Most buyers have reservations when faced with a property that needs some work. This reluctance remains even when the price is attractive. Few buyers think that a property requiring work is a bargain.
French people looking for a house or flat are becoming increasingly demanding.
Price and, more surprisingly, the absence of any works come top of their list of criteria. This second criterion takes precedence over the property's surroundings, peace and quiet, and proximity to amenities.
A study carried out by Logic-immo.com and TNS Sofres shows that, given an attractively priced property, 52% of the French people surveyed would not want to take the plunge because of the need to carry out work.
Ideally, the flat or house should be in near-new condition.
Still for the majority of those polled, only superficial decoration work is tolerated. Conversely, major work or work to bring the property up to standard is often unacceptable.
What is the cause of this reluctance?
There are various reasons for this reluctance to carry out work. First of all, buyers may fear that the cost of the work will be higher than initially planned. Secondly, the French people surveyed emphasised their desire not to live in the middle of building work for a certain period of time. Finally, building work discourages some buyers who don't have the time to devote to it.
A favourable economic climate for buyers
For 72% of the future buyers surveyed, 2015 is the year to make their plans a reality. This rate is higher than in previous years, and is due in particular to extremely favourable borrowing conditions.
What's more, 48% of those surveyed believe that prices will stabilise, compared with just 38% in 2012. Only 9% said they expected prices to rise, compared with 43% who predicted a fall.
These factors are making buyers more demanding.
When property prices were rising steadily, time was against buyers, who could not afford to be too choosy. This is no longer the case. That's why it's so important for sellers to put a property up for sale that requires only minimal work, so as not to find themselves in a bind.
