This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A recent study has revealed that finishing your property to a high spec makes it more likely to sell faster and for more money.
If you are expecting to sell your house in the next couple of years, it may be a good plan to evaluate the property and see what could be improved. Making some changes could benefit you in the long run. A higher specification could be anything from new kitchen appliances to high quality flooring.
Once areas of the home are highlighted as potential places of development, it is crucial to assess whether the costs of completing these tasks are less than the projected increase in selling price.
The research has found that by spending some money on your house before selling can be a very good investment. The bathroom is a great place to start, as everybody in the house uses it. If it is somewhat out-dated, then a replacement is a worthy option. The average cost of a bathroom suite is £1,500, but could add a value of £3,350 to your property.
Redecorating Before Selling
Another room to benefit from a revamp is the kitchen. Again one of the most used rooms in any property, brand new kitchens can appeal to more buyers and encourage higher offers. There are many options in updating a kitchen area; so all budgets are catered for. However, a new kitchen will add about £5,000 onto a property, so spending more than this is not advisable.
One major building society has explained the benefits of incorporating a loft conversion to your house. They can add lots of value, an estimated £21,000, but could cost anything from £10,000 to £30,000. A conservatory also adds to the available living space of a house, and is therefore attractive to buyers.
Another leading building society has also claimed that adding a garage to the house increases the property’s value by around 10%, and may cost just £8,000.
These opportunities are all fairly expensive, however, and many will feel it is too much work, despite the added value to their home. Although there are plenty of cheap and easy options that will refresh your house for sale. A lick of paint to either the interior or exterior can make a huge difference. Using neutral colours can make rooms appear much more spacious.
In addition, preparing your house for viewings can be very effective. By de-cluttering and de-personalising, potential buyers will be able to imagine themselves living in the property. A simple appearance will encourage quicker sales.
Jonathan Barry, of Kinleigh Folkard & Hayward estate agents, has said that the current market could highlight other issues with your property. He says that is a house isn’t selling after six months on the market, then the “price is probably an issue.”1
