A Question of Preference
02 Feb 2018
During the course of the ownership of your home, you will no doubt consider a number of improvements that you hope will add value, or at least recoup the money spent, when you eventually come to sell.
However, it is impossible to predict the tastes and preferences of your future buyer, so how do you know whether a particular improvement is worthwhile?
A good rule of thumb is to recognise that the most likely buyer for your property is probably going to be someone in the same socio-economic demographic group as yourself and other homeowners around you. It therefore follows that changes to your property that could alienate these key buyers should be avoided.
Balance is also important. For example a two-bedroom loft extension on a two-bedroom terraced house might attempt to transform it into a family home, but any uplift in value will not necessarily cover the amount spent on the work unless the ground floor accommodation and garden also suitable for family living. Is there easy parking for parents with small children? Is it within a popular school catchment area?
Likewise, it’s worth remembering that in order to attract the most buyers, you should avoid highly personalised décor. Whilst a blood-red kitchen might appeal to your own sense of fun, the chances are that your buyer does not yet appreciate this! Similarly, is your buyer really going to agree that the Barbie-print carpet in your little girl’s bedroom was really such a good idea for their son?
So when considering improvements, unless your more exciting personal preferences can readily be watered down prior to selling, it’s worthwhile looking at your property through the eyes of the most likely buyer if you are going to secure the highest price the market will pay. Any if you’d like any advice prior to taking making any improvements we’d be happy to help. Please feel free to call us on 0191 5103323.