When it comes to placing a home on the property market, sellers will generally seek to obtain the greatest return on their investment. A significant part of this pursuit is dictated by circumstances beyond any individual’s control, with the local environment and society often influencing the area’s perceived desirability.
However, beyond such influences, there are many things homeowners can do to not only ensure they see a suitable return on their initial investment but also to improve upon it, earning a profit from their home that allows them to look at a greater number of options should they choose to purchase a new property elsewhere.
1. Repair Faults
The most important task a homeowner can undertake before placing their home on the market is to ensure that all faults, damages, and blemishes are repaired to the best possible standard. This is because, when a potential buyer views a property, they will be looking to highlight any issues and will certainly use them as leverage when it comes to assessing the value of a home and the offer they ultimately make.
Key issues to look out for include signs of mould, exposed wiring, and any structural damage. Each of these not only reduces the appeal of a property but also suggests potentially larger issues.
2. Expand Living Space
The amount of living space a property has tends to correspond well with its value and a home with more living space is generally more valuable. As such, homeowners do well to ensure that they have maximised the amount of space a property has before placing it on the market.
Options, such as extensions and log cabins, might be a financial investment but they add a notably greater value to any home that chooses them. It is the same reason why converting empty spaces like unused attics into rooms improves a property’s appeal too, since it gives new owners greater flexibility with their designs and living arrangements.
3. Optimise Energy Costs
A home’s value is considered alongside its running costs. If a property is difficult to heat or maintain, these ongoing and future costs will be factored into its value and, ultimately, bring it down. The most common issues are associated with energy, especially at a time when energy costs are rising considerably.
Heating systems should be assured to perform well and should be checked regularly. Alongside this, windows and insulation should be scrutinised as poor-quality products and materials can hinder appropriate insulation and increase a property’s running costs.
4. First Impressions Matter
While it may seem rather vain, the exterior of a home has considerable influence on a property’s value, even affecting the perceived value of other properties in the same area. It is wise for those placing their home on the market to not only declutter and clean indoors but to do the same outdoors too. Worthwhile tasks include repainting a facade, adding plants to natural spaces, and replacing doors and windows with modern or stylish alternatives.