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How to add value to your home without dropping the price!

Are you unwilling and unable to drop your asking asking price because it is funding your next purchase?

Here are a list of possibilities for you to consider, if you’re not getting serious interest in your property, and want to attract a buyer in other ways than your asking price:

Updating your kitchen
– kitchens are always a bit tricky, as you’d be risking installing a kitchen that your buyer may not like. However, so long as it’s neutral, ie white or cream, and in keeping with your property age, for under &6,000 the extra value that it would give your home is far in excess of this. Definitely worth considering.



Install a new bathroom – look at the latest trends, and make sure that you have a power shower, fully tiled walls, and towel rails. Bathrooms really matter, so make sure yours have the wow factor.

 

New carpets – carpets can make a house look dated more than any other area, and they can also give a buyer a reason to make a low offer. A good quality, neutral carpet throughout the house can add several times its cost in the perception that the house has been kept up to date.

New flooring in ‘wet’ rooms
– by wet rooms, I mean kitchens, utility rooms, cloakrooms and bathrooms; the general rule of thumb with the flooring in these rooms is that it needs to be ‘moppable’ – in other words, a hard floor. It doesn’t need to be expensive, in fact there are some fabulous vinyls out there that will only cost a couple of hundred pounds per room. Again, the difference in how a buyer will see your home is high: a bathroom that is carpeted will look dated to a modern buyer, regardless of whether it is or not.


Adding a home office
– most buyers want the ability to work from home these days, or at least, to have a space in which they can keep their computer, paperwork and perhaps books. If you have a room in the house that can be dressed as an office, it would be a worthwhile investment to add some contemporary office furniture, and smart accessories. If you don’t have any space in the house, can you add one outside, in the form of a garden office? Having such an important feature will really help your property stand out to a buyer.



Consider it this way:
if you were to do all the above, the investment would be in the region of &40,000, but your home would have all that a buyer is looking for: it would be ready to move into, and give a buyer no excuse to think that it needs work. If your home is on the market for &400,000 or more, this investment would represent only 10% of its value, and given that asking price to sale ratios are only around 90% at the moment, and much less in some areas, surely it’s better to consider improving your home than dropping the price by say, &50,000. I’ve seen price drops recently of &100,000 and more on properties previously marketed at under &1 million.

Giving the buyer what they need is not always about price; increasing its value may just get your home sold for more.

Source: Sam Ashdwon, www.home-truths.co.uk


Published in: SEPTEMBER NEWSLETTER

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