According to recent research conducted by Barclays Mortgages, house hunters cited double glazing, central heating and outdoor space as the three top features they weren’t willing to go without when purchasing a home. With half of Brits discarding a property altogether if it has three or more dislikeable features.
It’s a well-known fact that homebuyers will live in an average of five properties in their lifetime. This experience has given people across the UK a strong sense of what makes a house a home and what doesn’t. Barclays Mortgages new study reveals that Brits in today’s market are using this knowledge to drive the hunt for their next property with the list of non-negotiables.
The buyer’s non-negotiable list has an average of five features and amenities on it and holds the power to make or break the sale. Over a third of Brits are not willing to make an offer on a house if it doesn’t have one of their must-haves, and a further 36% would reduce their offer. However, if the property had everything they wanted, they would pay up to 10% over the asking price.
With an average property in the UK valued at £254,624², the cost of ticking those non-negotiable boxes is a massive £25,462. This figure increases to £50,924 for first-time buyers as 46% of those surveyed were happy to pay up to 20% over the asking price for a house that had it all.
The top 20 non-negotiables when purchasing a home:
- Double glazed windows
- Central heating
- Outdoor space
- Driveway/or parking spaces included
- A lot of natural light
- Downstairs Toilet
- A spare bedroom
- Good storage options
- Ensuite bathroom
- Energy efficient home
- Bath tub
- Separate toilet and shower
- Power shower
- A separate utility room
- Entrance hallway
- New/recent boiler
- Tiled bathroom
Barclays research also found homeowners are willing to compromise to a certain point, however almost half (49%) drew the line at three features they didn’t like.
The top three biggest turn-offs for buyers:
- Carpeted bedrooms(21%)
- Single glazed windows (21%)
- Wierd layout(20%)
Leading Mortgage expert at Barclays – Claire Macphail commented, “Buying a home is a huge step. Whether you’re getting on the property ladder for the first time, remortgaging, or looking for your forever home, it’s important to know what your non-negotiables are and where there’s a bit more flex in your preferences. Our research has shown that many Brits are already well on the way to knowing exactly what they do and don’t want in their next home. Thinking about your non-negotiables before starting the search for a new home can make the process more focussed and save you time.”
The mortgage expert provides four top tips for finding a home:
Make a list and stay focussed – There are a number of things to keep track of when buying a home. To help you stay on track, make a list of all of your non-negotiables; splitting into ‘must have’, ‘nice to have’ and ‘flexible’, so you don’t get distracted when on your property search.
Look at the home as a whole – When looking around a property, be open minded. Remember, a property can be anything you want it to be, so don’t focus on what the rooms currently are, and instead think about what the home can bring. Remember, you can always move things around when you’re in.
Your preferences may change, and that’s ok – Over the time it takes to find your dream home, your circumstances may shift. Something that might initially have been non-negotiable for you, may no longer be the case in your next home, and vice versa.
Stick with your gut – You’ll know when you’ve found ‘the one’. While there may be things you would prefer to have or not have, trust the feeling you get when you envisage living there and making the house a home.
To get the most out of the house-hunting process and find a property within budget, we believe that you need to be realistic about what must-haves you make a priority and which must-haves to compromise on. From experience, some of the most important factors home buyers consider include location, size of the property, i.e number of bedrooms and garden size. Ready to test out your non-negotiables list – Check 4 Houses can help you make the right move.
We go out of our way to provide you with the best advice and guide you through the whole selling process. With the knowledge of a local high street agent but the costs of an online estate agent, Check 4 Houses can sell your home for just £899 + VAT or 0.5% + VAT and save you thousands. For advice or a free valuation of your home, please give us a call on 01252 819725 – we’d be delighted to help.