What are the top 10 features homebuyers are looking for when purchasing a new home? With 2,000 prospective homeowners surveyed by GoCompare Home, we look at what are the ‘must-have’ features for potential property buyers and how important it is to include in your property development.
“Buying a home is the biggest financial commitment most people will make. So, before viewing properties it is helpful to have an idea of the type of area and property you’d like to live in and think about your real must-have priorities,” said Ben Wilson, GoCompare Home Insurance.
Unsure where you want to begin your property development or what type of properties you should build? Get a better picture of the UK property market with our predictions here.
More prospective homebuyers, especially first-time buyers, are growing more cautious in the energy-efficiency rating that a particular property has.
By securing an EPC document with a high energy efficiency rating will go far when it comes to convincing prospective buyers that your property is built without incurring high energy bills.
Furthermore, with the Chancellor recently announcing that new build properties will be adopting a Future Homes Standard by 2025. Making this even more important for property developers to think about building energy-efficient properties.
In the modern world, a reliable broadband connection and an area that has a strong mobile service are becoming increasingly important for property homeowners and first-time buyers.
“For many people, access to both a strong internet connection and a reliable mobile phone service have become modern home essentials,” said Mr Saunders, GoCompare.com’s Mortgage spokesman.
When it comes to property development, depending on the type of properties you want to build, you can always check the potential broadband speed in the area. When it comes to researching land, all these aspects need to be looked at and compared.
If you’re looking or interested in property development in or around London, parking spaces are difficult to come by in highly-dense areas. Newer property developments have been forced into building a small car park and allocating a parking space for each property on the development site.
“Restrictions on the number of parking spaces developers can build to accompany new properties make these slots a hot commodity carrying a premium price point,” explains Nick Brabham, head of SELECT Premier Insurance.
“In many new developments, those purchasing studios or one-bedroom homes are denied the opportunity to purchase a space, as they are reserved for larger properties.”
This is an important aspect to think about when planning your property development project in denser areas. If you’re looking to put a higher price tag on the flats you build, will it include a dedicated parking spot?
In populated areas such as London, Portsmouth and Southampton, many potential homebuyers are looking to be close to the city. When researching land to purchase, assess the local area, schools, shops and walking distances to train stations and other places of interest.
If you’re planning on building high-end flats for business professionals, you’ll want to make sure the property is built near a well-connected train station. If your property development focuses on small family homes, then make sure it’s close to parks.
Having a freestanding bathtub will automatically open your property to more potential buyers. For younger families, having a bathtub for their younger children or babies is vital and by opting to remove a bathtub, you may be limiting the appeal of your property.
With first-time buyers expected to rise in 2019, it’s incredibly likely that first-time buyers are young couples looking to start their family soon or may already have. A bathtub may be a fantastic perk for your property.