So you’re thinking about spending some money on your property in order to increase the value. What’s the best way of doing it? There’s a tonne of advice out there from differing sources. My perspective is solely from selling and maximising £££. I get asked to help a lot of people in this respect so thought I’d write a blog on it. I hope you find it useful. If you have anything you think would be good to add, please do leave a comment in the section below.
For the point of this blog, I’m going to work on my process for best practice when solely considering selling to maximise the value not take any personal living benefit from it.
Rather than looking at ways to add value, I look at what value you want to create. Eg. rather than trying to find a way to add £50k to a property, consider what it would take to create a property worth say £200k or say £500k. For me, this mindset always delivers far better results.
1. I think about who is going to buy the property when it’s finished. Eg. Is it a 4-bed house suitable for a family? Or a 2-bed flat suitable for a couple? Once you’ve got in mind the types of people you’ll be selling the property to, you can start to tick off the list of things that buyer will need and most appreciate in monetary terms.
2. Is the property structurally sound? Is the roof good? There is no sense putting in new carpets to a property that has need for serious building work. If the house isn’t structurally solid, your first port of call should be to address that issue.
3. Will the property meet basic expectations in the price bracket you’re aiming for? Have a look on Rightmove at what else has sold at that price. If you miss the basics, it’s very difficult to add sparkle in the more glamorous areas to compensate.
- Will it look like a Y value property from the outside? If not, you’re starting off on the back foot when you come to sell.
- Will it have sufficient bedrooms and they be of a sufficient size? Will the master now require an en-suite?
- Are there enough bathrooms and toilets?
- Is the kitchen going to fit the bill? If expectation is for a kitchen/diner but you don’t have one, you’re going to have to create one. Putting in a very high spec kitchen won’t fix this issue.
- Are there enough reception rooms and are they of a sufficient size?
- Is the entrance hall suitable?
- Is there parking? A suitable garden? Garage?
- Are the bathrooms of a high enough standard?
- Is the kitchen of a high enough standard?
If the basics aren’t there, you’re going to be asking any potential buyer to make a fundamental compromise and that’s no small task.
4. Once you’ve got all the basics that any would-be buyer is after, it’s all about presentation. Start with the front and work your way through the house. There are literally hundreds of small differences you can make in this area that aren’t expensive and they all make a positive difference.
- Kerb appeal. Clean and tidy first, then add some green. Natural things such as flowers, hanging baskets, fresh painted door, clean brickwork all make a huge difference. Jet-wash the drive.
- My motto for any property with presentation is “to look lived in, but only just.” Clean, tidy and uncluttered. If you’re set on moving, what stuff are you not going to be taking with you? If it’s creating clutter, get it boxed up and moved prior to going on the market.
- Clean paintwork on tidy walls looks fantastic. If in doubt, go white. If you’ve got more of an eye for it, go for something a little trendier. Farrow & Ball are expensive, but their colour schemes are very good. If in doubt, ask someone. Don’t take risks with this stuff, it’s just not worth it.
- Get your flooring at the very least clean. If it’s ropey, get it replaced.
- Your furniture layout and condition will affect things. No sense having clean and tidy walls with newly clean carpets and then putting in scuffed furniture. You can clean and tidy most bits of furniture up with a little work rather than replacing.
5. A few other things to consider.
From experience, if the boiler is clean, tidy, works very well and has a service record, it will not affect price. If it’s looks a problem, it will.
Cut grass and defined borders will help. Get your gardening gloves out.
Fresh flowers are awesome.
Eucalyptus in the bathroom is great.
Lastly, make sure you get a professional to take pics of all this loveliness you’ve created when you go to market.
I do a lot of visiting properties and having discussions about specific improvements that people are looking at making. Balance to a house is very important when selling. If you’d like any help or have any questions please do get in touch and I will happily help.