What Is Next For Home Buyers?

News at Household | 19/12/2019

Given the relationship between buyers and vendors, there is a lot to be said for keeping up to date with the needs of buyers. If you plan on selling your home, making it more appealing to the most likely buyer can only be viewed as a positive thing. Therefore, research into what new homeowners in Great Britain spend money on when they buyer property should be of interest to vendors.

The study was carried out by Norton Finance, and it revealed new homeowners spent more money on furniture over any other form of home improvement. The research was part of the Norton’s Home Improvements Report 2019, and it spoke to 1,000 new homeowners.

The study found property owners spent an additional £13,000 on renovating their home in the first year of owning the home. The most expensive element of spending was new furniture, then a new kitchen, a new bathroom and energy-efficiency improvements.

Home technology is increasingly important for property buyers

Other upgrades new homeowners made to their property included new flooring, gardening features, but also home technology. The rising appearance of products such as Amazon Echo or Nest products indicates this is something homeowners are interested in. An average of £792 was spent on home technology devices, but in London, an average of £1,793 was spent on this form of improvement.

Paul Stringer is the Managing Director of Norton Finance, and he spoke about the research, saying; “Buying a home, especially a first home, is a really momentous feat and something that many of us strive towards. Putting your own personal stamp on a home you own is exciting and it is clear the British public are keen to invest in this quickly after moving in. It’s interesting to see what the public prioritise in terms of home improvements and we hope that the findings of the research will give an indication to those buying a home in the near future as to what the first year of living in a new home can look like”.

Given the importance of furniture for new homeowners, is this something vendors can offer to make their home more appealing. If you don’t need furniture when you move out, or you plan on buying new furniture, is there scope to leave the furniture behind?

Can you attract buyers by offering your furniture?

This may help the new homeowner to save money while enjoying the property. In a competitive marketplace, this may be a factor that elevates your home above other options in the marketplace. It may not sound like a lot to you, but it could be the factor which persuades a homeowner to make an offer on your home as opposed to another property.

If you plan on selling your home, we can arrange a valuation for you. At Household, we aim to connect you with likely buyers, and we can help you find what buyers need. When it comes to selling your home in Toddington and Dunstable, we are your local agents, so contact us today.