A recent report from leading estate agent, Zillow, has shed light on what home buyers are looking for in a new purchase. Today it’s all about having space to roam outside, privacy inside and flexible multipurpose kitchen designs. Let’s take a look at exactly what home hunters are taking a fancy to in 2023.
The great outdoors
In previous years, home buyers may have focused primarily on what lies within. With the pandemic, though, people have come to appreciate their outdoor spaces. Millions of people found themselves stuck inside during lockdown with no garden to walk in. They don’t want to find themselves in a similar position in the future.
Backyards are now highlighted in a third of all Zillow listings with mentions of patios also surging. People are also tapping their creativity skills to make the most of any external spaces with outdoor gyms, plants, edible gardens, and all sorts of other innovative ideas.
Island paradises
With more people working from home, the kitchen has taken on a more flexible and dynamic role.
To that end, the kitchen island is in demand, as it is able to shift between the roles of a breakfast bar, home working station, and dinner preparation.
Rather than blending into the background, the island is being brought to the forefront and taking its place as stand-out feature of kitchen design.
Mirror mirror….
A throwback to the 70s is making a resurgence as people embrace the idea of mirrored walls. According to Zillow, these now appear in 12% of their listings. They offer a neat design trick to make the best use of limited space and bring light into rooms. The reflective surface makes rooms appear much bigger than they really are and can inject a modernist and pristine feel to interior designs.
The renovation generation
Booming house prices mean that the dream home is out of reach for many people, but that doesn’t mean people are settling for second best.
People are buying homes with real potential for renovation. They want projects that have the potential for long-term development. A survey from Zillow shows that nearly half (48%) of new homeowners have tapped the equity in their homes in the past two years.
More often than not, that has been for home improvements. As young couples start building their families, they are finding it prohibitively expensive to upgrade to a new, larger, property. The solution is to extend and improve the ones they have.
As well as making room for their growing needs, this can also be a useful investment for the future. Successful and well thought-out renovations can add significant value to a home.
Privacy please
For years, American designers have been taking down walls to enhance the concept of open-plan living. Now, though, they are putting them back up. With everyone in the house spending more time at home, living, working and sleeping in the same place, privacy is at a premium.
More than a quarter of Zillow listings now mention private spaces with people looking for separate areas in which they can escape to relax or do a bit of work.
Contact us today to discuss global investment opportunities.
