When the time comes for you to move, one of your primary concerns will be whether or not you’ll get the asking price, or even the best price, for your existing home. In fact, this may have been on your mind when you bought the property, considering whether it would retain its value when the time came for you to sell.
Of course, there are external factors to keep in mind, such as average house prices both locally and country-wide, any renovation work that has been completed, and even what has happened recently in the area, for example gentrification or a number of property repossessions.
Whilst aspects including location or proximity to good schools are significant reasons why people feel their property will retain or increase its value, many buyers still rely on the increase in house prices generally and getting the best price possible for their property to make sure they see a return on their investment.
According to figures from the Office for National Statistics House Price Index Bulletin, whilst the North East still has the lowest property prices in any region of England, prices are on the increase. The average price of property in the North East in June 2019 was £130,342, showing a 1.8 per cent annual increase.
However, it is not enough to rely on the rising tides of the property market to ensure you get a good return on investment, the property must be correctly maintained and be in a good condition for sale. With multiple properties on the market, both new-builds and older homes, a property that has fallen into even the mildest state of disrepair could end up garnering offers far lower than the asking price.
Sellers should take some time to give the house a little TLC before it goes on the market. This includes ensuring any problems, such as damp, loose roof tiles, or wear and tear, are dealt with. It is a lot easier to get closer to the asking price if the buyer doesn’t foresee any major repairs in the near future.
John Coleman, Agency Director at GSC Grays, says: “If you’re looking to make a profit from your property protecting the value through regular and essential maintenance is a must. This will leave buyers clear to see how they could add value in their own time and way.”
“One of the biggest areas of concern for a buyer is the energy efficiency of a property. More efficient homes achieve higher valuations - this covers heating systems, windows and insulation so it is important to ensure these fixings and systems are up to date and performing efficiently. Keeping everything working, even down to drains clear and working to avoid water ingress, instantly creates a more appealing property for a potential buyer.
“Often there is no need to go to extremes like replacing the kitchen or adding a conservatory unless these form part of a wider plan. Keep in mind that some buyers are looking for a DIY project and ways to make their own mark on a potential property.”
Although there has been some financial uncertainty recently, this does not mean that all properties are going for a song. House prices are still steadily rising, and with correct maintenance you could find that a desirable asking price is within reach.
Please note: This article is intended as guidance only. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.