Beauty is in the eye of the beholder, and this certainly holds true in the world of real estate.
Not all of us will love the same style of property.
Some may prefer modern architecture and a contemporary lay-out and finish, while others may only be interested in buying period properties offering lots of charm and history.
But while everyone’s preferences and tastes differ, there are a few fundamentals that I have found most buyers will not compromise on — no matter what the style of home.
Here are six of the most important property must-haves in order to attract the most number of buyers.
If you happen to own a home with all of these features then you are in a good position come selling time.
1. The Mod Cons
There was a time when air-conditioning and heating were considered luxuries.
These days, developers wouldn’t dream of building an apartment or new home without some sort of climate control.
Homebuyers expect older houses to have these features, too.
If you are thinking of selling your home and you have an older style air-conditioner, one that makes a heck of noise and does very little cooling, it is time to upgrade.
If your house has solar panels, then buyers will be impressed.
Not only has the expense already been laid out, but it means the heating bills will be much lower, which makes the property even more attractive.
Modern conveniences make a difference.
2. Outdoor area
Australians have a love affair with the great outdoors and while many of us are happy to live in apartments very few are willing to go without some kind of outdoor space.
Whether it is a small section of concreted balcony or a patch of grass outside the villa unit, people will seek out apartments with outdoor areas.
Apartments in large skyrise complexes are the obvious exception, and that’s why many of these just won’t appeal to owner occupiers or downsizing baby boomers – they don’t want to live in a “hotel room.”
3. Room to grow
Buying and selling property is an expensive business and most people hope to stay in their property for a reasonable amount of time.
A home that offers scope to build, extend or develop is attractive because it allows the buyer to modify the property to suit their changing needs.
Furthermore, period homes were built long before open plan living was all the rage, so many buyers will snap up an old Edwardian and add a modern addition at the rear.
These are very popular at the moment.
No one wants to live in a suburb that feels like a ghost town.
A property that is within short walking distance of public transport, shops, schools and cafes will tend to do very well indeed.
Note the words: walking distance.
Buyers do not want to live on top of railway stations or shops, just close by will do.
5. Peace and Quiet
Many downsizers will tell you that they want to live among the action.
That they don’t want to be out in the suburbs, and are willing to swap a large home for the teeming streets of the inner city.
What they are referring to here is being close to the lifestyle attractions of the inner-city.
But what they absolutely do not want is the noise.
A property that is close to the action, but without any of the accompanying noise, will always be in demand.
6. Car Spaces on title
It is not always possible to buy a house with a car space on title, but most buyers will put this pretty high up on their checklist.
Period homes close to the inner city may not offer parking, but here is the thing: that is not uncommon in the inner city.
Plus, these properties have other attributes that compensate, including their location on a highly valuable block.
Where you will be at a disadvantage is if you are selling a property in a location where it is common to offer a titled car space, such as an apartment in a middle-ring suburb.
Many of these unit blocks offer titled car spaces, and I would never recommend buying an apartment without one.
Not only will you be parking on the street, but you will face a real hurdle in standing out among the competition when it comes time to sell (or rent it out as an investment).
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.