The cost-of-living crisis is affecting us all, but some of those hardest hit will be the younger generations and those trying to move house in the current climate to flats.
First time buyers trying to get on the ladder for the first time are facing even more adversity than ever before (and it’s never been a walk in the park), and those trying to move up the ladder are feeling a squeeze on their budgets.
We wanted to point out some of the features (and lack of features) to watch out for if you’re searching for your first apartment or if you’re looking to move over the next few months. Mortgage issues aside, there are many features to hunt down that may help you during the cost-of-living crisis, and for years to come.
Location and Home Working Space
Your ideal location has always been the first question to ask when searching for a new home, but your ‘ideal’ may have changed significantly since the pandemic and with a better awareness of the climate issues we’re all facing.
While traditionally, proximity to workplaces and family was prioritised over internal space, research now shows that most younger buyers prioritise a proximity to public transport links as well as having a private outdoor space (more on this later) and somewhere to create an office.
Transport links reduce or even remove their need to drive which reduces both their monthly costs (for insurance, parking, fuel and tax) as well as their carbon footprint, while having somewhere work from home became vital during the pandemic lock downs. With thousands of workers now accustomed to working from home and workplaces becoming more and more supportive of this way of working, office space is often paramount.
Research by The Property Marketing Strategists shows that 70% of the 2,500 16–25-year-olds they surveyed consider access to public transport as ‘important in terms of sustainability’.
Property Condition and Insulation
Obviously, the overall condition of a property has always been important, but with costs rising, buyers are very wary of taking on any kind of ‘project’. The cost of materials and labour have rocketed, and many people have less capacity for unforeseen costs, so buying a property in great condition is vital.
Great insultation is also something to look out for- it can cut your energy bills dramatically as well as protecting the property from damp issues (which are likely to be rife this winter as people try to cut back on heating costs). The Property Marketing Strategists research showed that 67% of 16-25 year olds want their accommodation to ‘have great insulation to cut down energy bills’.
Utility Costs
Speaking of the dreaded heating bills, the additional costs of utilities will be very close to the top of most people’s lists. You can check the property’s annual usage and estimated costs with the agent so you can factor these monthly costs into your budget along with the mortgage and any other associated fees. The agent will also be able to let you know which council tax band the property is in so you can check the annual bill.
The property’s appliances and lighting fixtures should also be considered. Fitted appliances would ideally be economical with great energy ratings and LED lighting will also reduce your bills. If you’re buying within a block, you should be looking for LED lighting and timers in the communal areas. Non-LED bulbs on 24/7 in stairwells and hallways will add to your service charge demands.
Bonus points for any solar panels you can benefit from. The Property Marketing Strategists research showed that 35% of 16–25-year-olds would ‘like to see solar panels installed’ in their accommodation- and with good reason! Solare panels are great for the environment and can have a significant impact on electricity costs.
Always view properties in daylight hours so you can judge how much natural light you’ll be enjoying. Great natural light is obviously good for us as humans but could also mean a reduction in your energy bills if you can keep the lights off for the majority of the day.
Shared Amenities
While the idea of an on-site gym or pool can be luxurious, it’s worth considering what they will add to your service charge and whether that additional cost is worth it to you. Maintenance, heating and cleaning can really bulk out your service charge demands so, if you’re unlikely to be using the shared amenities on a very regular basis, it may be worth considering properties without these added extras.
Sustainability and Outdoor Space
70% of the 16-25 year olds surveyed by The Property Marketing Strategists believe that ‘sustainability features in accommodation are important’ and 22% said they ‘want outdoor space to grow produce’.
Sustainability and reducing monthly costs go hand in hand. Solar panels, LED lighting, eco-friendly energy sources and well insulated homes are all great for the environment and for our wallets, so it’s no wonder these features are now on buyer wish lists.
Outdoor space became a must-have during the pandemic lockdowns and has remained a wanted feature since. Being able to grow produce or just enjoy a private outdoor area for mental health reasons are both great reasons for young people to prioritise gardens when looking for their perfect home.
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