Essential Works

Essential Works

INTRODUCTION

“What works should I carry out to increase the value of my home?” is frequently asked by sellers when their property’s condition obviously needs updating.  However, unless your home has been recently built and within the 10-year NHBC guarantee period, the advice in this guide is relevant for all sellers wanting to maximise their sale price.

WHAT YOU MIGHT HAVE DONE SO  FAR

If you’ve searched the internet, you’ll have found plenty of general information along the lines of “kerb appeal” or relating to redecorating. You may have watched home-improvement programs. You may even have secretly scoped out your family and friends’ properties,  for ideas!

STOP SPENDING MONEY, NOW!

Please be careful not to spend any money before reading this guide! From an Estate Agent's point of view, there’s nothing worse than representing an owner, who’s got a half-refurbished house,  who wants top money! Actually, there is, but you get my point!

TYPES OF BUYERS

In my 20+ years of being an Estate Agent, I’ve come across three types of buyers. The first is a buyer, who doesn't mind paying above the odds, to own a property to ensure everything is brand-new, hassle-free etc. The second is your  D-I-Y type of buyer or Investor, who would instead find a bargain or spend the extra money on buying a bigger house, or better location, and save money by doing the refurbishment, themselves. The third type of buyer is looking for value-for-money. They’re not looking for a bargain but don’t expect to move straight into a show-home finish either. You want to target the second and third types of buyers.

WHAT WORKS SHOULD I DO TO INCREASE THE VALUE  OF MY HOME?

Unfortunately, it’s not a simple answer. However, the first thing to do is to carry out any works which may flag up during a Survey. If you’re not sure, spending your money on a survey rather than redecorating, is a sensible approach. This way, the surveyor will be acting on your behalf and will provide sound advice.

TIP: If significant issues are flagged, the mortgage provider will not lend, meaning you might have to sell to a Cash Investor. A Cash Investor won’t be interested in any money you’ve spent on cosmetic improvements.




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Heenay Joshi