Do Home Buyers Prefer Renovation Or Perfection?
The housing market seems to be tougher than ever with the uncertainty of Brexit looming. Times have changed as to what appears to be valued in a prospective house. Are buyers drawn to the clean cut approach that comes with perfecting an existing home, or do they prefer the swish style that comes with renovating?
When selling a house it’s no secret that a lick of paint can make all the difference but with more and more people pushing the boat out with brand new kitchens, extensions and driveways, should potential sellers look at adding things to increase value or should they be improving existing features in the house?
Whichever route you decide to take, there are advantages and disadvantages to both. Home improvements however big or small can be expensive. It is thought that a kitchen remodelling is the project that adds the most value to your home, but at what cost?
Despite having the biggest impact on house prices, kitchen renovations cost more than the value they add. Research in 2015 found that on average a complete kitchen overhaul with the latest appliances came to an average of £46,700 but only returned £31,500 in house value.
It seems that renovating for a potential buyer isn’t the best way to add value. Instead, it is better to look at aspects of your kitchen that seem outdated or worn and alter those rather than undergoing a complete overhaul. What’s more is that you should consider mid-range appliances rather than high-end ones as the buyer is likely to bring their own with them.
Whilst keeping up with the latest technology and trends may present an initial ‘wow’ factor to the buyer, ultimately minor alterations may be all your house needs. Keeping the colours neutral and the rooms minimalist will help the buyer to imagine themselves living in the house. It is important they feel a sense of attachment meaning drastic renovations may not be what your house needs.
It is rare that anyone moves into a house without any ideas of their own in regard to changing the style. Save your money by avoiding guessing what your potential buyer might like. Colours are inherently personal and loud floor or wall patterns will simply make the buyer want to rip it out immediately. Simple is best for buyers who lack vision for their own designs to come into play.
Ultimately, if you are considering doing work to your home in the hope of pleasing a buyer, it is always best to consult with your estate agent first. They’ll be able to tell you if there are homes in the area lacking a particular feature, like off street parking or multiple ensuites etc. In this case it may be worth investing in home improvement as you could stand out from the crowd and in turn demand a higher price but if the market is saturated then a fresh coat of paint along with some new kitchen appliances could be your short and sweet answer to success.
If you are in the process of buying or selling a property and need the services of a solicitor, Garnett Wilson are expert conveyancing solicitors for property transactions in England and Wales. Get in touch today.