We’re all told that before selling our home, we should spend time and money (if we can) on getting our properties in tip top condition. After all, we want to fetch the highest possible price, and the competition can be fierce.
However, there’s a fine line between spending all your hard-earned savings on things your buyers simply wouldn’t have noticed or cared about, versus leaving it in a condition so poor that it’s stuck on the market for months on end and facing a price reduction.
The key here is finding that sweet spot somewhere in the middle.
So, let’s take a look at the different types of repairs and renovations which almost always add value to a property – so long as you know where to stop!
If your home needs structural repairs which have been flagged up in the home report – tackle this first!
Buyers can find it hard to get a mortgage when a property is in poor structural condition, so while you can still attract those fortunate few people who can pay in cash if you ignore these issues, the majority of us still need help from the bank and so you’re significantly reducing your pool of buyers. You’re likely to be facing an uphill battle if you try to avoid doing this from the outset, so set aside some money and just get it done. Do this before you do anything else!
Common structural issues include subsidence, rotten roof timber, missing or broken roof tiles, dampness, structural wall cracks and serious leaks for example coming from the roof.
If you don’t have a home report because you haven’t actually decided to sell your house yet, and are just thinking about the value, then check for cracks running diagonally from doors or windows, around the top of windows, bulges in the wall and any sloping floors, which could mean a subsidence issue. If you find any cracks, mark the spot with a pencil and monitor it over time. If you see that it’s expanding, it’s time to call in some help. Your insurance company is a good first point of contact here, as they can inspect it for you, but remember to ask about costs.
Structural repairs tend to be the most expensive, but they’re also the most likely to give you a solid return on investment, and you should consider them essential.
Usually when the price of a home is suspiciously low, it’s got something to do with a structural issue or, for example, the heating or plumbing. It might be that the property is poorly insulated, windows aren’t double-glazed, or the house is old and needs re-wiring. Buyers are told to look out for these things as a priority, and they’ll be comparing between properties. If your flat or house needs an upgrade on heating or plumbing, and the house for sale two streets down has everything running smoothly, then that property is likely to win out.
Here are the rough costs for installing a new heating system as of 2021:
And the costs for rewiring as of 2021 (although these are rough estimates):
Safe to say that heating and plumbing should be your second biggest priority after structural concerns, but don’t fix what isn’t broken! If there’s no need for a brand new boiler and the heating works just fine – leave it alone.
A lick of paint and some well-placed plants went a long way to making this property above look extraordinary from the outside.
The exterior of a property is what makes a lasting first impression on any potential buyer, and there are a few things you can do to help make it really stand out.
You could invest in exterior wall coating, cladding, roughcasting, exterior paint, or wall insulation, for starters.
Making your home more energy efficient is a major attraction for new buyers, and energy efficiency is becoming more of an expectation than a bonus these days.
However, if you don’t have a lot of money to spend, yet still want to make an impact, there are small changes you can make that won’t cost a lot.
Painting the door and attaching some hanging plants either side of it can really add to the overall impression of your house or flat, and doors that are painted bold, striking (but attractive!) colours are something of a trend. It’s pretty inexpensive to buy a new doorknob and house number too, if you can’t afford to replace the door.
If you’re in a flat with a communal garden, don’t forget to ask your neighbours, but most people are happy when someone makes an effort with the exterior – they may even offer to chip in!
Buy some weed killer, and make sure the garden area out front looks properly maintained. Go to a garden centre and take a look at what ornamental items they have on sale but be careful not to go so overboard that it looks tacky! One or two is fine. Five or six is overkill.
It’s worth mentioning here that since the start of the pandemic, enquiries for garden items such as plants, furniture, outdoor heaters, even garden hub rooms and insulated gazebos, have increased significantly. People are realising just how important it is to meet friends and family outdoors in a nice setting – because for a lot of 2020, that’s all we had! So, don’t just focus on the front of the house, pay attention to your back garden too. Is it the kind of place where your potential buyers would want to have a barbecue and invite their friends? If not, how can you turn it into one?
If you want to really get creative, like converting a cupboard into an extra toilet, or adding a conservatory, more storage, or another bedroom, then you need to consider what’s popular for the area in which you live, and who is likely to be buying your house. Is it a three bedroom semi-detached house that will likely attract a family? A city flat that would be great for a group of students? A young couple?
Adding an extra bathroom or toilet to a flat in central London is going to increase the value substantially, yet in other areas it might only increase it by a few thousand. It depends on who wants to live there, their lifestyle, and what other properties are doing. Every street has a ceiling value too, so don’t go crazy because after a certain point, you won’t get any more value for it.
It used to be that adding a bedroom through a single or two storey extension added substantial value to a home, but at the cost of valuable garden space. Garden space has become even more sought after since the onset of the pandemic, so a much better option now would be to convert existing space, and only if you think extra space would offer return on investment.
Converting an attic or a cellar is far more cost-effective than building an extension, and that way you protect your garden space.
Be creative, and look at what you already have, before deciding to add anything new!
Kitchens are still one of the most important factors in whether potential buyers will decide to go ahead with their purchase or not. If someone really likes your property but realises it needs a new kitchen, they may not want the expense and hassle of installing one, and instead opt for another property that doesn’t require the same level of work.
Installing a new kitchen isn’t cheap, with the average prices coming in at around £8,000, but it can pay for itself in added value and many people consider it a worthwhile investment.
Not everyone has that kind of money to spend however, and in that case there are still plenty of things that can be done.
Painting the kitchen cabinets and replacing the handles can give the illusion of a newly fitted kitchen when you don’t have the money to do the whole thing. Some companies will come in, remove your cabinet doors, take them away, then bring them back freshly painted and modernised after a couple of days, all at an affordable price.
Likewise, there are cheaper ways of improving your bathroom if you don’t have the luxury of being able to afford a new one. Try replacing the taps, showerhead, and shower curtain. Paint the walls a light, neutral colour, and eliminate any limescale. Add a couple of house plants and candles that match the wall colour, and even a larger mirror to create more space, and it’ll soon create the impression of a bathroom that’s not so used!
If you do want to install a completely new bathroom, the average UK price for this is around £6,500. Make sure you talk to your estate agent and see whether this is in high demand for the properties in your area first – are similar houses/flats on the market offering newly installed bathrooms or not? If not, then you might be wasting your money.
Remember, the key takeaway here is to put your money into any essential repairs/renovations first (especially structural) before tackling the rest of your house. You’ll be tempted to keep going, but know when to stop. At some point, it’s time to just get your house on the market and see what happens.
Need help with repairs and renovations for selling your home? Whether your house is on the market or you’re just thinking about a potential move, we can help – with advice, with getting the job done, and with a whole array of other services, too.
Give us a call on 0141 374 0373 or head over to www.allaboutthemove.co.uk to see what we can do for your property!