All home buyers are different – so what are they looking for?
If you need to sell your house fast, you need to think about what kind of buyer is most likely to buy it – and what you can do to increase its appeal.
In recent years, buying and selling houses has become more difficult for lots of reasons, including increasing house prices and stricter conditions imposed by mortgage lenders following the recession. Property buyers can therefore be very fussy about parting with their cash, expecting great valueselling housesfor money and homes which tick all the boxes. But those boxes can vary depending on each buyer. So here’s our round-up of a few different types of buyer who might consider your home.
First-time buyers are usually seeking the next step after renting a house where the landlord takes care of everything; or living with family – so they often want something simple and easy to maintain, with no major complications to deal with. To appeal to this kind of buyer, your house should be simply and neutrally decorated, in good condition and probably on the smaller side. It’s tough to get a mortgage as a first-time buyer, so their budgets tend to be tight… but after living in a property that’s probably worth more (which they didn’t own), they often expect a decent standard of presentation.
Some people are keen to get a great property deal on a run-down or dated home in a great location, as once spruced up it can be worth a lot more money. Their plans may include anything from aesthetic improvements to decor, right through to structural changes and replacing huge areas of the property – like a new roof or extension, perhaps. For this reason, their offers to purchase will be low, as they need to save as much cash as possible to spend on renovation.
Renting houses can be stressful, but many landlords make a good living out of it. They’re seeking houses they can buy quickly, renovate or decorate with minimal fuss and cost, then rent to make a profit on the mortgage. Buy-to-let mortgages are usually a minimum of 75% – or the buyer opts for a cash purchase – so again, landlords and investors tend to want a low price, otherwise there’s not much potential for profit.
Other types of buyer include young families who need more room but have little time to decorate or do maintenance; retired couples who want to downsize; and single people who are seeking a fresh start after a divorce.
If you’re concerned that your house isn’t appealing to any of these types of buyer, why not avoid the stress and get a quick sale for cash? National Homebuyers will buy any house – so call 08000 443 911 or request a call back to find out how much you could get for your property.