Could your property be worth more?
Wondering if it’s worth investing in design?
Are well-designed homes really worth more?
A recent survey by The Modern House found that well-designed homes sell for 12% more on average... of course there is no guarantee but the figures are definitely compelling! Their research analysed the sales of over 14,000 London homes over three years, comparing them on a price per square foot basis. The results showed that the architecture and design focused homes achieved a 12% higher selling price on average, which increases as the property price rises!
Even on the UK average house price of £276,755,
an extra 12% means a premium of £33,211!
From our own personal experience investing in rental properties, a design-led property can achieve a 20-30% uplift on rental income.
Aside from the obvious “wow factor” of a beautifully designed home, a well-designed property results in better use of space for the people that live there, avoiding those niggling problems that can soon turn into a desire to move because a space just "doesn't work" anymore.
Still wondering if it’s worth investing in design?
Based on his experience Albert Hill, a founding director of TMH suggests: “Today’s consumer increasingly values experiences over products, and well-designed spaces that you occupy every day offer just the sort of transformative experiences that buyers aspire to. In the past, the Joneses may have been impressed by how many bedrooms you had, or how far your garden extended, but today it’s more about how you’ve used the space that you have. How, in short, it has been designed.”
In other words, experience is key. From the way the property is laid out, presented and staged, to fixtures and finishes you touch every day. Even for developers looking to rent their properties, the application process, viewings and interactions potential tenants may have with you and your property business, as well as the ongoing service they receive once they’ve eventually moved in all contribute to this experience as well!
There are a number of things people typically respond positively to (e.g. natural light) but without a clear definition of what "good design" really is, we can at least say that the 12% figure reached by TMH research gives a good indication of buyers’ appetites for more interesting properties. And, of course, the companies that sell them!