A modern kitchen topped the list as the most important feature for first-time buyers, with natural light, a real grass garden, a patio area and an energy efficient property also making the top five, according to research from Wayhome.
The gradual homeownership provider commissioned a survey of over 2,500 first-time buyers to ascertain which features were most important to them when it comes to the property itself, its outdoor space and the requirements of modern-day life.
Other desirable features that made the top 10 include a strong WiFi connection, a garage space, a utility room, a home office and bi-folding doors connecting the inside and outside living spaces.
However, while a modern kitchen sits top in terms of desirability, it is a costly endeavour at an average of £10,550 to implement.
While it’s thought to add as much as 5.5%, or £15,675 in value, this falls to £5,125 in actual value once you’ve accounted for the cost of the job.
The best project you can undertake to entice first-time buyers while adding real value is a home office space.
It’s estimated to add £22,801 in value in the current market, while costing just £5,000 to implement, resulting in £17,801 in actual value added.
Nigel Purves, co-founder and CEO of Wayhome, said: “First-time buyers account for a significant chunk of market activity and attracting one is a sure fire way to improve the speed and certainty of your sale as they come with no chain, which also helps strengthen your own position in the market.
“So, it’s well worth considering what improvements you can make in order to attract a first-time buyer, particularly in current market conditions where buyer demand has started to dwindle.”
At an average of £13,750, research from Wayhome also found that a garage can also be an expensive addition to your home.
But it is estimated to boost the value of your property by £28,501, which equates to a real-term increase of £14,751 once costs are accounted for.
Alternatively, the addition of a utility room is thought to add almost £8,000 in actual value, while increasing natural light (£3,630), improving energy efficiency (£2,395) and ensuring your lawn is natural grass and not fake turf (£1,380) are the least worthwhile additions.
Purves added: “Of course, the other consideration to make is the actual added value any home improvement will bring and this centres largely around the cost it requires to implement.
“It’s also important to consider how needs have changed in recent years and which aspects of pandemic life remain today, as well as which aspects are no longer influential.
“For example, many of us have continued to work from home on a more regular basis and so the requirement for the space and infrastructure to do so remains important.
“In this respect, the addition of a home office space and improving your WiFi connection are some of the safest bets to help boost the value of your home.”
