A saying we are all familiar with.. “I’d rather watch paint dry”, however if you want to increase the value of your home we highly recommend you swap the weekends football for a weekend with the paintbrush and roller.
If you are thinking of putting your property on the market and you haven’t done any recent renovation works you could be missing out on £5k - £10k added value by carrying out some basic DIY or hiring a helping hand.
In this blog we are going to recommend a few easy steps that, with the correct planning, could be complete within a week followed by some do’s and don’ts when it comes to maximising your value.
The hassle of moving the furniture and spills on the carpets. No wonder painting wouldn’t rank highly on our list of weekend activities. However, fresh paint can drastically improve the look of a room and who doesn’t like the smell of fresh paint.
We recommend light, neutral colours such as white and cream, colours that will reflect light. Avoid dark colours such as Black, Purple, Red.
Logically re-carpeting/re-tiling should follow painting incase of any mishaps with the paint tin. Where needed, new carpets or new flooring make a significant difference to first impressions both aesthetically and helping to eliminate odors.
We recommend light, neutral colours.
It should go without saying that cleaning your property before marketing is essential.
A deep clean, will be time consuming especially on property with a large footprint. You can hire help with this, an average property clean would cost around £75 - £100. However it’s sure to pay dividends when you are showing your property to potentially, the new owner.
Create Space & Declutter
Another simple task in theory but more difficult in practice. If done correctly, you could even make some money from your unwanted belongings.
Decluttering the property is essential if you want to show your property in its best light. Rooms will appear larger, lighter and buyers wont be distracted by that 7ft Giraffe you got from Safari in 2005. (Trust me, I’ve seen it)
We suggest removing personal items such as photographs and storing away loose items such as children’s toys, DVD’s and cosmetic products.
Tangled trees and unkempt bushes can obscure views, darken interiors and even create mold. Improvements in the garden are reported to provide, on average, an 88% return on investment. Whilst we don’t recommend a Groundforce style change. Mowing grassed areas, clipping anything overgrown, planting shrubbery and a small amount of landscaping can all be achieved for an investment of £400
- £500, which should provide a healthy return. Less expensive and less time consuming than replacing a bathroom suite (average return on investment 48%).
Before any work takes place consider these dos and don’ts from TV property expert Phil Spencer
Consider Your Target Market
“Work out who is your most likely type of buyer and present the property accordingly. This will determine whether you present a spare room as, say, an office, a play room, a gym or a study.”
Concentrate on The Kitchen
“If you have the budget to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there. The number one priority is creating a handsome and efficient work surface and ensuring easy access between the three points of the kitchen triangle, that is, the sink, fridge and cooker (high street kitchen firms have got surprisingly good at drawing up designs). Install equipment that is as up to date as possible, so it won’t look outmoded in 10 years. And make sure the price bracket of your kitchen matches the price bracket of your house. There is no point putting a £25,000 kitchen in a £250,000 house; you won’t see your money back. Equally, put a £10,000 kitchen in a £1 million house, and you will drag down the value. Typically, a new kitchen will add 4.6 per cent onto the value.”
Outgrowing your street
“If houses in your street cost £250,000, don’t build an enormous extension and ask £400,000. People looking for a £400,000 house won’t want to live in a £250,000 street.”
“If you make a very visible mess or bodge-up, it raises all sorts of questions in the buyer’s mind about all the more crucial bodge-ups they can’t see, for example, electrics and plumbing.”
Replace the Furniture
“There is no need. It may look nice, but will it add a penny of value to your house? No, it won’t.”
Using the average sold price in Amber Valley, £159,617* It's estiated that an investment of between £2000 and £2500 spend in the areas advised above, should return between £5,000 and £7,000.
Dependent on current property conditions and property location these figures may a differ and some areas and some investment may not provide the same return.
Should you look into further investment, such as a replacement kitchen, consider how much you are spending compared to what you expect to return.
If you are looking to carry out a schedule of works to your property and are unsure which works will provide the best return please do not hesitate to request a free property valuation. We are more than happy to discuss how improvement works will effect your property value.
*Data - ONS Dec 2016
Co-author of Amber Valley Property News