If you’re looking to sell your property, then there are steps you can take to maximise the value and get the best deal on the asking price.
The latest Halifax house price index showed property prices have fallen by almost £1,000 in the last three months, yet according to rightmove the sector remains resilient as asking prices show a rise.
Whether you’re looking to sell to buy another house or maybe you’re looking to exit the buy-to-let market, you will want to make sure you’re getting the best price for the property you’re putting on the market.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
And while adding value to your property through things like extensions, refits and conversions may be the most obvious way to maximise the value, there are also other things that are small and quick yet can boost the value.
A good impression can also make the sales process speedier. More than 50% of homes fail to sell within 10 months, according to home sellers' advice website TheAdvisory, so addressing any potential areas of concern is worthwhile.
Here’s how to get the most cash for your property.
Improve energy efficiency - boost the value by 16%
Making your home energy efficient can really make your house sellable and worth every pound - but keep in mind, these are usually long term projects rather than a quick win to bump up the asking price.
Installing energy-efficient windows, insulation, solar panels, a smart thermostat, or even a tankless water heater can all make your home more energy-efficient and eco-friendlier, making it more attractive to prospective buyers.
Homeowners who up the energy efficiency of their homes before selling can sell for up to 16% more, according to Rightmove, possibly adding as much as £40,000 to an average UK home.
And according to property firm Knight Frank, 20% of buyers would pay more for an energy-efficient home.
But, these can be costly, so weigh up the costs and consider when you plan to sell.
Kerb apparel - add 10% to the value
We all know first impressions count when we meet people, and it’s no different when it comes to prospective buyers seeing your home. So, it's important to consider what a potential buyer will see even before they step inside.
Improving your home’s kerb appeal can increase its value by as much as 10%, according to a study by the Royal Institution of Chartered Surveyors (RICS). This can include a few simple DIY jobs such as adding a fresh coat of paint to the outside, planting some flowers or fresh grass seeds to revitalise a front or back garden.
Other changes that can boost your property’s kerb appeal include replacing or cleaning the outdoor lighting and maybe even updating your front door, especially if it has a rusting house name or number.
Add an extension - boost the value by up to £58,000
If you have the space, an extension can significantly increase your home's value. Each square metre of property space in the UK is worth approximately £2,907 on average, according to the Office for National Statistics. So, even a small extension can add considerable value.
The average price for a 20-metre squared extension is £44,000, according to Checkatrade, but it could increase the value of your home by £58,000.
Of course, this is not a quick or easy project and you may need planning permission, but if you have plans to sell up over the coming years, it could be worthwhile.
Create an extra bedroom - boost the value by 20%
Adding an extra bedroom to your home doesn’t need to involve putting up extra walls, rather, turning your spare room or home office back into a bedroom.
This is especially true if your spare room has become the dumping ground for items ready to go into the loft, charity shop, be sold or maybe even the junkyard.
L&C Mortgages found adding an extra bedroom can increase the value of a property by 20%.
Another option is to turn the loft or garage into another bedroom.
Stay on top of maintenance
Many buyers may feel put off by the prospect of having to address numerous DIY and maintenance jobs around their potential new house, and may ask you to drop the asking price.
According to L&C Mortgages, cleaning your gutters, checking for leaks and ensuring your home is well maintained, free of structural issues or pests is important.
Broken parts, such as loose door handles, are other small fixes that can improve the sellability of your home.
Turn the garden into a green paradise - add 15%
While the home itself is always going to be the main focus for any buyer, having a garden can be a dealmaker (or a deal breaker) for many buyers.
Since the pandemic, many homebuyers are looking for outside space, so having an appealing one will help.
A well-presented space could add up to 15% in value, according to estate agents Martin & Co.
But if your garden looks like a jungle, it could put some buyers off from making an attractive offer. It is worth taking some time to make the garden look clear, and if you have the time and money, consider making a few upgrades.
A major garden revamp could be costly, a few ready-bought hanging baskets or a bit of lawn patch repair could be what's needed to sell for your asking price.
Declutter
Declutter to give a good sense of space - clear out the clutter and store it away out of sight. Some sellers are now even investing in temporary storage for things they do not need on a day to day basis.
