More Focus on Space When Making Property Decisions
New research has found that home buyers are looking increasingly at the space around their new properties rather than just the physical structure. They are now beginning to consider more how the property will fit into their lifestyles, such as the proximity to work and the potential to enjoy their leisure time.
The survey, which was commissioned by Santander, looked at the top ten priorities buyers had when they were researching potential properties. The research showed that 25% of people in this country are looking at buying their next home within the coming five years. However, it highlighted that buyers are now more concerned with the location of the property, especially in terms of commuting distance, the level of green space close by and the leisure facilities in the local area.
The research found that one third of home buyers see being close to their work as the most crucial factor when deciding which property to buy. However, only 9% of people put being close to their family at the top of their list, and this didn't factor in the overall top ten. The location of the property even came above finding space for pets (7%) and having friendly neighbours (4%) in the list of priorities that buyers have.
Achieving a Work-Life Balance
Over the past few years, people's work-life balance has become increasingly important to them, and this is now being highlighted in how they make their property decisions. Homeowners want to minimise how much time is required for commuting to and from work to enable them to spend more time at home and with their family. They are looking for more opportunities to enjoy the outdoors, whether this is in their own garden, on a balcony with a glass balcony railing or in the local park, as well as play sport or go to restaurants.
Buyers are even prepared to pay extra for these elements, which can mean that some are forced to choose which features are actually the most important to them. They would pay around £6,297 on top of the value of the property in order to be near work and £5,969 more for some green space. Those buyers who did see proximity to their family as crucial would consider paying £8,863 more for a property.
With buyers wanting to increase the amount of time they spend enjoying themselves, they are focussing more on the leisure amenities that are in the local area. The number of those who want to purchase a property close to these types of facilities, including restaurants and bars, has grown from 6% to 8% in the past four years.
Whether you're looking for a house with a glass balcony railing, a large garden or a good-sized kitchen or living space, it's important that you make the right decision for you and your family. Researching all the potential properties on the market and taking into account what your key requirements are will ensure that you don't end up with a property you'll regret buying.