Given that energy prices have soared, it’s not surprising that energy efficiency measures have become essential to homeowners. However, a survey found some trends that you might not expect and it could change how you view your property if you’re thinking about updating it.
According to Halifax, almost half of homeowners want to make improvements to their property within the next few years. So, what should you focus on?
According to 62% of people, a good Wi-Fi connection is essential. It’s easy to see why this would be important. Whether you’re working from home, enjoying streaming a TV show, or connecting with family and friends, you’ll often be using the internet.
Another unsurprising must-have is energy efficiency measures, which 58% of people said were crucial. Over the last year, household energy bills have soared for many families. So, cost-cutting measures, like insulation, energy-efficient appliances, or renewable energy sources could save money in the long run.
Considering energy efficiency could also make your home more attractive if you want to sell it in the future.
Separate research from Legal & General suggests that potential buyers would be willing to pay a premium of up to 10.5% for a low-carbon home. Demand is growing too; searches for mortgages that consider the Energy Performance Certificate (EPC) rating, which measures a property’s energy efficiency, increased by 34% in July 2022.
So, while energy-efficient measures can be costly to install initially, they could pay you back through lower energy bills and potentially a higher sale price.
Making spaces functional with a utility room (40%) and study space (27%) has also become more popular. If you’re thinking about updating the layout of your home or how you use different rooms, giving each space a designated purpose could be useful.
5 upcoming trends that could make your property more attractive
As well as the must-haves you’d expect to find in a home, the survey uncovered upcoming trends that some homeowners already consider essential features.
1. Home cinema: 1 in 10 homeowners want to watch the latest box set or film in style with a home cinema set up.
2. Boiling water tap: Kettles are deemed too slow for 9% of people, who believe a boiling water tap is now a must-have kitchen gadget.
3. Dressing room: If you have a spare room, turning it into a dressing room could make your home more attractive, as 7% consider this additional space to be a must-have. However, losing a bedroom or storage could reduce the value of your property too.
4. Home gym: 7% of homeowners don’t want to pay for a gym membership and consider a home gym essential for improving their health and fitness.
5. Hot tub: Perhaps surprisingly given rising energy prices, 3% of homeowners believe that a hot tub is a must-have feature for their home.
Don’t forget about your garden: A quarter of potential buyers say a beautiful outdoor space could tempt them
When updating your property, don’t forget about the outside.
Gardens and outdoor spaces became a key feature during Covid-19 lockdowns when families couldn’t go out. The Halifax survey suggests that gardens are still an important part of creating the perfect home. In fact, 26% of people said a beautiful garden could convince them to buy a property they may otherwise discount.
There are two key features that prospective buyers focus on:
- Grass: While grass can require work to maintain, the survey found that almost half (47%) of people say it’s their preference and would choose it over artificial options or paving.
- Outdoor building: Whether a shed that’s handy for storage or an outbuilding that’s perfect for entertaining, 33% of people consider an outdoor building an important feature.
Gardening has plenty of benefits. As well as giving you an outside space to enjoy, it can be great exercise and provide a mental health boost too. However, if you’re hoping to sell your home, be cautious of creating a high-maintenance plot – 47% of people said it’d put them off a property.
Contact us to talk about your home
Whether you want to create a beautiful home to live in or are getting ready to move, we could help.
In some cases, you could borrow more against your home through your mortgage, which you could use to turn your property into your dream home. If it’s something you’re thinking about, we could help you understand the long-term cost, find a lender that’s right for you, and offer support throughout the application process.
If you’re planning to move, we’re also here to help you find a mortgage for your new property. Please contact us to arrange a meeting.
Please note:
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
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