Many people say that to make money you must spend money however for some property owners this may not be the case.
Statistics released by Trustmark show that bodged repairs to a property can actually reduce the value that you can charge by around 11%. The government endorsed trade scheme found that over 50% of buyers would discard a property all together based on DIY improvements and 90% of those surveyed would reduce their offers considerably.
When it comes to selling your home a fresh lick of paint can go a long way in sprucing up your home ready for potential buyers however a lot of people take on tasks above their capabilities that can have an adverse effect.
Getting hands on and doing jobs yourself can be a rewarding experienced when considering the money that would be saved on hiring a tradesman however with an average 3 bedroom UK House priced at around £218,000 you can lose out on around £24,000 without taking into account the cost of materials.
With ‘Have a go’ home owners taking into their own hands to make changes to homes using the help of google and youtube it can not only result in loosing value for your house but also can leave the house in a unsafe condition for future owners.
Understandably a sniff of amateur improvements are enough to deter potential buyers and sometimes the most cost effective route may be to avoid maintenance all together.
With this in mind here are some property dos and don’ts:-
- As mentioned a fresh coat of paint can have a considerable effect in making your property more presentable and increasing value
- Keep on top out your outdoor space, whether this is just mowing the lawn or weeding paths this can go a long way.
- Clean and de clutter your house, a buyer will often have their own ideas with what they want to do with the space and this provides them with a neutral canvas for them to project their views onto.
- Make the most of your houses features. Often spending money on exposing the traditional beams of your house can appeal more to buyers then a new kitchen for example.
- Unless you are completely qualified leave all gas and electric work well alone, Not only is it often very tricky it can leave home dangerous for future owners
- Don’t shell out on expensive appliances, as said earlier buyers will have their own vision especially where the kitchen and bathroom are concerned.
- Don’t get caught in no man’s land. If you are going to renovate, do it properly. If your property needs work it doesn’t mean you won’t find a buyer, with many preferring to add some personality of their own to a new property sometimes less can be more when securing that sale. What you don’t want is to be stuck with a property that is too far gone for a project house but short of the mark for a buyer to move straight in.
– Price realistically. If a property does need work it could be more beneficial to reflect this in the price and find a buyer rather than invest and not
Information by the UK’s leading online estate agent emoov.co.uk