During the course of the ownership of your home,
you will no doubt consider a number of improvements that you hope will add
value, or at least recoup the money spent, when you eventually come to sell.
However, it is impossible to predict the tastes and
preferences of your future buyer, so how do you know whether a particular
improvement is worthwhile?
A good rule of thumb is to recognise that the most
likely buyer for your property is probably going to be someone in the same
socio-economic demographic group as yourself and other homeowners around you.
It, therefore, follows that changes to your property that could alienate these
key buyers should be avoided.
Balance is also important. For example, a
two-bedroom loft extension on a two-bedroom terraced house might attempt to
transform it into a family home, but any uplift in value will not necessarily
cover the amount spent on the work unless the ground floor accommodation and
garden also suitable for family living. Is there easy parking for parents with
small children? Is it within a popular school catchment area?
Likewise, it’s worth remembering that in order to attract
the most buyers, you should avoid highly personalised decor. Whilst a blood-red
kitchen might appeal to your own sense of fun, the chances are that your buyer
does not yet appreciate this! Similarly, is your buyer really going to agree
that the Barbie-print carpet in your little girl’s bedroom was really such a
good idea for their son?
So when considering improvements, unless your more
exciting personal preferences can readily be watered down prior to selling, it’s
worthwhile looking at your property through the eyes of the most likely buyer if
you are going to secure the highest price the market will pay. And if you’d
like any advice prior to taking making any improvements, we’d be happy to help.
Please feel free to call us on 01245 330500
