‘The cash is in the attic’ say young homeowners

Young homeowners are turning their backs on new bathrooms and kitchens and are instead opting for loft, basement and other extensions to maximize the sale price of their property according to new research from Birmingham Midshires ‘Not So Average Joe’ campaign.

Amid reports of the difficulties facing first-time buyers, the findings suggest that once on the property ladder, young homeowners are more likely to pull out all the stops to maximize the price they can command in order make the next step up the ladder. Before they sell their properties, 19 per cent of homeowners under the age of 25 years will consider converting their lofts whilst 15 per cent will investigate the addition of a conservatory to boost their square footage.

Those living in the North were most likely to consider extending their property in order to sell (27%) compared to around 21 per cent of Londoners. The report also found that the preparedness to undertake these larger projects steadily declines with age. The over 55s are least inclined to consider a loft conversion (6%) or a conservatory to maximize the appeal of the home to buyers (8%).

As part of an ongoing study, Birmingham Midshires asked a GB representative sample of 2,000 people whether they intend to move in the foreseeable future and what they will consider changing about their house to maximize their sale price.

Tim Hague, managing director of Mortgages at Birmingham Midshires said; Young homeowners who have had to scrimp and save to get onto the property ladder are working harder to ensure they get the highest possible price for their property. There’s no doubt that it’s a good time to sell property and the creation of extra space will always appeal to buyers. Homeowners should, however, bear in mind that the traditional 2.4 child family model is changing so the space you have, and any additional space that is created, should be as flexible as possible to accommodate homebuyers of all shapes and sizes .’

Other findings:

The over fifties are less likely than young Britons to make any changes to their home in order to sell. Almost a third (31%) will sell their house in its current condition compared to just 14 per cent of under 25s.

Despite high demand for London property, Londoners are most likely to undertake renovations to improve the salability of their property (76%). Conversely Scots are most likely to sell their property as is without any changes at all.

Londoners and Northerners still believe that the kitchen is the heart of the home; 15 per cent of homeowners in both areas will plump for a new kitchen to increase the value of their property. Northerners are also the biggest fans of conservatories with 10% considering this addition to boost the value and appeal of their home to buyers.

Bigger is better for men who are more prepared than women to take on space-maximizing projects such as lofts, basements, side returns and conservatories (25% and 19% respectively). Women were more likely to focus on improving the kitchen (15% versus 12% for men) and touching up the paintwork (9% versus 7% for men).