Many people would argue that home buyers have a similar wish list when it comes to buying a home, regardless of whether they are single, a professional couple, a young family or a retiree.
And whilst we agree that all buyers put price at the top of their list and prioritise location, there are other specific features that first home buyers and those looking to buy a do-up property search for that differ from other buyer groups.
As a seller, knowing what your target buyer is looking for can help you ensure you promote the relevant key features of your property to ensure you attract the most number of buyers and achieve the best possible sales price.
To find out exactly what different buyers prioritise, we reached out to some of our most experienced agents who live and breathe real estate and asked them what first home buyers and buyers looking for a do-up search for. Here is a snapshot of their responses.
Selling a do-up - what do buyers look for?
Buyers looking to buy a property to renovate will look at a number of key factors. Obviously, the area, neighbours and the bones of the property are a major consideration. They will also look for features such as hardwood floors hidden under old carpet, the size of the land the house sits on and if there is potential to extend the home, the natural light entering the home, and whether or not this can be easily rectified.
Buyers looking for a forever home will be more emotional about the buy and if planning to take time to renovate may be prepared to spend more on the property and overlook some of the issues the property has.
A buyer looking to renovate and flip a property will be looking for a bargain and will look more closely at the hidden expenses and major things that will eat into their budget and need attention first, like foundations, roof, electrical and plumbing.
If selling a do-up, the vendor is best to leave the property untouched apart from a good clean of the interior of the home, and remove any unwanted items or anything potentially hazardous from the site. A good tidy up of the gardens and exterior of the property including the removal of old piles of timber etc. would also be advised.
Selling to first home buyers - what do they want?
It goes without saying that first home buyers are focused on properties with a good location, that have easy access to public transport or motorways, are in a low crime rate area, have good internet coverage, decent sized bedrooms and fresh bathroom/s and kitchen. But what else do they look for?
First home buyers who qualify for the Kainga Ora First Home Grant will often look for a property that falls within the house price cap, and they may be more interested in purchasing a new build which may give them access to more funds. If your income falls within the criteria, you can get $1,000 for each of the three (or more) years you have paid into your KiwiSaver for an existing home, capped at $5,000. However, if you buy a new home or land to build, you could get $2,000 for each of the three (or more) years you have paid into the scheme, topping out at $10,000.
Even if the property is not new, first home buyers generally still do not want to do any work to the property, they just want to move in and enjoy living there. Some first home buyers prefer properties with open plan living and a separate theatre room, as opposed to formal living areas. But it all comes down to budget.
For sellers who are trying to attract first home buyers make sure you declutter your homes, tidy up the garden and make them look like they are easy to care for. You want this buyer group to feel the property is spacious and low maintenance.
One last tip, first home buyers often have good cars and ideally want parking within the property. This does vary across the country and where people are looking to buy, but if you have a garage make sure you promote this feature as it is very appealing.
