When selling your home, you’ll naturally want to get the best price for it, and for many people, renovation is an obvious way to add value, but what kind of work is really worth investing in when preparing to put your home on the market?
To explore the kind of updates you can make to your home before selling in order to help you weigh-up which ones could be the most worthwhile, we’ve caught up with Matthew Thompson, Head of Sales at Chestertons, who provides his insights below…
How much value can renovation add to a property?
There are many factors to be taken into account when considering any renovation work to add value. Sellers might want to initially check what similar properties in the immediate neighbourhood sold for and what features they offered to achieve a certain price. It’s also worth carrying out research and finding out what buyers are looking for the most. Generally speaking, some renovations can add value of as much as 10% or more.
What kind of renovation work can see the biggest return of investment?
It’s important to remember that some renovations have a lower return on investment than others. Naturally, structural changes such as adding another bedroom, extensions or installing a new bathroom can boost your home’s value the most.
What structural fixes are important?
Buyers can use any major structural concerns as a reason to negotiate the asking price, so fixing any problems before putting the property on the market will strengthen your position as a seller. Some of the most important repair works are those concerning the roof, flooring as well as leaking pipes.
What cosmetic updates are worth doing?
Compared to structural changes, cosmetic upgrades tend to have the lowest impact on your property value but are still worth considering to attract buyers. A fresh coat of paint can work wonders whilst giving your kitchen a facelift with new cupboards can also make your home appear brighter and more appealing to buyers.
Is it worth investing in restructuring or adding more space?
As in any big city, there’s a limited choice of larger homes in London which makes these properties extremely sought-after among buyers. Many of London’s property owners have added conversions over the years to create more space and boost the value of their home but it’s important to check that a conversion is the right step for your home. To establish the best option for you, we recommend speaking to an independent valuer and researching what buyers in your area are looking for the most.
Are there smaller jobs that should be considered essential?
The more attractive your property, the more buyer enquiries you’re likely to see. Therefore, at Chestertons we do recommend paying attention to smaller repair works such as fixing cracked tiles or damaged skirting boards. The expense for these types of jobs is relatively low but could have a big impact on the property’s overall appeal.
If you’re looking to get your home on the market, you can request an instant online valuation or an agent valuation for your property here.
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