“Low maintenance” tops 90% of home buyers’ requirement lists

A new survey has found that the ability for a property to be ‘low maintenance’ is the most desired factor by 90% of home buyers, who place an easily maintained property, or one with little upkeep, at the top of their requirements list.

This contrasts starkly to investors, who point to the proximity to amenities and the value of home loan repayments as their main considerations.

They survey, of more than 1,000 home buyers, was undertaken by CommBank. Of those surveyed, 47% had either recently purchased or intended to purchase an investment property. Of that number, 65% were home owners looking to purchase a new investment, one in five were intending to turn their current home into an investment and 15% were renters looking to purchase an investment and continue renting.

Of those looking to newly invest, 54% said that the motivation was that property “is the best way to invest my money”, while 30% cited low interest rates meaning it’s a good time to buy, with 27% pointing to retirement planning.

General manager for home loans, Commonwealth Bank, Clive van Horen, said that regardless of the reason for the purchase, advice is crucial.

“My tip for all prospective home buyers is to do your research, compare property prices across suburbs, and prioritise your requirements. Seeking expert advice from your home loan provider is a good place to start,” said van Horen.

Where home buyers will compromise

With 86% surveyed saying they’re willing to compromise, they did vary on what they would not insist upon.

The top four factors:

Size (29%)

Price (25%)

Location (24%)

Requirement for little renovation (24%)

Of those selling to then purchase their next property, 78% believe their home needs work to prepare it for sale – with an average spending of more than $12,300 to maximise selling price.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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