When you buy a house, you aren’t just securing somewhere to live for a while, you’re making a major financial investment. That’s why when the time comes to move on to pastures new, you’re going to want the best possible return.
The good news is that house prices have been on the up in many parts of the country. Better yet, there are several ways you can help maximise potential profit, without having to be an industry expert.
Know what you’re working with
If you want to enhance the saleability of your property, it’s best to have a specific plan of action. Knowing where you’re starting and where you want to end up in terms of value will make it easier to focus on the most appropriate improvements for your particular property. Sunlife have a handy online tool that allows you to check the current value of your home compared to its purchase price. By showing you how much it has gone up or down in value since you bought it, you can get a better understanding of exactly where you stand. This allows you to set realistic goals moving forward.
First impressions are everything
You only get once chance to make a first impression. Simple cosmetic tweaks are often quick and cheap to carry out, but they can significantly improve the pull of the property on prospective buyers. After all, these small finishing touches are the difference between somewhere feeling like a house and a home. The more welcoming and ‘ready to move in’, you can make the place feel, the better.
Tips here can include everything from repainting the front door to tidying up the garden; and from filling in unsightly cracks on the walls to adding a splash of colour.
The power of renovating
When it comes to interior space, forget the idea of ‘less is more’. Some of the best ways to boost a property’s price tag include loft and basement conversions, adding a conservatory, and building an extension. Simpler, though equally useful renovations – like modernising the kitchen, refitting the bathroom, or removing stud walls to open up the living space – can also work wonders. Essentially, the better the available space has been utilised, the more appeal the property will have.
Know when to sell
In an ever-changing market, timing is key. Certain areas can increase or decrease in value over time depending on the location’s economy, reputation, etc. This is why it can really pay to do your research and exercise a little patience. Sometimes the simple act of holding back until the time is right to sell is the very best thing you can do.