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5 Ways to Maximise Property Profit

Thursday, 13th February 2014

Categories: Property Prices Sales Selling Tips

Author: Kris White

Market it now

Everyone knows the traditional time to put a house on the market is spring. The sun is beginning to shine, those annoying little renovation jobs have been done and buyers are coming out of viewing hibernation, blinking their eyes and waving their wallets. However, with house price rises showing no signs of slowing up, and a shortage of properties on the market, why wait for spring? If your house is viewer-ready, get it listed now.

Spend to accumulate

Although it’s not always the case, if you spend money on good-quality renovations, you should recoup more when it comes time to sell. A new kitchen or extension should add value to your property, if you carry out works that are in proportion to both the property and the location. For example, a kitchen extension will add valuable living space and will appeal to the family market, but the percentage increase will vary dramatically if your property is in Peckham or Pimlico – so spend accordingly.

Move up instead of out

A loft conversion should generally give you an extra bedroom and an en suite bathroom, which will take your property into the next size band. This should add a lot more in value to your house than you actually spend doing the work. Extensions, however, can cost a lot more, so you need to make sure you’re getting substantial extra living space in order to recoup the benefits.

Keep track of spending

Anyone who’s ever watched a property renovation programme will know that most projects end up going over budget. If you’re doing up a property for profit you need to keep a close eye on your finances. Do you really need to install a designer kitchen or polished concrete flooring? Only spend on areas that will add value to the house and watch your spreadsheet like a hawk.

Appeal to the masses

It’s an age-old dilemma – you have a penchant for salmon pink but most people would choose a more neutral colour scheme. When you’re renovating a house to sell on, keep your more quirky personal preferences to yourself. That doesn’t mean the property should be devoid of any personality; just make sure it’s in small doses and likely to appeal to any potential buyer