We all want to make the most out of our property, especially if we are planning to sell. But is there such a thing as doing TOO much to increase the value of your home? Our blog looks at what you might be doing unnecessarily in order to sell your home.
Keep things in proportion
Make sure that the work you do is in proportion to the size of your home. For example, excavating a basement in a small two-bedroom house may make your property bottom heavy. Alternatively, a loft conversion and extension may take your two bedroom terraced house to a five bedroom but if there is not enough living space, bathrooms or parking, will it be attractive enough to a large family?
Any additions must remain in proportion to the original structure. Look at the other houses on your street to understand what other extensions or projects have been granted planning permission to find out what could be possible with your property.
This is the main thing you need to bear in mind when trying to add value - avoid overdeveloping the property. As above, you need to keep things in proportion structurally but you also need to take the value of the house into account. All properties have a ceiling price.
Any potential buyer with a £500,000 budget is unlikely want to live in an area where all the other houses are worth a maximum of £250,000. No matter what changes you make, your property can’t command an asking price that’s too much higher than other properties on your street.
Focus on the developments that get the most value
You might want invest heavily in new carpets throughout our house, but will this really provide the best return on investment? Zopa has some interesting research that looks into what projects provide the best ROI for a property, with conservatories and gardens providing the most efficient returns. A conservatory alone could provide 108% return. So, take time to look at what projects will actually provide you the best increase in value and don’t be tempted into jobs that might not translate into a better selling price.
If you are thinking about selling your home, contact us today!