26 Feb How To Impress Buyers in a Challenging Market
The housing market has seen a few more ups and downs than usual in recent years in response to a rocky economy. Given the reported fluctuations in property prices across various regions of the UK, homeowners and potential buyers may understandably feel less confident about the current state of the market.
Homeowners thinking about selling up may question the value of investing in home improvements to attract potential buyers. When the housing market is a bit flat, it’s a great time to seek extra help and expertise to market your property to achieve the best asking price. This article looks at how to navigate selling a home and which upgrades are worth making in today’s changeable market.
Assess the Local Market
The property market is a hot topic of conversation but with the economy (and political landscape) experiencing turbulent times, debating when to sell has become more of a talking point than ever. Added to this is that news of changing conditions and falling prices may vary month to month, and will similarly vary significantly between regions, or even neighbouring towns in certain areas.
Whenever you decide to sell, you’ll want to have a great valuation and suitably invite prospective buyers in for viewings (online and in person) to achieve the top end of your asking price. It’s therefore very important to really understand your local market, particularly if you are keen to both sell and move quickly. Review current online listings within your area, how properties are staged and marketed, and if any clear pricing trends are evident.
Gaining an understanding of whether prices are rising or declining compared to a few years ago will help you define the current climate for selling. It will also greatly assist you with deciding on beneficial home upgrades as part of preparing to sell. The projects worth undertaking may be very different whilst the market is hot, compared to slower times. So, be sure to do your homework before investing time and money into improvements.
If you’re concerned about market conditions but still plan to sell, consult an estate agent for market advice and guidance. They can provide area-specific market advice and insights. Some sites also feature ‘area guides’ which can be helpful for understanding the market in London or in other major cities and highly-desirable locations that often operate within niche housing bubbles.
Set Realistic Expectations
Once you have evaluated your local market, you need to assess whether it is still worth making home improvements in a changeable housing market. Set some realistic expectations and weigh up whether investing in improvements will in practice be realised in your valuation and attract more buyer interest. Most importantly, will your efforts and the money you spend be reflected in the sale price you end up achieving.
Home improvements typically yield greater returns for homeowners planning to sell in the longer-term rather than for those looking to sell within a short timeframe, such as two years. Research and ask your estate agent to help you decide what are necessary renovations and strategic improvements that will really pay off.
Due to the higher energy bills and rising cost of living that most homeowners are having to contend with, it is a good time to think about any changes that ultimately improve your home’s energy efficiency. Any measures that might help to lower utility bills, such as installing smart home tech and gadgets which help to keep track and monitor your energy usage, will offer longer term benefits to the new homeowner. Therefore, focus on key projects that will appeal and attract today’s buyers.
Dressing your property can definitely help to impress first-time viewers and boost your property’s curb appeal. This might mean simply adding some hanging baskets to the front of your home, trimming hedges and mowing the lawn. A more extensive paint job can rejuvenate dull decor or boost the appearance of both tired rooms and outdoor spaces, without overspending.
Choose Upgrades and Stick to Your Budget
Not all home upgrades offer immediate returns on investment, but you are wise to focus on projects that increase functionality, energy efficiency and boost kerb appeal. Popular renovations that tend to boost a resale value include:
- kitchen and bathroom enhancements
- installing new and more efficient heating, boiler and radiators
- mending any cracked tiles
- replacing missing roof slates
- repainting dull interior and exterior walls, skirting boards, doors and windows
- using neutral colours and avoiding inoffensive or bold styles and designs
However, home improvement costs can quickly become expensive, so it’s important to set a realistic budget. In turn, only make key property improvements according to your budget that can help to increase the value of your home, and always be prepared with a small contingency to allow for inevitable cost overruns. Focus on critical maintenance issues and repairs first, to get your house in good working order, and consider DIY projects to save money. Obtain contractor quotes to understand true costs, and if necessary look into financing options such as cash-out refinancing or home equity loans.
Time Your Sale Right
When you are selling a property, timing a sale can be important, so plan ahead and make any home improvements well ahead of marketing your home. While most people in the UK consider spring to be the best time to buy or sell a property, this might not always be the case. You may be working within a defined time frame, or have previous experience of dipping in and out of the market, so a little forward planning is key to allow you to complete any necessary improvements prior to selling.
Once you are ready to move forward, time your sale strategically. Your local estate agent is best placed to advise you on when and how to market at the optimum time. For instance, if you live in a seaside town, your property might benefit from being listed as the weather starts to warm up.
If you are currently looking to sell your home, you can request a valuation for your property with no obligation. Some estate agents can value your home without even having to visit your property. They can also assist you through all the selling stages, from initial valuations through to surveys and more.