Choosing a home is one of the biggest decisions in life, and not just because it is a lot of money to spend. Home is where the heart is, so it is important that you know how to go about finding a property that will suit your lifestyle both now and in the future. This article will take you through a few of the main considerations when in the market for a new home so that you can find somewhere that will be a good fit.
Market Trends & Value Premiums
Recent statistics in the UK reveal how much more detached homes cost compared to semi-detached ones. This is largely due to the “race for space” since the COVID-19 pandemic, with more people seeking homes that offer great space and privacy. Of course, regional variation is a factor, as a detached property in a commuter market in the south east will be a lot more expensive than a detached property in a rural area in the north.
Of course, rising mortgage costs in recent years have also had a significant impact on the UK property market. Rising costs have cooled some buyers, which has pushed price sensitivity up and shortened the pool for higher-priced detached homes.
How Space & Layout Impact Value
As you might expect, detached homes offer a lot more internal and external space compared to semi-detached properties. This means that buyers pay premiums for features like large gardens, side access, and extra elevations that maximise natural light and usable rooms. Statistics show that the average total floor area of detached properties in the UK is 149 m² compared to 97 m² in semi-detached properties.
Renovation & Extension Possibilities
Needs change over time, so it is important to consider the renovation and extension possibilities of a property before making a decision. Renovation potential differs depending on the type of property. For instance, adding side or rear extensions or loft conversions is trickier for semi-detached properties, and you will also need to consider whether party wall constraints apply. There are both practical and regulatory factors to consider, such as planning permission, local council rules, and the cost of upgrading insulation and windows.
Long-Term Value, Resale & Market Dynamics
Resale is another consideration. Semi-detached homes tend to see a faster speed of sale and consistent demand due to their affordability compared to detached homes. Detached homes are more desirable, but can take longer to sell and represent a higher investment.
Making the Right Choice for Your Circumstances
There is a lot to consider when it comes to choosing a house. You must always consider your own personal circumstances, such as your budget, family size, how long you plan on staying, and your willingness to renovate. There are also trade-offs to consider, such as paying more upfront vs getting more land/space and maintenance costs.