Article written by Jim Vogel
As the housing market continues to surge, you may be looking at your property and considering whether to stay or sell. Either of these decisions comes with a host of merits and setbacks. You will want to review all of them to ensure your next move is the right one.
The term ‘home improvement’ can refer to a couple of new flowerpots or a complete household restructure. However major your intended changes, as long as they improve the property, they should also improve its selling price. There are many conversions that are almost guaranteed to add value. A cellar-turned-living space can add 30% to the price, for example.
If you are making upgrades to improve value, it is worth speaking to a Designed to Sell consultant. Experts will usually have insider knowledge of contracts, construction costs, and market trends. Their advice can help you make and execute a smart decision.
Walls often escape our consideration when home renovating, but they can be the key to unlocking or dividing property. If you’re struggling for space, knocking one wall down can create new, breathable open-plan areas. Just remember when doing this to take cautious measures. Seek advice, and work methodically so as not to damage yourself or any other structures.
Alternatively, dividing up a house with walls may offer new potential for renting. Especially in two-tier houses, you can split a property into units to be used by tenants. Again, this is a big commitment and can cost upwards of £25,000 for even a simple living conversion.
When deciding whether to improve your home, the most important question should be ‘do I want to continue living here?’ Home improvements, however drastic, can’t change the area you’re living in, and may further entrench you in it.
Contrary to common belief, selling a house these days can be relatively stress-free. In terms of preparation, sometimes a declutter and deep clean will be all you need. When dressed properly, a house can fetch 10% above its previous sale price. To discuss the viability of selling and the costs of getting everything ready, again, you’ll want to consult with an expert. These reviews can now be done virtually, so you won’t need to worry about pandemic restrictions. Just an hour’s conversation will give you an idea as to how much work is required before you’re ready to list.
As well as the work required to sell, you’ll probably be thinking about profitability. How much you can make from selling will depend on the state of the market, your local area, and the specifications of the property itself. All of these variables are subject to change. Keeping a finger on the pulse of investment trends, changes to stamp duty, and supply and demand is key to ensuring you sell at the best price possible.
Remember, the housing market is aligned with society at large — that means it responds to stimuli like the wider economy or the pandemic. Garden properties, for example, are in hot demand since the start of COVID.
If you’re unsure of the financial feasibility of a move, our advice is to use a mortgage calculator to estimate your monthly payments and check whether a new loan is viable. Oftentimes, with some financial gymnastics, you’ll find there were more options than you originally thought.
Whether you decide to sell or stay, you’ll want to bring your property to its best potential, but getting it there is hard on your own. For the best outcome, it’s crucial that you seek advice from experts and use the services that are available to you.
Designed to Sell is a home staging company, operating in the Essex area. Speak with us today and see how we can improve the interior of your home.