Helpful Advice

Ways to Maximise Profit When Selling Your House

Ways to Maximise Profit When Selling Your House

By Peter Barry

A quick online search will bring up dozens of suggestions for ways to make your home more attractive to buyers and maximise your profits. Ideas range from wafting the aroma of freshly baked bread around your kitchen, to spending hundreds on new furniture for better “staging” or making extravagant renovations in your loft or garage.

The best options for your home will of course depend on a number of factors. Are you focused on achieving the maximum value for your home, or would you rather a quick sale? How much money and effort are you willing to invest prior to sale, and how desperately does your home need an update?

At Peter Barry we will always tailor our suggestions to our customers’ individual situations, we have a number of tips that will boost the appeal of almost any home, varying in commitment & expense to complete.

Know your market

It may sound straightforward, but it’s common for vendors to forget that their home will primarily appeal to a particular section of buyers, especially if the property has been on the market for a few weeks. We understand the temptation to try and make your home appeal to every house-hunter, but the needs of an investment purchaser are very different to those searching for a bigger family home or looking to move closer to the office. You can’t satisfy everybody at once!

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, 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

Keep each room light and bright

The fastest way to make each room seem bigger and brighter is to take down curtains, and let natural light into every corner of the room. Many homeowners have been using the same curtains for many years, which can distract with dated patterns and styles. Modern-looking blinds can stay, but make sure they’re raised during viewings.

Make the entrance memorable

First impressions do count, and while we’re not about to suggest you spend hundreds of pounds on renovating such a small area of your home, taking the time to freshen up your front door can make all the difference in the mind of a buyer. Give your door hardware a thorough clean, and make sure your doorbell is working, if you have one. Tidy up any tiles, doormats and pot plants, and give your door and woodwork a fresh lick of paint.