Storage sells: buyers will pay more for space
What sellers assume adds value and what buyers don’t mind paying over the asking price for may not match, if the results of a new survey are to be believed.
While it’s common to think purchasers will stretch their budget for a property with a newly-installed bathroom, an all-singing, all-dancing garden room or perhaps off-street parking, lots of storage is actually one of a home’s most valuable aspects.
When Hammonds Furniture conducted a survey to establish what Brits valued most when buying their next home, 84% said adequate storage space was a must. In fact, those that took part in the survey said they would be willing to pay an average of £12,574 more for a home with lots of storage space to put their possessions.
In some cases, storage was such a priority that buyers would be willing to exceed a property’s asking price for the luxury of space and storage facilities, with 7% of survey participants willing to offer £55,000 more that the advertised price.
The survey results also found the appeal of storage does wane with age. Those below the age of 44 were most likely to increase their offer to secure a new home with good storage, while those over the age of 45 would pay the smallest amount over the asking price to be successful.
Storage is such a broad term that the survey wanted to establish what specific storage options would be most likely to prompt buyers into increasing their offer. A garage was the top storage option, with 42% of buyers willing to pay more for a property with this facility.
A utility room was also well ranked by many purchasers, with 40% saying they’d up their offer if a home had this small but useful room. Another top-performing storage asset was a kitchen with plenty of cupboards and drawers – with 34% saying they’d pay more for this benefit.
While the survey results have highlighted that storage is a winning factor when it comes to encouraging buyers to make attractive offers and even bid over the asking price, good storage can also help sellers during the viewing process.
It’s no secret that people will be put off if your worldly goods are scattered about the house, and a neatly organised home will impress potential buyers and add value too. Even how you utilise what storage you have can impact the interest in and offers on your property – chaotic scenes may suggest there isn’t enough storage for the size of the property.
In most cases it’s not the amount of storage that’s the issue but the way the items are folded, stashed and stowed. When you’re getting your property ready for viewings, it’s worth spot checking your storage beforehand
- Prioritise small rooms that can feel cluttered: Ideal Home’s storage solutions for small spaces is a brilliant place to start.
- Reinvent the everyday: if your storage is from the big Swedish warehouse, why not upgrade it with one of House Beautiful’s amazing Ikea hacks?
- Make sure drawers and doors close fully: first impressions will be improved if the contents are not spilling out.
- Reorganise chaotic shelves: pay attention to places that potential buyers may investigate, such as the airing cupboard.
If you’d like more advice on getting your property ready to sell on the open market, talk to our team today.
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