How Much Extra Are Buyers Paying For Homes With Storage?

How Much Extra Are Buyers Paying For Homes With Storage?

It shouldn’t be a shock to learn storage space is absolutely vital for buyers when looking at property. Equally, this means vendors can improve their chances of connecting in the marketplace by ensuring their home has a great deal of storage.

At Coakley & Theaker, we are more than happy to provide a high standard of service when it comes to connecting vendors to buyers. We want to offer you as much support as you can, and this means making sure you make an informed decision.

We know the local market well, and we stay in touch with what is happening across the country. A recent study highlights the importance of storage space for many buyers.

Some buyers want more space more than others

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”:

• 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%

The same study also asked “how much over the asking price buyers would be prepared to pay for a home with lots of storage space”:

• People aged between 18 and 24, £14,691

• People aged between 25 and 34, £17,459

• People aged between 35 and 44, £15,366

• People aged between 45 and 54, £10,149

• People aged between 55 and 64, £10,416

• People aged 65 or over, £8,710

Men were more willing to pay more than a property’s asking price than women. Men said they would offer £13,814 more than the asking price while women said £11,565.

Not all storage solutions are of equal value or benefit

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

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.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.