Are Buyers Paying Extra For Homes With Storage?

19th November 2021 posted in BUYERS

It is fair to say storage is vital for homeowners, and a recent study suggests some prospective buyers are willing to pay more for homes that have appropriate storage space.

This isn’t a surprise to us, in our dealings, we have seen the increasing trend for storage, especially amongst young people looking to stay in their next home for a longer period. If you are contemplating a move, come and speak with Country Properties, and we will be more than happy to assist you.

Youngsters’ keener to pay for storage than older buyers

The findings showed the “percentage of respondents who wouldn’t be prepared to pay anything over the asking price for a home with lots of storage space”. If you want the basic numbers, you can look at the list below, but the overall trend is that as people become older, the less willing they are to pay for additional storage.

This ties in with the thought that people downsizing their belongings as they enter their golden years. Conversely, people at the younger end of the property market are more likely to be buying more items and possibly even starting a family. You don’t need us to tell you how important space is when you have a young family at home!

·       People aged between 18 and 24, 11%

·       People aged between 25 and 34, 12%

·       People aged between 35 and 44, 13%

·       People aged between 45 and 54, 22%

·       People aged between 55 and 64, 30%

·       People aged 65 or over, 26%

Not all storage solutions are equal

It is important to note that not all storage options are the same. It is understandable that some solutions will be more attractive than others, and this is reflected in the number of people who are willing to pay more for certain features or rooms.

When it comes to the type of storage solutions people want, respondents were asked “I’d pay more for a house with…” and the following details the responses:

·       42% of respondents agreed they would pay more for a house with a garage

·       42% of respondents agreed they would pay more for a house with a spare bedroom

·       40% of respondents agreed they would pay more for a house with a large driveway

·       40% of respondents agreed they would pay more for a house with a utility room

·       34% of respondents agreed they would pay more for a kitchen with a lot of cupboards and drawers

The above information will be of benefit to those who enjoy statistics, but the logic behind the numbers is important too.

A garage is a highly functional space, so it is no surprise to see it is coveted by many buyers. If you own a car, you have the opportunity to park your car safely, providing security and peace of mind. For some car owners, parking your vehicle in a garage might help you to lower your insurance premiums!

Of course, even if you don’t own a car, you will find garage space is highly flexible, and can be used for storage, or converted into a living space.

This additional space, or even a spare bedroom, are extremely useful now, especially with the increase in remote working. As more people work from home, having a dedicated work space is of significant benefit, allowing people to create a clear division between home-life and work-life.

Kirsty Oakes, Head of Product and Marketing at Hammonds Furniture, concludes: “When looking for a new home, making sure you have enough storage space is clearly a big priority for many. In fact, our survey showed that for some, it’s considered essential. If your home doesn’t have ample storage space, you may consider altering lesser-used spaces, such as rooms with sloped roofs or adding under stairs storage. There are lots of different storage solutions out there, such as wardrobes for awkward spaces, and installing these can be a great way to offer more room for your things and add value to your home without losing ‘living’ floor space.”

In line with Government guidelines, our Royston branch is open and is staffed with sales and lettings personnel.  If you have any queries or need advice on property sales and lettings then please call 01763 245121 or email royston@country-properties.co.uk.