Every customer seeks to find the best value for their hard-earned money. As such, every buyer who intends to acquire property has a lot of factors to consider before deciding whether to buy or not.
In fact, paramount to this decision-making process is the customer seeking information on the property they intend to buy.
With that said, this article shall look into what goes through a buyer’s mind during the Buyer Decision Process.
What Is the Buyer Decision Process?
Buyer Decision Process or Buying Decision Process is a set of steps the customer makes before purchasing. The following are some of the cycles the customer undergoes during the process.
- Analyzing needs: the first step for a buyer is to analyze his desired needs and seek for the best potential properties options.
- Shortlisting: the second step is shortlisting the most suitable properties which will make the process easier and save some time to concentrate on the viable property options.
- Attention to details: at this stage, the buyer is keen on each property details, such as condition, price, payment method an if the price is negotiable or not which will lead to the final stage.
- Finally, the decision to buy.
To gather information, most buyers do not necessarily go to the sales representatives. They would instead find information from the following sources:
- Previous experience if they had bought any property before.
- Relations (friends and family)
- Real estate experts
Property Features That Buyers Look For
Buying a property, especially for those doing so for the first time, is a significant decision.
Many buyers are particular in what they are looking for. They tend to be unwilling to compromise their preferences even when there is a shortage in the listings.
Below are some of the key features that buyers search for a property they intend to acquire:
The property’s location is always the number one factor for most, if not all of the buyers. All the other features of the property can be customized to suit the buyer’s needs, and nothing much can be done to change the location that the customer has decided.
- Community Amenities
Some buyers give a keen consideration to the area that surrounds their home. They want a structured provision of services such as grounds maintenance, garbage collection, and heightened security provision.
A Home Owners Association can provide all these services. Coincidentally, this is also among what a buyer is searching for.
- Proximity to Good Schools
Buyers look for property that is close to good schools. A good number are interested in a property where their children can attend good schools without needing to commute across town every day. A beautiful home in a good school district is a real gem for potential buyers.
Buyers look for convenience that the property they intend to acquire can afford them. This is based on how easy for them to get to work, school, fitness, and entertainment.
This convenience can also include the upkeep of the property itself. Such convenience makes homeownership easier, which is welcome for all buyers.
- The Flexibility of Space
Many buyers look for a property with an extra bedroom. This extra space provides flexibility for the homeowner to convert the room for any use that suits their lifestyle.
This can be turned into a home gym or a play area. An office can also be made out of the space with the increased instances of home-based businesses.
- Smart Home Technology
The adoption of technology in homes has taken a vital role in buyer preferences. Buyers look into smart home technology to manage their energy usage, easy communication with their loved ones and even increase their home’s security.
Because of this, the latest smart home technology is on the consideration list of many property buyers.
- Legal Flexibility
When buying an apartment, most buyers prefer that the company they acquire it from has the legal provision that allows them to rent out the property.
Most customers, however, often forget to check if their building will enable them to rent out the property they have invested in at the time of purchase.
- A Modern Kitchen
Buyers often search for properties that have up-to-date kitchens. These are in terms of modern countertops, high-end cabinets, and appliances. People also look for larger kitchen spaces when they want to buy a home.
- Large Yards
Property buyers have already realized that the actual value of the property is in the land. Upgrades made to the home will depreciate with time.
This is why people seek to buy a property with an ample backyard space where they can envision their children and pets playing.
A large yard can also provide additional space for entertaining guests and having social events such as barbecues.
- A Garage
For most buyers, a garage is a must-have. Though some may not park the car in the garage, they can still use it as a storage unit.
Others have even turned their garages into workshops where they work on hobby projects. A garage provides a good selling point for the property.
- The Value of the Property
This is the most considered feature by property buyers. The value of the property can be determined subjectively, and it varies from buyer to buyer. Property can be valued in terms of price per square foot, location, and resale value.
- High-End Finishing
Buyers look for homes that have high-end finishes. Some want a modern look in their new homes, particularly with master ensuite bedrooms. However, the price of the property can spike depending on the nature of the finishing.