Improving the Value of your Property
Across the UK property prices are generally on the rise. However, there are still further ways in which home and property owners can maximise their property’s potential and ensure they receive maximum return from its sale. This applies to both homeowners as well as those who own several properties across a portfolio and are looking to cash in on one of their assets.
It is important to note though that there is an upper limit whereby a property, no matter how well it is kept and no matter how much it is improved will reach a maximum value.
Improvements and upgrades that can see your property’s value increase range from quick, easy and cheap solutions such as a quick coat of paint and tidy up of the garden to full scale upgrades such as basements and loft conversions that can yield very attractive returns on investment.
No matter how you decide to upgrade your property though, it remains paramount that you get the right agent to negotiate the sale of the property in question as if the price is set too low or too high, negotiations may stall and you will be less likely to receive an attractive return (source: ABC Estates).
Converting the loft of a property is a tried and tested method for improving a property’s value. Conversions add a great deal more space to any property be it a bungalow or an already large property. The new area created through converting a loft can be used for a multitude of practical and appealing uses. For example, a property with an added loft could add another one, two or perhaps more rooms to the property, increasing the general living space available.
Another popular use applies to professionals who are increasingly living from their homes. A loft is the perfect ‘escape’ from the main body of the property and can be utilised as a great office space or even art, photography or design studio space. No matter what the property’s new converted space is used for, it can see up to 20% added to the value of the property (Premier Lofts).
For example, if your property is valued at £500,000, adding a loft that costs around £40,000, could add up to £100,000 to the property’s value, providing you a return on investment of around £60,000 for the property.
Decorating your Property
Unlike a loft conversion, decorating your property costs a mere fraction of the price of adding a new conversion. For a few hundred pounds including any materials and labour, filling in any cracks in the walls, painting the walls and ceilings and sanding down and rough surfaces can make the property in question that bit more appealing.
Part and parcel of selling any property is the viewing process. The dedicated agent will source potential buyers and will show them around the property to be sold and show them the potential and attractive aspects of it. If the property is well kept and is nicely decorated, it will appear a much more attractive proposition to any prospective buyer as they will be more at ease in the property and will see it at its best. This means you will be more likely to get the asking price from the outset.
Update the Necessities
Things like the central heating system, the windows and the kitchen and bathroom will all come under a fair amount of scrutiny from any buyer as they will look at the basic offerings of the property such as how well it is insulated, its Energy Performance Certificate (EPC) and rating and how well the most used parts, namely the kitchen and bathroom will function for them.
If the prospective buyer sees themselves buying the property and then having to upgrade things like the bathroom and kitchen, they will not be as happy to pay a higher price for the property as they can fairly argue that they will have to spend anywhere upward of £2,000 to upgrade the essentials that haven’t already been done.
Therefore, investing say £5,000 in upgrading the central heating and ensuring the kitchen is up to date with a modern design and clean finish can reap huge benefits and can be the difference between finding a willing buyer and having to pay multiple agents to eventually find a buyer that ‘will do’ and will not pay your asking price but will simply take the property off your hands allowing you to move.
David Soffer is an SEO and content specialist at Tudor Lodge Consultants who help clients maximise their online exposure via Search Engine Optimisation.