While there is a lot of focus on what buyers want to see in a home, there isn’t as much focus placed on what homeowners feel about their property. If a homeowner is keen to stay in their current home for a number of years, it suggests they are settled and content. This information is useful to know, because when you find out the reasons people stay in their home, it informs buyers and vendors in the market.
In a new study undertaken by LV= General Insurance, findings suggest 86% of homeowners have carried out improvements to their property, to make it their “forever home”. This equates to around 15 million adults. This study suggests people are looking for a place where they can settle down and stay for a long time. When a family or household finds their ideal home, they renovate to ensure they make the most of their property for years to come.
Homeowners can change their property in many ways
There is a wide range of changes that can be made in a home, with redecorating to make a home in their style the most popular act. 58% of respondents stated they would make this style of change to feel more content in their current home. The next most popular step is refurbishing the kitchen, with around half of the respondents stating this and 39% of respondents said they would landscape the garden.
28% of homeowners said they have settled in their “forever home” because the cost of moving to a larger home was too expensive.
The most popular ways homeowners change their home to settle down in their current property was listed as:
- Redecorating their house in their style 58%
- Refurbished the kitchen 50%
- Landscaped the garden 39%
- Added an extension 24%
- Painting the exterior of the property 24%
Heather Smith is the Managing Director of the LV=GI Direct Business, and she said; “When looking to buy a property, especially one where you intend to stay put, it’s important to consider which factors are most important to you. With house prices continuing to rise and uncertainty in the market, our research shows that the vast majority of homeowners are choosing to renovate their current property to create their ‘forever home’.”
The average age of first-time buyers is rising
The survey suggests the average age of someone buying their forever home was 41 years old. With the average age of the first-time buyer in the UK coming in at between 31 and 33 years old, buyers may not be looking for homes too often.
There is also evidence which suggests first-time buyers are avoiding flats and smaller properties, moving up the ladder with their initial purchase. It is important buyers and vendors alike are aware of the changing nature of the property market.
If you are looking to buy or sell property in Rubery or surrounding areas, contact Dunedin Sales & Lettings. We are pleased to say we work closely with a wide range of people in the local market, and we can help you achieve your property aims. Contact us today for guidance and advice on your next move.