Even if you're not in the property game, house prices are a British obsession, we're a nation lingering at estate agent windows to see what places are selling for. We all know exactly what we paid for our own properties, and we all have our fingers firmly crossed that when it day comes that we look to move on, we’ll be able to make a tidy profit in the process.
A property’s value is determined by many things, plenty of which are beyond our control. Unless you’re an eccentric billionaire, you’ll never be able to move your house brick by brick to a new location, and you’ll only ever have a limited say in how good your local school is, or how good the transport links are.
But when it comes to the property itself, this is where you can really make an impact on how it’s viewed by others, and how it is valued. The size of the property, the number of bedrooms, bathrooms, the garden, and of course... the finish - all of these things can influence the price tag an estate agent will recommend for your home.
So whether your selling a home because your moving on, or your selling a renovated property, how you stage, decorate, and how you expand it can all have a huge impact on its value.
Office space
After 18 months we are still yet to emerge form the pandemic, and It shouldn’t be any surprise that office and study space is proving crucial to buyers in today’s market. People are expecting that working from home will be a more common part of their lives going forward, and they want their homes to reflect that.
Whether it’s a spare bedroom that can be turned into an office, a downstairs study room, or even space in the garden where you could put in a garden study.
Bedrooms vs bathrooms Bedrooms are still used as our shorthand for the size of a house - is it a two-bed or a four-bed? - but not all bedrooms are built equally. People are interested in the options that space gives them.
All buyers are different. If you’re a large family, you’ll probably want more separate bedrooms and won’t want to sacrifice one to be an en suite for example. For others, having that bathroom space is a selling point. Flexibility is key.”
Kitchen space Open-plan living has been the standard over recent years, giving homes a bigger sense of space. We don’t live upstairs, we all tend to be downstairs most of the time, and in lockdown this way of living has become even further cemented.
Many kitchens have been opened up into dining and living rooms to improve opportunities for socialising. Making big changes to kitchens can be difficult in terms of delivering value, as they can be very personal, but simple layouts and classic finishes are timeless.
Look for opportunities with extensions and loft conversions There’s risk in any big investment, that what you spend on the project will not be reflected in the final value - it is always worth seeing what similar properties in your area have reached.
For example, if you’re on a terraced street where some of the homes have loft conversion and some do not, what is the average difference between the two kinds of property? If homes with loft conversions sell for £20,000 more, then spending £25,000 on a loft conversion isn’t a good financial investment, in the short term at least. However, buyers are always on the lookout for potential, according to James. “In many ways, potential is the biggest factor for many buyers,” he told us. “People want to know that if that they have the opportunity to expand and add their own value if they want to, so getting planning permission agreed can be a huge selling point. Money has never been cheaper, so people are looking for cheaper properties in better areas knowing that they can extend them - so getting permission can make a huge difference to your value."
If you are looking to invest in property, and you would like to speak to us and find our how we can create true value, and make your money work harder for you, then drop us a call on 02382444293 or email on info@gf-rp.co.uk
Comments