First time buyers, relocating to a new area, looking for a home to enjoy retirement in, are all great reasons why people buy homes. How they approach this task does vary between the generations.
Each generation has its own priorities. First time buyers focus more on price, obviously. They care more about the diversity of the area, local transport, and accessibility. This type of buyer is 68% more likely to purchase an apartment, linked or semi-detached property.
Relocating to a new area is usually the middle-aged buyer. They are on the hunt for not just a lovely home, but a better way of life. Price can be a little more flexible at this stage, however they tend to know more about what’s important to them in their next home. They usually know what they’re looking for, and have put together a list of priorities. 21% Of these buyers said, it was very important that they earn a rental income from their property. This type of buyer is more open-minded with the style of the home, and usually go for a semi-detached, duplex (townhouse) or detached property.
Senior buyers make up a huge percentage of property sales. They tend to want to downsize, however are always looking where they can squeeze their family in when visiting. 64% Say location was important. Proximity to amenities, together with the desire to be within a specific hospital district or wellness centre, was their number one reason for moving. 88% Say something low maintenance, was high on their wish list. These types of buyers usually choose a single storey home, or something that’s a little easier to access, with an easily maintained garden, if any garden at all.
On the whole, most buyers think they’re settling in for the long haul, however on average they’re in for about 7-8 years, then they’re looking to upsize, downsize or relocate and start the whole process all over again, somewhere else!