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Buying a Property Depends on Whether You Fall in Love With It

Em Morley - February 6, 2016
Buying a Home Depends on Whether You Fall in Love With It

Buying a Property Depends on Whether You Fall in Love With It

Love is in the air… At least it is for property buyers.

We’re often told that when choosing a property, it’s all about location, location, location, but recent research indicates that it’s a little more emotional than that.

More than half of homebuyers purchase a property because they’ve fallen in love with it, and the top three reasons for such amorous feelings are location, price and the garden.

Property expert Kirstie Allsopp suggests that it could be about even more: “It is a given that it is about location. Location is everything. But once you have got the location, what often makes people choose one property over another is perhaps something people don’t even acknowledge themselves, and that’s aspiration.”

She explains: “Potential buyers look around a house and it could be a holiday picture or a book, something they want to do or be, and that often seals the deal, especially when choosing between two houses.”1 

The study by conveyancing firm My Home Move found that 56% of buyers purchased their home or a previous property simply because they fell in love with it.

Respondents were asked to choose up to three reasons why they fell in love with the property. The most common reason is the location, followed by the home’s price and thirdly by its garden.

What made buyers fall in love with their home?

Position

Reason

Number of respondents

1 Location 58%
2 Price 37%
3 Garden 29%
4 Interior 15%
5 Living area 13%
6 Kitchen 8%
7 Master bedroom 7%
8 Exterior 7%
9 Natural light 7%
10 Architecturally interesting 5%
11 Beautifully decorated 3%
12 Fireplace 2%
13 Flooring 1%
14 Walls 1%
15 Street name 1%

The Chief Executive of My Home Move, Doug Crawford, comments on the findings: “Britain’s love affair with property is built on location. For most people, location is the secret ingredient that makes them fall in or out of love with their home. Brits also love a bargain, which explains why cost was the second most important factor in making someone fall in love with their home.

“As house prices continue to climb and many first time buyers struggle to take their first step onto the property ladder, younger buyers are more willing to scout out up-and-coming areas to try and find a bargain to fall in love with.

“Unfortunately, not all of those buying a home have the flexibility to pick and choose their ideal location or perfect interiors, especially as demand continues to outstrip supply. Compromise may have to become the buzz word of 2016, as there is little to suggest the situation is likely to ease any time soon, as more and more homeowners chase after one property.”1 

Location was also a key reason for buyers not choosing a property, along with its appearance inside and out.

What put buyers off purchasing other properties?

Position

Reason

Number of respondents

1 Location 43%
2 Price (too expensive) 40%
3 Appearance (interior) 34%
4 Too small 30%
5 Appearance (exterior) 26%
6 None/don’t know 20%
7 Price (under budget and felt they could get more) 9%
8 Too big 7%
9 Worried about the neighbours 7%
10 Didn’t feel safe 5%

Andrew Montlake, of mortgage brokers Coreco, says: “The vast majority of our clients are fixated on having a home in their perfect location, whether this be for transport links, schools or even a romantic notion about the area itself, and are willing to compromise on other aspects, often paying a bit more to get it.

“However, an increasing number are now more constrained by price and have shown more willing to investigate other areas, where the features of the property itself become more important once more. While different buyers all have very different opinions on what will make their perfect home, the phrase I hear more often than not is, ‘I have found a property I have fallen in love with’.”

He adds: “Once buyers picture themselves in an area and a particular property where they can build a home, love does the rest.”1 

1 http://www.dailymail.co.uk/property/article-3420607/The-three-real-reasons-people-buy-property.html