Buyers are choosing their heart over budget
One of the many factors fuelling this trend is the lack of properties on the market and the abundance of buyers. One of the pieces of research was undertaken by the property portal Zoopla, Lawrence Hall, a spokesman for property website, said: “Buying a property is a significant financial commitment, and all house hunters want to find a home that they love, so it's understandably a process often fraught with emotion. In a competitive property market where stock is low, demand is high, prices are rising and interest rates are at a historical low, it's hardly surprising to see original budget levels creeping up.”
We would never encourage any buyer to spend over their budget, a home is a financial commitment and you need to look at the long-term pressure of paying your mortgage. It is essential that you seek advice from a mortgage provider before you look to commit to purchasing a property so you know your figures and maximum budget. Yet, in a study commissioned by Online Mortgage Advisor it found that more than half of the 2000 homebuyers questioned (who had purchased a property within the last 12 months) had spent at least 10% more than they had initially intended.
So why are buyers wishing to spend more? The most common reason is that they simply fell in love with a property. We are certainly seeing that buyers in Bath are looking at buying a property for the future, where in the past they may have been thinking of the next step on the ladder. This focus on the long-term means that buyers are seeking an apartment that will provide them with what they need for many years to come, for example, the space they need for when they start to have a family. It is therefore, essential that your apartment appeals to buyers hearts and is beautifully presented.
We are lucky that our properties in Bath are full of period features, spacious rooms, and attractive locations. According to the research key features that buyers are seeking are fireplaces, nice neighbours, beautiful décor and original features. With our desire for traditional values, we long to know our neighbours and feel part of the community in which we live. As such, It is important that you inform your estate agent, not just about your property but also your neighbours and what is happening in your local community.
We operate differently when it comes to valuing a property for sale a sale price is not an exact figure, which is why we offer our vendors a price range strategy. This strategy alone is not effective without the work of our experienced negotiators, it is important to us to build a relationship with each vendor to understand their situation and needs moving forward, from this we are able to negotiate the best possible price for them and their property.
If you are looking to achieve the best possible purchase price for your apartment it is essential that you present every area of your home beautifully, not forgetting your outside or communal spaces. For advice and guidance on selling your home, or if you are looking to find an apartment in Bath, use the specialist agent with specific expertise in the local apartment market, The Apartment Company.