The Brexit affected home prices slowdown continues, it seems, and is likely to do so through the Summer. A good few of those keen to move are, according to our team at Mint, still stalling plans to move for the time being until the overall home prices situation clarifies, the housing outlook grows more confident and prices show more positive signs of easing ahead.
Householders in this position could take the opportunity to engage a little considered, relatively modest renovation to their home in order to get some modest extra value in hand, ready for when the Brexit clouds have moved away and moving home becomes more feasible.
It is true, for sure, that a little targeted, well-planned renovation to your home, before putting it on the market, can not only help you sell it faster, but, also potentially allow you to add thousands of pounds to its value. We at Mint have been approached with various requests for home renovation projects of late and a number of them are measures to improve the property for a sale not so long in the future when Brexit sorts itself out at last, (if indeed it ever does!).
When it comes to strategic renovation and maximum value added, the best single room to renovate is the kitchen, which can add £10,000 or more of value to many homes. Renovating the bathroom on a property can also add £5-7,000 and, of course, a well presented extension can add double that in terms of perceived value research suggests.
Other profitable changes homeowners can make to add impressive value to property, such as re-decorating rooms, offering increased value of perhaps £7-8,000 and renovation of original features, which could net £5-7,000 or more per improvement ‘project’. There could well be £5-6,000 price additions too with some attentive revamping of modern finishes and features within the property. A facelift for the exterior could add quite a value boost too.
It is not a question of what gets spent on these renovations in reality, but more about their perceived value to a potential buyer in the future. Of course, when all additional values achieved, via these cost effective renovations are added together, they will surely impressively boost the overall bottom line ‘price’ that can be reasonably asked for the property.
Mint is, of course, pleased to help guide and contribute to all and every type and size of home refurbishments you might be planning. We can offer best prices and advice to help you get tip-top additional value when you eventually do go ahead and sell your current home post Brexit.
To end on, our Editor spotted some relating online advice of a while ago from Insurance experts Direct Line. They indicate that ‘fixer uppers’ – homes requiring major structural work – can often be purchased for £40,000 (17%) less than the market average. Houses requiring only minor structural fixes can be purchased for a good few thousand less too. Also, a property ready for renovating can provide a more affordable way for first-time buyers to get on the housing ladder – very much an essential challenge these days.
Estate agents in a Direct Line survey highlight there is still money to be made in ‘flipping’ properties, with 62% believing buyers can capitalise on price reductions, if renovations are required and make a profit even if a house requires structural work. However, there are considerations depending on the location of the target property.
Refurbishment, improvement and extension – Mint offers a full development and finishing service to add value to your home and we’ll help with any questions or concerns you have. We also have expert contacts to help.
Whatever your need, please request your quotation to improve, refurbish or extend your home . Contact Mint Builders on 01242 279739 or email firstname.lastname@example.org