Time To Move On: How To Maximise The Sale Price Of Your Home
One of the most potentially profitable ways of moving up the property ladder is make some improvements to your existing property so that you might be able to make a profit, which will allow you to trade up to something bigger or more expensive.
Boosting the sales value of your existing property is not always an easy road to riches and a guaranteed profit. You need to take a look at what to consider when selling your house, so that you spend money on improvements and renovations that could help maximise its sale price.
Preparing for a sale
You need to try and take a detached view of your property as though you were seeing it for the first time, when evaluating what you may need to do in preparation for a sale.
Kerb appeal is a big factor and many potential buyers might not even walk up the front path and ring the doorbell if they are not immediately taken with the initial view. We all know that first impressions count when we meet someone and the same is true when it comes to house buying.
Take a look at the front of your property and how well presented and maintained it looks. It is easy to disregard a bit of peeling paint or some weeds poking through the gravel when you walk past them every day, but these sort of details are a big turn off to buyers and you will already be up against it if they don’t like what they see when they first set eyes on your home.
Make a note of what needs doing at the front to enhance the kerb appeal of your home and try to prioritise these jobs if they are basic maintenance issues, so that potential buyers approach your front door with a sense of anticipation and not trepidation.
The vast majority of us simply don’t have a big budget to splash out on all sorts of hi-tech kitchen gadgets and fittings and even a coat of paint and some new wallpaper can soon add up to a fair bit of money.
As most of us are working on a limited budget, the important thing to remember is only spend money where you have to and on things that matter. Spending thousands on a fancy new kitchen will eat away into your potential profit and may not be to the taste of a prospective purchaser anyway.
Home selling on a budget definitely starts with the exterior so spend your limited funds on creating a good first impression rather than spending it all on a new bathroom suite, which someone might only glance at as they are walking around the property.
You can often make some very noticeable improvements to boost the kerb appeal of your home for under £500, and this will be money well spent.
If you are not very good in the garden, maybe get a local firm in to give you a price for tidying up the front and planting some beds and feeding the lawn so it looks good. Give the windows a wash and if you have a power washer, give the path or driveway a good clean to make it look as good as new.
Put a new front door mat down if the old one is past its sell-by date and touch up any paintwork that is looking a bit tired.
Remove the clutter
Another simple but effective tip that can certainly make a difference to the sale price, is to remove excessive amounts of clutter and furniture.
It is very hard for a buyer to visualise how they will live in your home when every room is stuffed with furniture and all the walls are covered with photos and pictures. It may be how you like it, but clearing the clutter and putting some stuff in storage while you sell your home, will really help to boost the sale price as buyers perceive there to be more space and have more of a blank canvas to fuel their imagination.
Bathrooms and kitchens
The kitchen is at the heart of every family home so it needs to appeal to buyers and the bathroom should also be considered for a quick makeover but only on a modest budget.
You can quickly give the kitchen a lift by replacing or resurfacing the cabinet doors and if your budget will stretch to it, consider replacing the worktops if they are looking a bit battered.
In the bathroom, a quick re-grouting and maybe a new set of towels and a new shower curtain can transform the look and feel of the smallest room in the house, for very little money.
Even on a limited budget, you can make changes and improvements to your house that will help you to get the best possible sale price.
Edward Francis is a personal finance consultant. He mainly deals with property investors and portfolios. He enjoys sharing his ideas and research through blogging.