Profitable Renovation
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With a housing market so hostile that you might want to wear a bullet-proof vest before you enter it, selling your home has become more a tactical challenge than a typical private transaction. But because there are fewer buyers around, many homeowners are biting the bullet and staying put until the market picks up. Others however are preparing for battle, either by pressing on with the sale or by trying to rent out their home in the interim. There are two reasons why you might consider renovating your home; the first being because you are intending to stay in it and the second because you plan to sell it off or rent it out.
Generally speaking, any larger renovations you take on should always be for your benefit first and a buyer’s second, but smaller cosmetic improvements can be implemented just to attract a buyer or help you achieve the best possible price. Because there is a worrying trend toward so called “drive-by viewings”, giving your home immediate positive impact is more important than ever before. If your home doesn’t stun at first sight, then it might not be enough to get potential buyers or tenants through the door. You don’t necessarily need to spend a fortune improving homes that you are about to leave, but you do need to put some effort in.
Every part of your house that can be seen from the road could potentially be exposed to the dangers of drive-by viewership, so think about this when planning what needs to be done. Repairing unsightly cracks and re-pointing damaged brickwork can be a big boost, but be sure that the damage is not merely a sign of something worse (like subsidence) as repairing the surface damage will not solve the problem. Repainting or refinishing weary looking metal and woodwork can help freshen up a home’s whole frontage; especially if you return the front door, window frames, guttering and garage doors to their former matching glossy glory.
Don’t underestimate the value of tidiness. A clear driveway and garden can give the right impression to any passers-by, so make sure tools and kids toys are stored away out of sight (this will also help security, as garden tools left lying around are likely to attract thieves). A spot of spit and polish can also do wonders, so keep windows well cleaned throughout the time when your property is on the market. A bit of work with the jet wash will help to minimise the stains on the driveway and prise the weeds out from patio slabs, giving everything that just laid look.
Try to repair broken fence panels and re-stain any that are looking a little green around the gills. Garden maintenance is always a fine idea, so giving the lawn a good going-over and the flower beds a thorough weeding can cost-effectively create the right impression. Some landscaping might be a good idea, but because most people will want to put their own stamp on the greenery when they move in, you shouldn’t expend too much time and effort on this.
When it comes to the inside, you really shouldn’t pour money into trying to make the house worth more unless you are going to get some use out of the improvements yourself. Interior decoration can be a little hit and miss, as different horses for courses and strokes for folks rules apply. You should generally never make an improvement that will decrease the amount of space or natural light in an area, though if there is space to install en-suites or convert attics into inhabitable spaces you will often do well. Only ever really think about this type of improvement if you are going to get some use out of it yourself first though.
If you are thinking about converting a property for occupation by multiple tenants, like for a student flatshare or house share, then you may need to think about licencing requirements. If the property fits into any licensable criteria then you will have to renovate with these in mind, if you want to keep your flat share accommodation legal. Rooms to rent are subject to different rules, but may benefit from installing an en suite if you want to improve privacy for both your lodger and yourself.
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