How To Protect The Value Of Your Home
A decade ago, adding value to most properties was simplicity in itself, you simply bought a house and waited. This was during an unsustainable housing market boom that ended in an epic slump and it isn’t one we should be hoping for again anytime soon.
Protecting your home’s equity now takes more active involvement but home improvements needn’t be a complex, tortuous business if you follow a few simple rules.
After house hunters have considered their budget, they may choose the property that speaks to them on an emotional level.
People may buy based on how they feel, far more than they buy based on rational, logical thinking.
With this in mind, there can be a tangible economic value in creating an attractive, sellable ambience in your home without spending a fortune.
Before house buyers see the interior of your home, they will see the garden, walk up the path and look at the windows and the front door.
All of these have the potential to kill a sale if they are in a poor state of upkeep, so it makes sense to start with some essential garden upkeep.
It might be a good idea to look at the exterior of your own home from the stand point of a potential buyer and think about what they might find appealing and what might be a potential turn off.
Some home owners believe that spending thousands on new bathrooms, conservatories, extensions and kitchens are the only way to add serious value to a home.
However, big spending home improvement projects eat into any profits you might make from a sale, so it is always a good idea to find cheaper, more effective ways of creating a fresh, bright, appealing atmosphere.
Firstly, de-clutter. You are in the business of creating a blank(ish) canvas that potential buyers can project their own personality on to. It’s hard to imagine living in a place that is full of someone else’s odds and ends.
Secondly a new coat of paint in neutral colours (don’t make any ‘loud’ statements when you are trying to sell) and some minimalist soft furnishings will make an enormous difference.
What have you put off for months? How many leaky taps, dead light bulbs and half finished painting jobs are there around your home?
It goes without saying that you need to get these fixed if you don’t want buyers to assume you’re selling a cheap fixer-upper (they’ll still buy, but at fixer-upper prices).
The home you have lived in for years is your most valuable asset so it makes sense to maximise its value when you come to sell it. One piece of torn linoleum in the bathroom or a blocked gutter could cost you dearly.
It might be that DIY is not your strong suit, in which case, there is no shame in hiring an expert to help you with a few jobs.