If you own buy to let accommodation, or if you are looking to sell your home, the road to success lies in effective marketing. To achieve that success, therefore, you also need to know what buyers and renters are looking for most in a home.
This type of market research is conducted from time to time by several sources involved in the sale or rental of property and the wishlists developed may vary quite widely from one source to another and over different periods of time.
One of the latest such surveys, for example, was conducted and published on the 13th of August by online estate agents Zoopla.
This found that both buyers and renters place a high priority on outside space, the existence of a garden and the quality of its design and maintenance. 86% of respondents in the survey said that such an outside amenity is either very or extremely important.
Moreover, as far as buyers are concerned, they put sufficient priority on a garden that they are prepared to pay an average premium of £14,448 to buy a house with a garden, or to invest an average of £7,339 in creating one and then spend a further £678 a year maintaining it.
This puts the garden on at least a par with that other must-have for buyers and renters, a modern, fully fitted kitchen.
Other researchers have come up with different lists of priorities for both buyers and rents – including the results of studies conducted by The Balance Small Business and published on the 19th of September.
This study listed a range of perhaps more conventional desires on the part of house hunters:
- location – it almost goes without saying, of course, that location, location, location is the be-all and end-all for many of those in search of somewhere to live;
- renovation – tenants, in particular, are drawn to a property in which the landlord has shown enough interest to renew and renovate the premises, especially when those efforts have been directed towards installing a brand-new bathroom and/or kitchen;
- coordination – whether it is the kitchen or the bathroom, colour coordination emphasises the care and thought that has gone into any renovation and completes a stylish look – often underlined by the use of stainless-steel fittings;
- open plan – the advantage of an open plan kitchen, dining and lounge space is that it helps to make a property feel more spacious – a particular draw, once again, for potential tenants, who are likely to find such an arrangement easier for entertaining;
- parking – parking is likely to be a major issue for anyone – buying or renting – in urban areas;
- it might be on-street parking, but off-street parking or even space in a garage, is likely to carry a substantial premium;
- outside space or garden – like the Zoopla study, this one also puts a premium on some form of outside recreation area – even if it is only a small yard or even a veranda or balcony.
Knowing what any renter or potential buyer of your property is looking for is going to help you market your house or flat more effectively.