If you are looking to sell your home, it is always helpful to know what buyers are looking for. The vendor that can meet buyer demand and make prospective buyers feel at home will be far more likely to sell their home than a vendor who is fixated on meeting their own needs or selling in a way that would appeal to them. At Griffin Residential, we aim to help homeowners sell their home in an efficient manner and the latest trend amongst prospective buyers is likely to be of benefit to people selling their home.
A recent study in London shows that buyers are more than happy with homes that require work and improvements. More than eight out of 10 respondents said they are happy to remodel a home and four in 10 respondents said they would be happy to purchase a home that requires a significant amount of work. If your home is in okay condition, you shouldn’t cause damage to make it worse and fit with the expectations of these buyers, but it does suggest that your home doesn’t need to be perfect to meet the needs of likely buyers.
This is a change from recent expectations of the market. There has been pressure on homeowners to make changes to their home, to add more space and to ensure that all repair work is carried out. On the back of this study, it suggests that buyers are becoming so keen to snap up a property that they are willing to overlook some of the problems or drawbacks that homes offer just to get on or move up the property ladder.
Less than 10% of the respondents said they are looking for their ideal home when purchasing. There have also been studies showing that the number of home improvement projects being undertaken of late has significantly increased in five years. Some of this will be down to homeowners improving their home before it is placed on to the market, but many buyers are understanding of the fact that they will have to tailor their home to meet their needs or expectations in the long run.
Given the amount of money associated with the deposit and other entry costs, it is perfectly acceptable that some buyers are taking steps to minimise the amount of money they spend on the initial purchase of the home. These savings can be put towards making improvements in the home, which will make the home more suitable for a households’ needs while providing them a greater return on their investment in the long run.
If you are selling your home and you have the time and budget to commit to making improvements at your property before going to market, follow through with these plans. However, if you don’t have the finances or ability to make these changes, don’t panic. It appears there are many buyers willing to buy homes that are less than perfect, which should provide some homeowners with confidence in going to market.
Anyone looking for help in selling their property will find that Griffin Residential is here to help, so contact us to sell your home.