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What are the key selling points of a home in 2022?

If you’re wondering how valuable your home is, knowing its most desirable assets is a good place to start. Estate agents know exactly which features are hot on the market right now, which is why they are highlighted in listings to make sure the property is easily spotted by suitable buyers.

 

Data from Rightmove suggests which features buyers are looking for in today’s market, by ranking the most popular ‘key words’ highlighted by estate agents to sell houses. Due to a change in working patterns, there has been a clear move towards garden offices, orangeries, summer houses, underfloor heating, bi-fold doors and open-plan rooms. If your house has any of these features to offer, your home could be extremely appealing to buyers in today’s market.

 

Take a look at the features that are highlighted to attract the most potential buyers in 2022.

 

Garden office

Working from home has become a new way of life, and this has caused many people to move entirely in search of better office space.

 

Advertising a spare room which is suitable for a home office with good ventilation, accessible outlets to plug in a computer setup and ample space for a desk will make your home extremely attractive to many buyers. The proportion of listings that mention garden offices, were found to be 11 times higher than a decade ago. That’s an increase of 1,046%!

 

Bi-fold doors

Rightmove reported a huge rise in demand for bi-fold doors, with a 589% increase in popularity compared to 10 years ago. The post-pandemic need for space is thought to be the driving force behind this feature becoming so sought-after, as this enables people to extend and diversify their living space.

 

Orangeries and summer houses

What sets orangeries apart from conservatories, is the bricks in place of glass. The name originates from where fruit trees were stored during the winter months, so that should tell you how cosy and warm these home extensions are. The number of property listings mentioning summer houses has also seen an increase, whereas greenhouses seem to have declined in popularity. Smaller windows allow for a more functional and dynamic space, allowing scope for multiple uses such as home offices, living rooms, and dining space.

 

Underfloor heating

Listings that feature underfloor heating jumped by 114%, as buyers search for more energy-efficient solutions to warm up the house.

 

Underfloor heating is a cleaner, smarter way to heat a home. Using radiant heat technology, under-floor heating gently warms people and objects in the room directly, from the ground up.

 

Open plan living

Open floor plans remain popular among families and busy households due to their better traffic flow and multifunctional spaces. The wide-open space is most desirable for those with larger families as the layout offers a grand communal area. Consider removing a wall that separates your kitchen from your dining room, and your listing will become more attractive to buyers looking for a family home.

 

Looking for advice on how you can improve your property before selling? Contact us today.

 

First-time buyers: What deposit will you need?

Whether you are thinking about saving for your first house or you have been saving for a while now, the deposit will most likely be the first hurdle on your journey. Here are some of the basics you’ll need to know to help you get a leg up.

 

What is a mortgage?

 

A mortgage is a loan taken out to buy a property or land. Most will run for 25 years, but the term can be shorter or longer depending on the property.

 

The loan is ‘secured’ against the value of your home until it is fully paid off. If you fail to keep up with your repayments, the lender can repossess the home and sell it to get the money back.

 

How much of a deposit do I need to buy a home?

 

Before you start looking at properties, it’s best to get your deposit saved first and foremost.

 

Generally, you will need to save at least 10% of the cost of the home you would like to buy. This figure depends on whether you’re buying alone, in which case you can split the deposit in half. It also depends on current market activity at the time of the purchase. For example, most sellers will ask for a higher minimum deposit during economic headwinds or overwhelming demand, as this ensures that they will achieve the right asking price.

 

Saving above 10% will give you more leverage for the home you want, expand your choices on the market, and secure you a lower monthly interest rate.

 

Help for first-time buyers

 

If you are in a situation where you can only save a small deposit, or you do not have the option to split the cost in half with a secondary resident, there are a range of government schemes available to give you a helping hand on the housing ladder. Options include:

• Lifetime Individual Savings Account (LISA) – You can use a LISA to buy your first home or save for later life. You must be aged between 18 and 39 to open a LISA. You can put away up to £4,000 each year and the government will add a 25% bonus to your savings. However, there is a penalty for taking money out of a LISA if you are not putting it towards a deposit, or withdrawing after age 60.
• Equity Loan – This scheme is only available to first-time buyers in England who want to buy a ‘new-build’ house within the relevant regional price cap. You can borrow up to 20% (40% in London) of the purchase as an interest-free equity loan. You do not pay interest on the equity loan for the first five years, but you will start to pay interest in year six. The equity loan payments are interest only, so you do not reduce the amount you owe.
• Shared ownership – Shared ownership offers first-time buyers the option to buy a share of the home from the landlord, who is usually the council or housing association, and pay a reduced rent on the remaining share. Later, you can choose to buy a bigger share in the property, and ‘staircase’ up to 100% of its value.

Some of these schemes are ending or unavailable in certain locations, so it is important to thoroughly research each one, save as much as possible and seek out bespoke advice about your savings options.

 

Other costs for buying a home

 

When saving for a deposit, it’s important to remember that there are other fees and costs you will need to save for, before you can take the plunge.

 

These include:

• Survey costs
• Initial furnishing and decorating costs
• Buildings insurance
• Solicitor or conveyancer fees
• Removal and moving costs
• Stamp Duty

 

If you are struggling to save for a deposit

 

If you are struggling to save up a large enough deposit to move out within a certain timeframe, there are options available to help you.

 

Family assistance mortgages allow whoever is supporting you to put in a percentage of the money you are looking to borrow into a specific savings account, or they can secure the mortgage against a percentage of their own property.

 

 

Looking for advice on your property circumstances? Get in touch today.