They say that home is where the heart is, but new research has discovered that the key to people falling in love with their property is its location.
MyHomeMove revealed last week that more than half of the homeowners it polled claimed it was the area their house sits in that convinced them to put in an offer, proving that ‘location, location, location’ really is the priority for buyers. When asked, 56 per cent of respondents said they made an offer because they simply fell in love with the property, and 58% admitted they’d lost their heart to it because of its postcode.
Location was also found to work in reverse, with 43 per cent of homeowners surveyed revealing they had been ‘turned off’ by a property’s location. In fact, where a house or flat is located was found to be prioritised by buyers above how expensive it is (a deterrent to 40 per cent).
What are you looking for?
While it sounds like a cliché, location is actually a good starting point for conducting a property search – particularly if you know the area. You’ll be able to spend time getting an idea of local property prices, how fast homes sell for and where you’ll be able to get value for money.
You’ll also be able to get clued up on the local amenities and transport links, which will certainly make things easier when you move in. You never know when you’re going to be in desperate need of a taxi, a hairdresser or a takeaway after all!
Expand your horizons
You may choose a location because it’s close to your office; has good transport links; is near your children’s school or is close to your family. However, you may simply pick it because it’s a great place to live.
If you’re going with the latter and you think that buying in a popular postcode will pay dividends in the future, you may be right – but remember that other people are likely to have had the same thought. It’s therefore worth expanding your search a little.
When looking in an area of a city, take a walk a mile or so down the main road and see what you find – prices often drop dramatically as you move from one postcode to another. And if you’ve got your eve on a pretty village or a bustling commuter town, chances are you’ll find more attractive prices a few miles down the road. That’s because popular postcodes tend to have a domino effect, with buyers unable to afford the prices looking nearby and pushing up demand and value there, and so on.
While, as the research found, location is clearly a priority, it shouldn’t be your only consideration. If this is your first home, you might be happy to buy a smaller property so you can live in the area you want to. But what if kids come along in a year or so and you need more space? Will you be happy to move so soon?
It might be more savvy to look for somewhere nearby that offers more space for less money. And in a few years’ time, your postcode could be the one everyone wants to move to!
Wherever you’re thinking of moving to in the UK, Ocean is here to help you look for a mortgage. We compare dozens of deals from our select panel of mortgages to find the finance option that best suits your needs.
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