Well, there is an incredibly short answer to this, an incredibly long answer and a sensible middle-ground that we will be looking at today. Home renovation is always a tricky subject.
The incredibly short answer is “Yes!”
The incredibly long answer involves looking at all the possible expenditures and concluding through statistical analysis what percentage of the expenditure you would add to the value of the home, and therefore retain. We don’t have time for this.
The rather more relevant answer fits into a few small categories and will make sense to you as a seller when you’ve read through this. The first one we will look at is large works.
Home Renovation: Large Works
Major works are usually the ones that cause the most deliberation in terms of whether to spend or not. You may be thinking “why am I going to spend thousands on putting in new windows only to move and someone else feel the benefit?” Well, in terms of this level of expenditure you could potentially feel the benefit just as much as the person who bought the property from you.
Let us assume, in this example, that the windows needed replacing. Let’s say that they are rotten or blown or completely out of character for the rest of the house. Not only would the potential buyer want the cost of replacing the windows off the price of your home, they would want some recompense for the capital outlay, their inconvenience and time. So you may lose out by more than the cost of the windows. Plus buyers will always over-exaggerate the potential cost of any improvement. This is both as a bargaining tool and to be overly-cautious with their money.
The works that fall into this category are-
- Central heating for a property without any central heating at all
- Double-glazed windows for a property that isn’t double-glazed at all, or has really old or damaged double glazing
- A fitted kitchen for a property that doesn’t have one that is less than 10 years old (unless it was very expensive, very well looked after or in a character property, such as a farmhouse or cottage)
- White fitted bathroom suite in a property with a coloured bathroom suite
- Shower or over-bath shower in a property without one
Home Renovation: Does It Work For Me?
It’s about looking at the bigger picture. Having to spend £15,000 to save a £25,000 drop in your asking price is probably a price that most are willing to pay. But it’s one of the intangibles of selling a property. You don’t know what would have happened if you hadn’t acted. Your estate agent should be able to provide you with comparison of similar houses. And show you the prices they achieved if, for example, one had double glazing and the other did not.
I hope that you get something out of my blog. If you are looking to sell your home and think that you could benefit from some more ideas like this then take a look at my Amazon Kindle book. It is full of great tips and available now.