Fareham Property News April 2018
How best to increase the value of your Fareham home
When it comes to selling your home, a significant amount of your home’s resale value will depend on what's happened to the Fareham market as a whole. Here average sales values have risen by 34.3 per cent over the last ten years. However, there are several tactical decisions you can make to push up the final price.
Creating an extra bedroom, perhaps with a loft conversion, offers one of the best possible returns. Although initial costs are not inconsiderable, the relationship between size and price is fairly linear, so if you can expand the size of your home by 10 per cent, that could create an extra £29,000 of value to the average seller in Fareham.
Bedrooms aside, the square footage of your home is one of the first things buyers look at, so you should create more of it if you can. In Fareham average prices sit at £289,000, so each five per cent size gain could translate into at least the same capital gain proportionally.
Kerb appeal is often overlooked by sellers when they put their house on the market, yet it is one of the most important ways both to add value to your home and to make it stand out to a first-time viewer. Kitchens also come under buyers' microscopes, and sometimes a little investment in them goes a long way indeed.
Buy-to-let landlords will want to make sure their rental property is in the best condition to achieve maximum yields. Furnished properties can often rent faster than those that are unfurnished (but do check with us as it depends on the type and location). It is also a good idea to update the interior and exterior of your property every three years by painting the walls, cleaning the outside space and replacing furniture to stop it looking dated. A fresher looking property will increase its chances of renting more quickly and nullifying potential long void periods.
Weighing up the potential cost of any home refurbishments is essential because it has to be a profitable exercise so it's a good time to seek advice. If you want to find out more about how much value you can add to your home, and what Fareham buyers are looking for, please pop into our office and have a chat with us. We are always happy to help.
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