Outside space has always been a sought-after commodity, whether it’s acres of land or a balcony with pleasant views. Most property searchers have a few items on their list when looking for a new home, with some form of outside space usually near the top. But remember, gardens, balconies and terraces aren’t just eye candy; they also add value to properties.
In Chelmsford there are approximately 121,100 people living across 16,100 hectares of land. This means that the population density is 7.5 people per hectare. To put that in the national context, it scores 4/5, five being the most densely populated areas. We can therefore classify our area as suburban, which means residents’ will have limited choices when it comes to outside space.
Buyers’ attitudes towards, and appetite for outside space often comes down to the area where the property is located. As the chart above shows, the most common type of property in Chelmsford is a semi. This means that a significant number of homebuyers will expect a reasonably sized garden with room for a couple of flower beds.
Having outside space also means you have to maintain it to keep it looking well presented. This can come at a cost, although any outlay will normally be minimal. When it comes to selling your home, the last thing you want is to have an open space that looks unappealing. Many buyers’ minds are made up from how a property is presented, and that counts for both the inside and outside of a home.
Landlords with buy-to-let properties can gain an advantage if their buy-to-let has outside space. While the rental increases commanded by outside space aren’t monumental, it dramatically reduces void periods. If a landlord is letting their property on a long-term let, it is wise to remind the tenants it is their responsibility to maintain the outside space.
The demand for open space in Chelmsford is essentially down to the density of housing in the area. Outside space will differentiate your property from others on the market, but quality is more important than quantity. If you’d like to know how to make the most of what you’ve got, please pop into our office so we can give you the inside track.
Read our full report and download it here: CPU Jan 18