The ‘race for space’ is a well-used phrase to describe the property buying activity over the last 12 months. We’re all pretty familiar with the idea that people have been moving to gain a home office, an extra bedroom or more of a garden but there’s another form of space that’s highly prized by home buyers.
Storage is a top seller
When looking at houses and flats for sale, today’s buyers are craving good storage and they’re willing to pay extra for the privilege. Hammonds Furniture wanted to find out just how much more potential purchasers were willing to fork out to have ample space to store their stuff, so it surveyed 2,000 Brits.
Attract up to £55,000 extra
The results were eye-opening. Of those questioned, 84% said adequate storage space was a must when looking for a new home. Everyone was willing to pay more money for a property where there was good storage – to the tune of £12,574, on average. Storage was, however, more valuable to some than others. Of those surveyed, 7% said they would be willing to offer £55,000 over the asking price if they were particularly impressed.
Age is a factor
Perhaps it’s because we are encouraged to declutter and downsize as we get older but younger home movers place more value on storage. The survey found those under the age of 44 were most likely to increase their offer by an average of £15,870 in order to buy a property that met their storage needs. In contrast, those aged 65 and over would only offer £8,710 above the asking price for a home because of storage perks.
What adds the most value?
There’s storage and then there’s serious storage. Thanks to its size, space and versatility, a garage was the top storage option, with 42% of buyers willing to pay more for a property with this facility. Also well regarded was the small and mighty utility room – a feature that would encourage 40% of buyers to offer over the asking price. Even a kitchen with lots of cupboards and drawers would push 34% of buyers to make higher offers.
Storage matters more to…..men
One of the most surprising statistics from the survey was the willingness of men to pay more for storage than women. Although both placed value on storage facilities, men were prepared to offer £13,814 more than a property’s asking price, whereas women would increase their offer by £11,565.
How to maximise your storage before a sale
If you are selling your home soon and want to attract the best offers, pay attention to storage before you go on the market. You may like to consider the following:
- Think statement storage: it doesn’t have to be plastic or dull. LivingEtc has some fantastic ideas for those who don’t want to compromise the creativity of their home.
- Ensure your existing storage is well organized: think neatly-folded bed linen and drawer inserts that prevent a jumbled mess.
- Create a pantry: add shelves and internal lighting to an underused cupboard to create an on-trend pantry.
- Under stair stars: consult with a carpenter to see if your void under the stairs could be transformed to provide extra storage.
- Invest in storage: clutter hotspots can be overcome with added storage – buy something freestanding and it can move with you.
Thinking of selling your home? Start with one of our free valuations, which will take into account your storage and any other beneficial features within your home.