In the final blog in the series which takes a look at how sellers can improve their chances of a sale – and potentially increase the sale price – by making home improvements, Kevin Beastall Regional Managing Director for Reeds Rains adds his final piece of advice – looking at what kind of return home improvements might bring to a property.
The exact same improvements will add varied levels of value – dependant on what the property is currently like and what demand is for that kind of property, what the improvements might cost (not just in terms of new items but the cost of old items being thrown out) and where the property is - so it is difficult to calculate an exact return.
Thinking about demand, for example, to add a second bathroom to a 4 bedroom family home, that only had one bathroom, will be worth more to a new buyer than adding it to one that only has 2 bedrooms. Rather than thinking about the extra value, it’s probably better to consider what the improvements will involve and cost and if they would appeal to a new buyer and hence attract a higher price.
Key considerations would, however, be:
- How much value you are ripping out and throwing away, in the process of your improvements.
- Will the end result be ‘in balance’, i.e.: bedrooms/bathrooms, size of house/size of garden?
- Is the expense/quality of the improvements in the same league as the property? A cheap kitchen in an expensive house is just as wrong as putting a really expensive kitchen in a modestly priced house. Think balance.
- Consider surroundings. Making a 2 bedroom house into 3 or 4 bedroomed one, in the catchment area of a fantastic school, will do more good than taking on similar improvements in an area where the school doesn’t have a good record.
- In the same vein as above, do the neighbours help or hinder the future value of my home. You’ll not get a million pounds on a road where all the others are valued at £150,000.
The main consideration is - do it in balance. Don’t go OTT. Give it something worthwhile that it didn’t have before and don’t just change things for the sake of it.