It is believed by many, that in order to increase profit, you have to spend a little. Fortunately for some, when making home improvements to sell your house, this is not always the case.
Research conducted by TrustMark suggests the mean dissatisfactory repairs to your house can lower its real-estate value up to a shocking 11%. The government endorsed trade scheme concluded more than 50% of investors reject a house entirely and 90% of the people who took the survey concluded they would compromise their offer due to DIY household enhancements.
When looking to put your house on the market, a fresh layer of paint can make a significant difference and potentially slightly increase the percentage of the asking price. More often than not, the owners attempt to take on duties which are outside of their skill set when attempting to improve their house to sell.
It can be beneficial to attempt to make improvements to your house, not only that but avoiding the cost of a tradesman initially seems an intelligent decision. Be that as it may, in the UK, the regular three bedroom house was valued at £218,779 and it is suggested you could take a loss of over 10% excluding the price of resources and time spent attempting to resolve any issues.
By researching online homeowners are offered multiple tips on how to reduce spending when looking to sell your house. The growth in online estate agents is the main provider of a speedier as well as low-cost way to get rid of your property. You also evade costly charges of the old-fashioned estate agents however some technological advances are not as beneficial as they seem.
A recent example is the “I’ll give it a try” homeowners entrusting google to help rewire their property or attempt to fix the boiler with the aid of a Youtube video; this method can be detrimental to the asking price and leave your house in a hazardous state for you and the next owner.
Justifiably a glimpse of poorly attempted improvements can discourage potential investors, the savvier individual when attempting to put your house on the market is to completely avoid making repairs.
Russell Quirk an expert in real-estate, CEO of emoov.co.uk noted “When arranging to sell your house DIY improvements can slightly increase the sale price. Unfortunately, we must note making DIY improvements does not necessarily mean you will receive more money for the property. For instance, some investors would rather purchase a house which they can renovate. Similarly, numerous investors will redo the kitchen and bathroom in their new house without paying more if it was recently installed. It is widely accepted that potential flaws of the house will be used to renegotiate the asking price. It is down to the owner of the house to consider whether the expense of DIY, the manual time required to make the adjustments as well as the price they want to sell their home for.”
Baring this in mind here are a few pointers:-
- As previously stated, an uplifting layer of paint can be beneficial in ensuring your house is more highly regarded and thus augmenting its’ value.
- Ensure the grass has been maintained. An orderly garden can be a selling point of your property and possibly add significance to the buyer.
- Tidy and de-trash. A potential investor will have an idea of what they are looking for in a property; ensuring the house is spotless can encourage a deal.
- Express any exclusive attributes. When planning on spending money to improve your house, ensure that it is worth your time and money. If you emphasise potential exclusive features of your house, for example a fire place or traditional wooden beams, it will attract more buyers than a newly fitted bathroom.
- If you are not a certified electrician or gas engineer for your safety stay clear of any alterations. To an untrained eye it can be a potential disaster and can lead to putting yourself and future buyers in danger. The initial thought of saving money may seem appealing, however incorrect wiring is one of the largest causes of a reduced worth of your home.
Avoid fluttering away your spare money on pricey household appliances. More often than not, potential buyers have a personal idea of what they expect from the kitchen and bathroom. Rarely will someone pay over the odds for a house so the supplier is able to regain their investment elsewhere.
Don’t get caught in a sticky situation, if you plan on making improvements ensure that they are adding value to your house. Even if you feel your house needs a little DIY, that doesn’t mean that it isn’t going to sell. It is quite frequent that potential families may wish to add their own touch when making improvements so that it is suited to them. The worst case scenario would be being unable to sell your property and being stuck in the middle of too far passed a project house and unable for somebody to move in immediately.
The worst case would be trying to sell your house and falling in-between being fully furnished and ready to move in and the house needing that much work doing you can’t warrant buying
- Avoid overpricing. If your house requires maintenance it would be wise to reconsider the asking price increasing the likelihood of the sale.
Information by UK’s leading online estate agent Emoov.co.uk