Real estate industry observers say most homebuyers have a similar wish list when it comes to buying a property regardless of whether they are single, a professional couple, a young family or retirees.
To help ensure the resale value of you home it pays to keep these things in mind when planning a new home or a renovation.
We all have a dream suburb or city that ticks all the boxes, but it can take a lot of looking before the right house comes up at the right price.
Once it does however, home buyers are usually willing to forgive a few things that aren’t up to scratch if the home is in the right location.
Daniel Cohen, co-founder of First Home Buyers Australia says buyers want to live in a neighbourhood that’s close to shops, close to where they work and study, and close to family and friends.
“The most important amenity to first home buyers is public transport. Busy young Australians want to be able to get around quickly and cost effectively,” Mr Cohen says.
2. NBN Connection
Not all areas have the NBN yet, but estate agents are increasingly being asked about its presence when buyers looking through a home. If the the NBN isn’t on, interest wanes.
On the flip-side, properties in NBN-ready areas are increasingly attractive to home buyers who love the options it creates around entertainment and working from home.
“If your property is an NBN-connected area, chances are you’ll catch the interest of young first home buyers at the very least,” Mr Cohen says.
Gone are the days of buyers being primarily interested in the size of the block. Today they’re far more concerned about buying a turn-key property so they can get on with enjoying life.
Elders Real Estate sales agent in the Sydney suburb of Penrith, Kristy Syaranamual, says a renovation project only appeals to a small percentage of the market.
A renovated home in the right price bracket gives buyers the advantage of moving straight in without having to find more cash to renovate, Ms Syaranamual says.
“Most home buyers want an easy maintenance home where all the work has been done for them – meaning less mowing, less cleaning and less hidden problems,” she says.
4. A second living area
A single living room isn’t enough for most home buyers today as they prefer to spread out throughout a home.
Even a small sunroom will appeal to buyers who want additional living space, says Frank Valentic, who has judged renovations on Nine Networks’ The Block.
“This is particularly the case for families who have children. They are looking for enough space to allow children to play in a separate area of the home,” Mr Valentic says.
5. Modern wet areas
Home buyers can’t be bothered renovating the bathroom or kitchen. They want slick renovations with modern amenities so they can move straight in and enjoy the comfort.
Jo Powell, of Melbourne’s 3 Pea’s Property Styling, says kitchens and bathrooms are the most important rooms in the home, with women ultimately making the final decision about a purchase based on these rooms.
“If one of these rooms is lacking, it can overlook it, but if both rooms are lacking can cost the sale,” Powell says.
If you’re selling and your funds don’t stretch to a full renovation, make sure these rooms are spotlessly clean, with fluffy new towels and new bathroom products on display, she says.
6. A homey feel
It’s the million dollar feeling vendors are trying to create when listing their home for sale in the hope we’ll make an offer. That inexplicable feeling you get when you walk through the front door of your home at the end of a long day. That feeling of being home.
“If the buyer has a young family, they need to see themselves being able to raise a young family in the home,” finance editor of www.onthehouse.com.au Peter Boehm says.
“A buyer needs to feel a sense of peace and calm in the space. It needs to feel like home right away,” he says.
7. Financial satisfaction
Buying a home is building nest egg for the future. Whether you’re buying a home to live in or an investment, making sure you’re not feeling financially overstretched is important, Mr Boehm says.
Financial satisfaction means that the buyer feels that their purchase has been affordable and that they got value for money.
“Buyers don’t want to be a slave to their mortgage, and want to take into consideration a potential rate rise when purchasing so they don’t have that sinking feeling that they’re in over their head,” Mr Boehm says.
Financial peace also comes from being sure problems with the home won’t emerge down the track, he says.