A number of my valuations recently have involved properties where the fixtures and fittings are showing their age, or the property is being sold by the family following the death of a relative. Inevitably, but for the same reason the question of presentation and works to improve the saleability arise. Equally good friends came to Norfolk for the weekend and whilst retirement is a few years off they were concerned about what they should tackle in their own home having pulled the property apart some 15 years ago it could very soon become dated.
Should owners spend money on their property before they sell. This obviously comes down entirely to the condition of the property and when you intend to sell. Certainly, improvements like kitchens and bathrooms will add value and take the hassle away from the buyers who may offer far less than the refit will cost despite the asking price set by the agent reflecting its condition at that time.
Equally, my friends will probably occupy their current home for at least another 10 years and children are at university. In this scenario I would suggest “future proofing” your home is a worthwhile move and in the long run will reduce what could certainly be a more significant loss in value. With this sort of timescale improving kitchens, bathrooms and getting your decoration more on trend is worthwhile. You as owners will appreciate and see some return on the investment made until you sell and the room to negotiate is minimised.
Owners will often state, “I know the kitchen and bathroom are tired, but buyers will want to do their own thing won’t they?” As long as the necessary improvements are reflected in the asking price, buyers may well go along with this point of view. Refitting kitchens and bathrooms can be time consuming and disruptive. Make sure there is still scope to negotiate on your price if you have gone past the point where it is practical and cost efficient to make those improvements. I do come across owners being advised by agents not to spend money on the basis they might choose a style which won’t appeal to buyers. It is all about the degree and value of those improvements.
There is no doubt kitchens and bathrooms sell properties. A good agent should be able to advise you of the cost benefit of these improvements. It comes down to choosing a style of kitchen to appeal to a broad spectrum of the market – bright red doors and black worktops may look great but won’t be everyone’s cup of tea! Keep it fairly neutral and make sure the styling fits in with the age of your property. Bathrooms are perhaps more straight forward. Long gone are the days of Avocado and Alpine Blue! White is the colour of choice and with similar tiling will look smart and fresh. Accessorising can add any necessary colour to give the room a lift.
There are very simple improvements that can be carried out at no or little cost if your budget won’t allow for a complete change. New door handles on kitchen units in a more contemporary styling or painting the units with an egg shell paint can make a real difference to the appearance.
Selling a property following the death of a family member can be a much more difficult scenario just because of the emotional attachment. Once again, we can advise on the best course of action to include advising and organising clearance of the property, and clearing and sorting of the garden to ensure prospective purchasers are able to recognise the full potential of the property.
Selling the property by auction or by private treaty with a guide price rather than a fixed price and kicking off the marketing with an “open house” allows potential buyers to take time at a viewing and sellers the comfort of knowing the best sale price has been achieved on the day.
If you would like more information, please contact our Residential Sales Team on 01603 619916 or email enquiries@watsons-property.co.uk
Article first appeared in EDP Property Supplement (February 2018)
