When you are looking into properties, you have probably heard of the famous phrase, ‘location, location, location’. Of course, location of your new home is very important, but this is in more ways than you think.
Internet speeds have been found to affect house prices just as much as the location. In fact, there can be a big difference in property prices in neighbouring streets because of broadband speeds. When it comes to moving house, people are simply not prepared to relocate to somewhere with a bad connection or slow internet speeds. Let’s take a closer look at how internet speeds affect house prices in the digital age.
The top house hunting factors
When searching for your dream home, there are going to be a number of factors that you look for. In particular, the location is at the top of the priority list. This includes the street and neighbourhood the house is located in. Overall, you want it to be a safe area that suits your lifestyle, as well as being near to your work and perhaps near shops, schools and transportation. Some people look for bustling city spots while others wish for a quiet rural location. The choice is yours.
Of course, the house itself matters too. Some opt for modern new developments, whilst others prefer traditional Victorian homes for barn conversions with character. Perhaps you are more focused on what is inside the home, such as the number of bedrooms and bathrooms. In addition to the floor plan, you want to know how much the heating is going to cost and what amenities are available for moving in. Some people want a property they can make their own, whilst others want somewhere completed to their style.
Internet speed is now a priority
Internet speeds are often taken for granted, with younger generations growing up with freedom online, unaware of the days of dial-up. With the recent change in the working lifestyle due to COVID-19, more people are now working from home, streaming television programs and surfing the internet than before. In one way or another, we are all dependent on the internet. One of the top questions when looking at a property is now; how fast is the internet here?
Bare in mind that the buyer of your property may be a landlord looking for rental income, so broadband is going to be a huge factor in the rental market.
House prices slump with bad internet
If you are trying to sell your house, know that your internet speed is going to be scrutinised. If you have fast speeds and do not experience any interruption when you are streaming or surfing, your property price is likely to be safe. However, if you do have slow broadband speeds, this is something to worry about. A recent study by ISPreview has found looking at average UK house prices that if you have really slow internet speeds, 24 percent could be knocked off the value of your home.
For example, that same study saw that an area called Coppice Farm Park in St. Leonards had a 62 percent lower property price than the average property in the same postcode district. The internet speed was a shocking 0.719 Mbps.
In particular, it is often rural properties that are affected by slower internet speeds. While a lot of people love the quiet and serene surroundings of the countryside, they still want the amenities that the city provides. Of course, house prices are typically lower in rural areas than in the city. But they are going to be even lower if the internet is not up to speed.
Fix the problem before you sell
Do you want to sell your home soon? As you can see, the internet has become a priority for house shoppers. If you think that you have a slow internet speed, make sure you get the problem fixed first. Do not ignore it and think nobody will notice. They will and this is going to take a toll of the price you get for your property. You will also be able to benefit from the faster broadband yourself while the house is on the market. Flexible contracts are available from Wave Internet, so let us work something out for you.
Wave Internet is the number one choice when it comes to rural broadband solutions. You can get next-generation internet technology so that you do not suffer from any slowness or breaks online. You are able to stream, surf and work without any problems, no matter where your property is located in the countryside. You can even choose a WIFI booster for even better speeds.