If you’re planning on selling your home, November may well have created a far greater sense of hope and optimism. After months of house price stagnation nationwide, the final financial quarter of 2017 has finally seen the market consolidate, with a higher number of regions recording price growth during this period.
Still, it cannot be denied that it’s now far harder to sell your home for a profit than it was during 2016, when property prices soared at a truly exponential rate. In fact, the onus is now on vendors through to optimise the value in their homes, rather than relying on high demand and disproportionate price points.
So, aside from reducing costs by partnering with an online estate agent such as Hatched, what steps can you take to boost the value of your home and optimise the bottom line profit? Let’s take a look:
1. Choose Strategic and Relevant Improvements
During the property market boom of the mid-noughties, most home-owners would add value to their homes by extending the space and adding rooms such as conservatories. This strategy is no longer as effective as it once was, however, primarily because the market’s margins have been squeezed and the profitability of some modifications minimised.
Still, there are some modifications that can deliver a huge return, enabling you to make strategic improvements based on your budget and desired ROI.
Adding a new conservatory to your house can deliver a 108% return on average, for example, while installing a brand new kitchen offers an ROI of 49% and has the added benefit of engaging Millennial buyers.
Even lower cost modifications such as landscaping your garden can boost the value of your home by around 88%, despite setting you back just £4,000 on average.
2. Leverage the Curb Appeal of your Home
In general terms, you have just seven seconds to make a first-impression on others, whether you are presenting yourself or a property for sale. So, when looking to engage potential buyers, it’s crucial that the front of your home is clean, tidy and aesthetically pleasing to the eye.
So, how do you achieve this? Firstly, you’ll need to ensure that any debris or clutter is cleared away, before tending to the layout of the outdoor space. If you have a driveway, ensure that this is cleaned before any visits, and don’t be afraid to refresh the paintwork on your front and garage doors.
If you have a front garden space, ensure that the grass is mowed and well-kept, while planting some fresh and seasonal flowers is also a nice touch. Take Calendula or Winter Flowering Annual seeds, for example, which are beautiful when they are in full bloom and are ideally-suited to grow in harsh, winter conditions.
This will not only boost the engagement rate among potential buyers, but it will also help to justify the price that you have applied to your property.
3. Optimise your Bedroom Space and Maintain a Neutral Outlook
If you’re serious about selling your home and optimising its value proposition, you may also have to make some modifications with buyers in mind.
Let’s say that you have a small, third bedroom, for example, and one that you have transformed into an office space. While this may suit your needs, it can actually reduce the value of your home while also restricting its appeal in the eyes of buyers. Instead, it’s far better to return your home to a neutral and inviting space, which has three bedrooms and empowers individuals to choose how they use them.