Attempting home improvements can unfortunately reduce the value of your property.
It is widely believed, you have to put you hand in your pocket initially to maximise revenue. Thankfully for those with a tight budget DIY enhancements do not always equate to increased yield when considering selling your property.
TrustMark a Government-backed quality scheme concluded poorly executed maintenance to your house reduces the market value up to a devastating 11%. This research suggested that more than 50% of people looking to purchase a house would be completely put off the property and 90% of those who completed the questionnaire would reduce their original offer due to poor quality of improvements.
If you are considering selling your house, a lick of paint can drastically revive the house and marginally increase the asking price. Frequently, home owners when selling their house take on the responsibility of DIY even though they are not capable of completing the task effectively.
There are benefits to making home enhancements, additionally staying clear of tradesman costs all seems like a good idea. However across the UK, the standard three bedroom house was priced at £218,779 it is proposed that poor DIY can lead to a 10% reduction without taking into consideration the resources and valuable time allocated to the improvements.
The internet provides homeowners with various support and advice on minimising expenditure when selling. The progression of online estate agents is the main source of a faster and cheaper way to find a buyer for your house. Furthermore you skip the dated and expensive fees of estate agents, be that as it may technological advances are not as advantageous as they appear.
A common example is the “I’ll try my best” homeowners putting faith in google to rewire their house or try to sort the boiler out whilst watching a Youtube video; this can be harmful to your asking price and more importantly potentially leave your house in an unhospitable environment for the following owner.
Obviously a sight of poorly executed DIY improvements can put off new buyers, the wiser individual when selling is avoid repairs altogether.
Russell Quirk a real-estate professional, CEO of emoov.co.uk concluded “When looking to get rid of your house home enhancements can marginally augment the sale price. We have to remember though; DIY improvements do not guarantee a bigger asking price for the property. Take for example, builders often search for houses that they could easily modernise. Likewise it is often found that people rework the kitchen and bathroom in particular without spending more money if it has recently been updated by you. It is widely understood that faults of your house will most definitely lead to a renegotiated asking price. The owner is required to make a decision whether the cost of DIY and time outweigh the increased asking price.”
With this in mind here is some advice:-
- As mentioned beforehand, a new coat of paint can be valuable in guaranteeing your property is rated better and therefore increasing its’ value.
- A simple tip is to maintain your lawn. A presentable garden is always an effective selling point of a home and hopefully adds value to the investor.
- Ensure the house is tidy. Somebody looking around your house will have a picture in their head of what they are interested in; an organised house can spur on a deal.
- Notify the investor of certain qualities of the house. When considering spending money on your property, make sure it is for the better. By making investors aware of specific assets such as fire places or historic wooden beams, more viewers will be enticed over a new bathroom.
- If you are not a qualified electrician or gas engineer to ensure your health stay well away from making any amendments. If you do not know what you are doing, it could lead to a devastating outcome not only putting your life in danger but other peoples too. Although it seems wise to attempt in order to reduce spending, poor wiring is the most common cause of reduced value in property.
Stay clear from wasting your savings on expensive household appliances. Frequently, investors envisage what they want their kitchen and bathroom to look like. Hardly ever will someone spend over the average for a property so the new home owner can reclaim their investment somewhere else.
Do not get caught out, ensure all household improvements increase the worth of the property. If you believe your house requires a number of touch-ups, do not worry as it will still sell. Often new families enjoy adding their own twist when considering enhancements. The worst situation would be struggling to get rid of your property and being caught in the middle of a too far done project house and in an unacceptable condition for a family to move in right away.
The worst scenario is attempting to sell your property and being stuck in the middle of being fully furnished and ready for someone to move in and the house requiring too much maintenance it is no longer worth investing in.
- Stay clear of overpricing. If you believe your house could use a touch-up it is advised to alter the asking price maximising the probability of a sale.
Information by UK’s leading online estate agent Emoov.