Unlike corporate stocks, precious metals, and global currencies, which are traded every day, real estate transactions occur infrequently. Add to that the fact that every home is unique, and you’ll soon understand why professional property valuations or real estate appraisals are essential before you put your home on the market.
Research the Target Market
Before making any improvement to your home, you should research the target market. You don’t want to carry out upgrades that will have no effect on your property’s marketability or value. The internet is a great resource for checking out the profile of prospective buyers. Research who your home is likely to appeal to. For example, young families, students, working professionals, couples in retirement, etc. Knowing this information will help you to make alterations to your property that will make it more appealing to your target market.
What condition is your home’s exterior in? Does it have kerbside appeal? Remember, you don’t get a second chance to make a first impression, so the exterior of your property needs to be presentable. Start by making sure all gutters are clear, windows are clean, and any lawn and hedges neatly trimmed. If your front door needs a fresh coat of paint, Country Living completed a survey in 2018 that revealed bold-coloured statement doors are in vogue with purple being the preferred choice. Take a look at the front doors of other properties in the local area for inspiration.
An easy way to increase your home’s square footage is a loft conversion. However, it’s important to seek advice from a a surveyor and note the required building regulations. According to recent research, loft conversions can increase the selling price of a property by 12.5% on average. If homeowners convert a loft space into a secluded mater bedroom with an en-suite bathroom, they often add significantly more value to their home than the cost of the conversion work.
Kitchens and Bathrooms
Kitchens are arguably one of the most important rooms to buyers. If you lack funds to upgrade a dated kitchen, consider painting cabinet doors, replacing old handles, and removing any clutter from the benches. In addition, be sure your kitchen is sparkling clean when prospective buyers visit. Bathrooms are also important to buyers. You don’t have to replace all of the fixtures, but replacing old taps, freshening up the grout, and ensuring the walls and ceiling have a fresh coat of paint can go a long way.
Do you have a spare room, basement, attic, or garage that you don’t use for anything other than storing junk? If so, you could turn that wasted space into an asset. The space could be turned into a home office, entertainment room, or home gym, all of which are hot selling points for your property.
Many homeowners neglect the hallway when showcasing their property. A lot of homes have narrow hallways that are cramped and cluttered with coats, shoes, umbrellas, etc. However, the hallway is the first room a prospective buyer sees when visiting your home. A handy tip is to paint your hallway a light shade to maximise the light. Hanging a large mirror can also provide the illusion of more space. While your home is on the market, try to keep the hallway as clutter-free as possible by storing shoes and coats elsewhere.
Ask the Experts
Home renovation television programmes hosted by celebrity property experts like Kirstie Allsopp and Phil Spencer can be a great source of advice and further inspiration. After carrying out a property valuation on your home, your local estate agents will also likely be able to provide you with tips as to the best types of renovations to do to boost your property’s appeal to prospective buyers. Professionals like floorplansUsketch can also help you get ready to sell.