If you’ve ever bought a property as a primary residence to live in, you may not be surprised to learn which factors influence a property buyer’s decision, as you might just have experienced them yourself.
According to a survey released by Plentific.com at the tail end of last year, a new kitchen is the most effective home improvement, with the power to influence a potential buyer’s decision on whether to buy a property or not.
The research revealed that 47% of potential buyers would be swayed by a new kitchen when buying a home, and 28% would be prepared to increase their buyer’s offer.
This news is not entirely surprising, especially as, for many of us, the kitchen is the most important room in the home. It’s where we prepare food, cook, eat and socialise; the undisputed heart of the home.
Meanwhile, the bathroom is the second most important factor to influence a buyer’s decision. According to the research, a new bathroom affects 46% of buyers, while 27% might offer a higher price for a property if it had a new bathroom.
So, when we ask the question, what influences a buyer’s decision, the answer is mainly the appeal of the kitchen and bathroom/s.
Plentific.com’s research revealed that new windows also influence a buyer’s decision, with 45% being influenced by new windows. This compares with a new extension, which is less influential for buyers, affecting only 34% of buying decisions. New garden landscaping, new lighting and a new conservatory also influence a buyer’s decision.
However, it’s important to remember that while sensitive renovations can increase the marketability of a property, an unsuccessful renovation can negatively affect a property’s appeal and value.
Though this research is more useful for property sellers, buyers may be interested to discover what generally influences a buyer’s decision when looking at properties, and what they can do to alter a property if they plan to buy it as an investment or buy it to do up and sell on in a few years’ time.
As with any property, the aim, if you plan to sell not long after buying, is to keep the house well-maintained. This includes the exterior of the building, any garden area, and the interior. But for those planning to sell, any improvements made to the kitchen and bathrooms may make the property more appealing in the eyes of potential buyers, possibly boosting the sale price.
Interestingly, studies have shown that buyers are more driven by their emotions when viewing a property than they might like to think. The smallest things can be perceived as adding value. For example, the wrong shade of paint colour on the wall (a superficial issue which can be easily and inexpensively fixed) can be enough to discourage a potential buyer, perhaps pushing them towards another property they have viewed.
Our advice to property buyers is to keep an open mind when looking at a property, and not get too bogged down on superficial details which can be changed. Trust your instincts but see the bigger picture.
Are you looking to buy a property in Wimbledon or the surrounding area? Contact our team today.