How to add value to your home
Thursday, 8 September 2011 10:17 AM
Andrew Ellinas, director of estate agent Sandfords, explains how to ensure your home achieves the highest-possible selling price through adding value to it.
Thinking of putting your home on the market? Before you do, make sure that you are able to achieve its maximum sale price by considering renovations, improvements and extensions. After all, your home is your greatest asset and it may only take a few tweaks here and there to add even more value.
Adding space through an extension
An extension will normally cost in the region of £200 to £250 per sq foot but when you look at the amount of value it will add to the property, it always pays to extend as far as you can. By maximising every inch of space available, you get to enjoy living in the property with the comfort of knowing that it will achieve a better selling price.
Top tip: glass extensions are always good investments. In conservation areas orangeries are popular because they add light and maximise the garden views.
Luxury bathrooms and kitchens
For kitchens, the luxury market expects the wine cooler and the cappuccino/espresso machine built in. It is important to have large fridges and freezers, a separate washing machine and dryer, large ovens and deep sink units.
In an ideal world, bathrooms should have TVs built into the wall and high-pressure showers in separate cubicles, plus a hand shower for the bath.
Top tip: the top end of the market will be looking for double appliances in the kitchen when it comes to dishwashers, ovens and fridge/freezers.
Embrace new technologies
The key is always to evaluate the spend against the value, but if money is no object then an intelligent house is the key. This is a house run by computer with sound systems running in each room on remote control.
New technologies include wireless computers everywhere, TVs that work independently from each other but can be used in each room with independent satellite ability for each one, security, CCTV in and outside the house and excellent security and alarm systems.
Top tip: the most appealing form of new technology is the hand-held remote that runs the lighting, music, TV etc as well as electric curtains and security.
Basements go big
If you are looking to make major changes and take on a large project, basement conversions are proving very popular. In recent years they have sprung up all over London and the most successful are ones that are utilised as rooms that don’t need natural light such as media rooms, steam rooms, saunas or underground car parks.
Top tip: when pricing a property, the actual square footage is extremely important to its end value, which is why anything that can add additional space will always increase the selling potential.
Statement rooms
Overseas buyers are always interested in purchasing property in the capital and the safe investment spots of Regent’s Park and Marylebone are continuing to prove popular with this market.
These buyers are looking for homes with good-quality fixtures, fittings and furniture. In some cases, overseas buyers are requesting that the property comes with all the furniture in place.
Top tip: today, overseas buyers expect luxury homes to have media rooms. As such, the humble home office has been transformed into one of the best rooms in the house and it can be used by the entire family at once.
Safety first
Buyers will want to see that there are good security features in place, especially in high-end properties where they are likely to be leaving the house empty for parts of the year while they live in holiday homes.
However, look around and spend time finding the most suitable and attractive varieties on offer because you don’t want security to distract from the appearance of the home.
Top tip: remember to keep all invoices, receipts and manuals for the security measures installed to show to prospective purchasers.
The finishing touches
Before putting your home on the market, remember it can be superficial touches that can really add value to your property. A home that is in beautiful condition will achieve a much better sales price because people will buy into the luxury lifestyle package.
Top tip: always refurbish to a standard that is at the very top of your price bracket – it will not only increase the chance of getting a better price, but also widen the market it appeals to.
For more top tips and to make an appointment for a Sandfords agent to advise you on your home move, visit Sandfords.com.
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