Storage Matters To Buyers
Space has always been a big issue in the property market, but in recent times, space has become the most important factor for many property buyers. There are clear reasons for this, and if you plan on selling your home, it is vital you are aware of what buyers are looking for.
At Prestige & Village, we are more than happy to help you connect with willing buyers.
How Much Extra Are Buyers Paying For Homes With Storage?
The findings showed the “percentage of respondents who wouldn’t be prepared to pay anything over the asking price for a home with lots of storage space”:
- People aged between 18 and 24, 11%
- People aged between 25 and 34, 12%
- People aged between 35 and 44, 13%
- People aged between 45 and 54, 22%
- People aged between 55 and 64, 30%
- People aged 65 or over, 26%
These findings shouldn’t be a surprise.
Younger property buyers are looking for homes with space and storage, especially if they are in the process of starting a family. Then as you make your way through life, into retirement agents, there is a lot to be said for downsizing.
At this point, a lot of people are happy to cut back on their belongings, and this can be seen in the figures shown above.
What type of storage solutions are people looking for?
Of course, while it is simple to refer to storage solutions as though they are all the same, this is far from the case.
As the responses below show, some storage spaces are in greater demand than others. A garage or a spare bedroom are in high demand, and given the impact of the lockdowns, this is apparent. More people are working from home, so any space that allows people to work remotely and create a division between work and home are of benefit.
When it comes to the type of storage solutions people want, respondents were asked “I’d pay more for a house with…” and the following details the responses:
- 42% of respondents agreed they would pay more for a house with a garage
- 42% of respondents agreed they would pay more for a house with a spare bedroom
- 40% of respondents agreed they would pay more for a house with a large driveway
- 40% of respondents agreed they would pay more for a house with a utility room
- 34% of respondents agreed they would pay more for a kitchen with a lot of cupboards and drawers
Kirsty Oakes, Head of Product and Marketing at Hammonds Furniture, concludes: “When looking for a new home, making sure you have enough storage space is clearly a big priority for many. In fact, our survey showed that for some, it’s considered essential. If your home doesn’t have ample storage space, you may consider altering lesser-used spaces, such as rooms with sloped roofs or adding under stairs storage. There are lots of different storage solutions out there, such as wardrobes for awkward spaces, and installing these can be a great way to offer more room for your things and add value to your home without losing ‘living’ floor space.”
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to blog