a top consideration for 51% of respondents. This, of course, comes as standard with any newly built property, along with a new bathroom which was next on the list for 42% of people.
Also appearing in the top 10 list and directly linked to new-builds was freshly painted walls (20%), new flooring (15%) and modern appliances (12%). Neutral colours was also highlighted by 19% of respondents.
Of course, all of these improvements can be carried out on any existing property, too, but a new-build holds the extra appeal of never having been lived in; a blank canvas for buyer or tenant.
What people DON’T want
Tapi also looked at some of the biggest turn-offs for those looking to inhabit a new property. The research found that the top negative for 45% of people was a home that needed a lot of work doing to it.
While for some, a doer-upper project is hugely exciting and a potential money-maker, it is not for everyone. Again, those who want an easy life can be confident that a new-build won’t need any work doing for a very long time.
Other downers for house hunters were a lot of external noise pollution (43%), unsightly surroundings in eye view of the property (36%), an old kitchen that needs replacing (28%) and having to completely redecorate (22%).
Johanna Constantinou, brand and communications director at Tapi, says: “With the surge of springtime property buyers just around the corner, now is the perfect time to start making changes in your home to ensure your property has the best chance possible when it comes to market.
“From new flooring, to cleaning the space and modernising it, we hope our tips will help sellers make their home more attractive to buyers.”
BuyAssociation sources property investment opportunities for investors across the UK, with a focus on new-builds and newly renovated projects. Get in touch for more information.
