What buyers look for in a property before making an offer?
Category Property Tips
Property buyers usually have a fair sense of which area/s they want to purchase their property in. They would generally also have a price range in mind that fits into their budget and will often have an idea of the type of home that they are looking for.
That said, they are not always fixed on any of the above. You may for example find that a buyer who had initially wanted to purchase a freestanding home, may suddenly find a cluster, townhouse or even a modern apartment that would fit their desired lifestyle. You may also find that the buyer will stretch their price budget for the right home, provided they perceive it as offering value for the price.
Extensive research and experience has shown that there are various important factors that buyers will look for. This is important for sellers to know because by ensuring that your property fits with these as they may apply gives you a better chance of securing a buyer and a good price.
Factors that buyers will consider will differ depending on the area. Where location close to a school for example would be important to a family buyer, it may be off putting to an older buyer who is looking for a quiet location. In middle-class areas, three bedrooms may be adequate whereas upper income buyers will look for a lot more space and features.
As a generally guideline, some of the factors that buyers look at include:
Location, price and accommodation. This is often the combination that most buyers will look for. Thus, if the property offers the desired accommodation and is located in the right area, and the price is considered as fair, the buyer will be moved to put forward an offer. The more congruent these factors, the better the chances of a good price offer.
Condition of the property. Unless the buyer is specifically looking for a fixer-upper or has other plans for the property, they will generally want it to be in a good condition. While many welcome the opportunity to renovate, sellers should be aware that there is often a price sacrifice that comes with that. Ensuring the property is in the best condition is one of the most important factors.
Too much or too little space? Buyers generally look for particular accommodation. Where young professionals may look for two bedrooms, families will generally require at least three and extra living space. A well-appointed kitchen and bathrooms are almost universal in terms of demand. A property offering too many rooms and features may only appeal to a very discerning buyer.
Features and finishes. Buyers generally look for a property that they can move into and live with as little to be done as possible unless they buy for the location with the intention of remodelling or renovating. Where possible, keep finishes updated, especially the kitchen, bathroom, floors and lighting.
Security. This has become an important consideration for buyers. It may even be a dealbreaker in some instances. Good security features are important. Aside from the property, they will look for secure garaging and parking facilities.
Motivation of the buyer. Lastly, it also depends on whether the buyer is in a hurry or wants to risk waiting. Risking the wait in a busy market with plenty of buyers may result in the buyer losing out. A skilled property agent will ensure the buyer is aware of that and will work towards bringing both parties together to conclude a deal.
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Author: Gina Meintjes
