Date Published 27 December 2023
What Are Buyers & Renters Looking For In a Property?
With the ever-evolving landscape of housing available, pinpointing exactly what modern-day home buyers and renters truly yearn for is daunting. Which features tip the scales in favour of one property over another, or what amenities are potential homebuyers and renters genuinely enthusiastic about?
The property giant, Rightmove, has recently delved deep into the matter to demystify these preferences. After analysing over 600,000 property searches, they've pulled together the most coveted property features for buyers and renters, and we go through the top points below.
The Most In-Demand Features For Home-Buyers
According to Rightmove's research, these points are the most sought-after property features among prospective homeowners in 2023:
Renovation Projects (Fixer-Upper)
When it comes to online searches, there is a strong inclination towards homes in need of a touch-up. With current high mortgage rates and fluctuating house prices, many buyers seem to be leaning towards properties that require work but have a friendlier price tag.
On average, a fixer-upper can go for less on the property market, especially among first-time buyers who appreciate the flexibility to refurbish at their own pace, or property investors looking for potential bargains.
Refurbished Property
Rightmove observed that refurbished homes are in high demand among those who want a move-in-ready experience, but it comes at a price. Such homes generally cost about 19% more, revealing that buyers are willing to pay a premium for the comfort of a freshly revamped space.
New Boiler
A new boiler often equates to improved efficiency, potentially leading to significant savings on heating bills in the long run. Moreover, with increasing awareness about environmental concerns, many buyers see an energy-efficient boiler as a step towards a more sustainable lifestyle.
Loft Conversion
There's a high demand for multi-functional homes, especially in the era of remote work and changing family dynamics. A loft conversion offers a practical solution to space constraints without the need for a physical extension.
Storage Space
As people accumulate belongings over time—from sentimental keepsakes to essential items—the need for spaces to neatly and effectively store these treasures grows. For many buyers, an ample storage space signifies a future-forward home ready to adapt and grow alongside its inhabitants.
Cellar
Many homebuyers still value cellars for lots of similar uses to lofts. By being below ground level, this also affords homeowners an added layer of privacy, making them perfect for personal retreats or sound-proofed music rooms.
Double Glazing
The dual benefits of energy savings and acoustic comfort make double glazing particularly appealing for home buyers in urban areas. The eco-conscious buyer appreciates the reduced carbon footprint associated with better-insulated homes.
Chain Free
A chain-free property status signifies that the sale of a home isn't contingent on the seller purchasing another property. For buyers, it promises a smoother transaction, potentially speeding up the move-in timeline and eliminating layers of uncertainty that often accompany property chains.
Garden
For many buyers, a garden offers a personal oasis of greenery and tranquillity. Homebuyers seek gardens for relaxation, socialising, or even cultivating vegetable patches.
Near a Station
For the daily commuter or occasional traveller, homes near stations significantly reduce transit times, making the daily grind a little easier.
Most In-Demand Features For Renters
Here are the top 10 features that renters are actively seeking, reflecting a blend of comfort, convenience, and modern living.
Double Glazing
Double glazing ensures a warmer, quieter living space, reducing energy bills and external disturbances, making it a top choice for renters.
Smart Tech Like Smart Heating System
The integration of technology into homes offers both convenience and cost savings. A smart heating system allows renters to customise their environment, potentially reducing energy costs and increasing home comfort.
Near Station
Being close to a station reduces daily commute times, offers quick city access, and ensures that entertainment and amenities are always within reach.
Parking Space
In bustling areas, a dedicated parking space is golden. It eliminates the daily stress of finding a spot and often means added security for renters' vehicles.
Basement
Whether it's used as an entertainment area, guest room, or storage, a basement adds tangible value to a rental property.
New Boiler
Like homebuyers, renters value the efficiency and reliability that a new boiler brings. Consistent heating and potential energy savings are enticing features for any renter.
A Shed
Outdoor storage solutions like sheds are in demand, especially for renters with bicycles, gardening tools, or additional items. It provides a practical space solution without cluttering the main living areas.
Attic
Whether it's additional storage, a quiet study nook, or the potential for a cosy loft-style bedroom, attics provide a sense of expanded space.
Energy Efficiency
Renters, conscious of their carbon footprint and monthly bills, prioritise energy-efficient homes. This can translate to lower utility bills and a reduced environmental impact, aligning with modern sustainable living ideas.
Open Plan
The preference for open-plan layouts reflects a desire for spacious, versatile living areas. Renters love the seamless flow between spaces, making socialising, entertaining, or simple daily routines a more cohesive experience.
The Bottom Line
It's evident that both buyers and renters prioritise a blend of functionality and modern conveniences. From energy efficiency to location accessibility, today's real estate market is shaped by evolving demands that mirror contemporary lifestyles and technological advancements. Whether purchasing or renting, individuals are seeking properties that offer not just a place to stay but a place to call home.
If you're looking for the perfect property to rent or buy, the friendly team here at Marshall Property can help find the home to tick all of your boxes. As one of the leading estate agents in Liverpool, we can guide you through the property purchasing process - just get in touch with us today to find out more or browse our range of properties available online.
