Home Buyers Won't Budge on Balcony

Most home buyers consider having an outdoor area or balcony on a property as ’non-negotiable’ when shopping for a home, according to a survey by leading mortgage broker Loan Market.

The online poll which asked home buyers and owners ‘What’s your ‘non-negotiable’ when looking to buy a property?’ found that 43 per cent of the 625 respondents said an outdoor area / balcony was a necessary inclusion followed by 28 per cent saying internal laundry is.

Male and female respondents were split on which feature was the second most popular with 31 per cent of females choosing internal laundry and 25 per cent of male respondents selecting a second bathroom as a non-negotiable feature of a home they’d like to purchase.

Male respondents and female respondents both agreed that secure parking was more of a negotiable inclusion for a property purchase than options that were included in the living space of a home.

Loan Market spokesperson Paul Smith said that buyers often had to choose between features that added value to their property by way of functionality or luxury and features that had more of a sentimental value.

“Certain inclusions are going to add value on a sliding scale depending on a properties size, age and location. Buyers are aware they’re often going to have to pay more for a panoramic view or secure parking in a busy location,” he said.

Brian White, Chairman of the Ray White Group said that it was important for buyers to have something ‘non-negotiable’ in their dream for them to purchase a property.

“Whether you’re purchasing your first family home or an investment property, a buyer will always be more confident in their purchasing decision when they get exactly what they want,” he said.

Survey Results:

‘What’s your ‘non-negotiable’ when looking to buy a property?’

                                                                        Male     Female            Total

A)     Secure Parking                                   5%       3%                   4%

B)     Second Bathroom                               25%     26%                 26%

C)    Internal Laundry                                  24%     31%                 27%

D)    Outdoor area / balcony                       46%     40%                 43%