One of the questions I’m asked most often is: “If I carry out renovation work on my property, will it make a difference when it comes to selling?” In short the answer is of course it will and in many ways, not just financially. It’s often said kitchens and bathrooms sell houses and their contribution shouldn’t be underestimated.
Top of the range facilities in these rooms are expensive and, as the average buyer is normally stretching themselves to the absolute max just to secure the property they don’t often have cash left over to replace dilapidated interiors.
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Consequently if you have a fresh one installed before selling you’re more likely to shift your property and for more cash.
You need to make sure that you don’t go too wild with regard to colour. A hot pink kitchen may be fabulous to you but will certainly not be everyone’s cup of tea. So keep it neutral if you are planning to sell a couple of years down the line.
One word of caution though, if you spend obscene amounts of money on your home do not think that you will certainly recoup it when selling.
The likely outcome If you decide to splash out and spend £50,000 on a kitchen is it will not automatically bump the selling price up by that amount.
What it will do is make your home stand out from the crowd and entice in the viewers.
Some buyers have no vision at all so they are looking for a perfect home that is already decorated. If they are viewing two homes in the same vicinity and yours has been renovated and the other hasn’t the chances are yours will go under offer sooner. Such buyers will usually be willing to pay a decent price too in order to secure a ready made exquisite home.
My advice if you’re considering an update is to go for it, if you want to get your best price. It will give you negotiating power when it comes to securing an offer and should attract more attention.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf
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