You’d think after price, next on the list of top features for a home would be location, home size and bedroom, right. Well, not for home buyers and renters in BC. For them, the second most important factor after price is a private outdoor space.
“People value the private outdoor space of their property as a top priority. The place to bond and grow with children, family and friends and to shelter from the hussle of everyday life. Also a great way to ensure a good future growth for your property in price and desirability!” - Turbo Tap - Vancouver
This is the surprising outcome of a new survey of residents. The respondents interviewed in the poll said that when it comes to buying or renting a home, top of their must-haves after the price is not the location, number of bedrooms or size of the property. It is the size of the outdoor space that belongs to the homeowner.
The survey which was conducted for Resonance Consulting by Insights West and presented at a January 24 seminar of an Urban Development Institute identified price as the key concern of BC residents. Eight out of 10 residents interviewed said the cost of the property was the most significant feature when shopping for a home.
That view cut across different age groups among respondents, which analyses as 75% of baby boomers, 82% of gen-xers and 83% of millennials.
However, generally for all the respondents, the next key feature of a desirable property was its private outdoor space – whether a yard or just a balcony.
Specifically, 65% of the survey population held this view. Fifty five percent of the respondents however prioritized bedroom after the cost of the property, while 52% said their next favourite feature after price was the overall square footage.
Fifty one percent of the people interview said their next most important element was the storage space, making it the fifth on the list of property must-haves of BC residents. A smaller percentage of the survey population (49%) said walking distance to amenities is most important to them.
When further evaluated by age group, the outcome of the poll showed that millennials (63%) prioritized the proximity of their home to their workplace, putting that requirement in second place after prize in their list of property must-haves.
Next on their top list for a home was access to transit (55%), followed by the number of bedrooms, the square footage and, lastly, private outdoor space in sixth place.
However, the millennials priority list stands in sharp contrast to a large section of respondents in the generation x and baby boomers age group who put outside space ahead of other vital features (besides costs) of a preferred home.
In third place on the list of must-haves for gen-xers was the number of bedrooms, followed by proximity to work and storage space.
For baby boomers, however, indoor parking is the next most important feature of a home after price and private outdoor space.
Their fourth and fifth most important areas of concerns were storage and the reputation of the developer or management.
Analyzing the report during its presentation, the president and CEO of Resonance, Chris Fair told the UDI audience that gen-xers and boomers considered private outdoor space more important than millennials; who instead prioritized proximity of the property to their work.
Among other analyses, the result of the survey emphasizes the importance of engaging an experienced team of realtors to help both buyers and sellers by providing a highly successful and fast sale to the seller and an essential aid to the buyer.