Tips for Increasing the Value of Your Home before Marketing

 

The process of arriving at the tangible value of a property is known by different names such as property valuation, land valuation or real estate appraisal. Valuation or appraisal is required for real estate transactions as no two properties are the same and real estate transactions don’t happen frequently, unlike the stock market where trades are made daily and the underlying instruments are identical.

Identify the Target Market

We recommend starting by identifying and researching the target market. If you plan to do a lot of work on your property, all your work and money might go waste if it doesn’t add any value for potential buyers. Therefore, you need to do some research to discover the type of buyers who are likely to be interested in your home. It could be someone looking for a retirement opportunity or a young family. Doing this research beforehand will give you a clearer picture of the alterations that could attract potential buyers.

Exterior of Your Home

The first impression matters and the first impression of your home is its exterior. Have you heard of the term ‘kerb appeal’? Simply put, it defines how your home looks from the road outside your home. So, make sure your kerb appeal is top notch and your home is easy on the eye. Clean the gutters, clean the windows and make sure all the grass and hedges are trimmed. If you are thinking of giving a new look to the front door, it’s the year of doors that are bold and coloured as per Country Living (2018). Purple is currently the most popular colour. Don’t forget to take a look at other homes in your neighbourhood for inspiration.

Take Care of the Hallway

Are you one of those homeowners who don’t really care about their hallways when they are trying to sell their house? Hallways tend to be cramped and narrow spaces typically used for coats, shoes and other junk but it’s the first thing potential buyers are going to see when they enter your property. In short, it’s a lot more important than you think. So, pay attention to your hallway. Paint it in a pale colour to maximise brightness. If it’s really cramped, consider putting up a mirror to make it look more spacious than it really is. Make sure your coats and shoes are in some discreet storage spaces to reduce visible clutter.

Consider That Loft Conversion

If you want to add some area to your property, one of the easiest ways is converting the loft. Don’t forget to first check with an architect or surveyor and keep in mind that building regulations are a thing. Research data suggests that you can add an average of up to 12.5% on to the selling price with the help of a loft conversion. By adding an en suite bathroom, it’s possible to create a secluded master bedroom that should add more value to your property than the cost of loft conversion.

Utilise That Wasted Space

Do you have a space in your house that is never used such as a garage or a spare room where you keep your junk or an unnecessary wall? Use that space. For example, convert that cluttered spare room into a study. Get creative. Consider converting that garage into a workshop or a home office. If the unnecessary wall isn’t load-bearing, think of knocking it down to add more space to your home. These tasks won’t cost a lot but will add tremendous value to your property.

Bathrooms and Kitchens

Potential buyers always pay a lot of attention to your kitchen. If your kitchen has a tired look and you don’t have the budget to upgrade it, consider painting or replacing those cabinet doors. Replacing just the handles can also give it a fresh look. Make sure you have a de-cluttered worktop and everything looks spick-and-span. Bathrooms are also looked at extremely closely by potential buyers. If you do not plan to change the fixtures, it would be a good idea to replace old taps and freshen up the grout. Add some colour to the bathroom by investing in some new towels and extras.

If you’re looking for inspiration, consider a home renovation programme by property experts such as Kirstie Allsopp and Phil Spencer to gain some invaluable advice. Get in touch with your local real estate agent to get some ideas once they have evaluated your property or consider contacting an architect or floorplan designer to get a fresh perspective on your property.

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