Your home is your biggest asset – and no matter how amazing it is, there will always be things you can do to increase its selling potential. Here, estate agents from FabricProperty offer their advice on how to add value to your home.
Renovations, improvements and extensions all have their part to play in helping owners to maximise their property’s value, but what exactly are buyers in the luxury sector of the market demanding from today’s homes? And what can you do to achieve a quick sale at maximum value?
Extension extension extension
Even if you are not immediately thinking of moving home, extending your property to its full capacity is something that will be a worthwhile investment according to Trevor Abrahmsohn, managing director of Glentree.
“An extension will normally cost in the region of £200 to £250 per square foot, but when you look at the amount of value it will add to the property, it always pays to extend as far as you can,” says Abrahmsohn.
“By maximising every inch of space available, you get to enjoy living in the property with the comfort of knowing that it will achieve a better selling price. It can almost be treated as a pension but, unlike stocks and shares or other pension plans, you can really enjoy your investment.”
In terms of the best types of extensions, Abrahmsohm believes that glass extensions are always good investments. In conservation areas, orangeries are a popular way of adding light and taking advantage of the garden views.
Convert your basement
Increasing the square footage of a property, especially one that is in a city, will always pay dividends, which is why basement conversions are proving popular in the luxury market.
Philip Green, director of Goldschmidt & Howland, says: “When pricing a property, the actual square footage is extremely important to its end value, which is why anything that can add additional space will always increase the selling potential. As an agency, we are happy to visit potential sellers to discuss with them where and how they can add value.”
In wealthy London areas such as Hampstead, Highgate and St. John’s Wood, basement conversions are extremely popular. The most successful are ones that are used as rooms that don’t need natural light such as media rooms, steam rooms, saunas and underground car parks.
“We often advise our clients that if they are considering selling in the next few years, they should apply for planning permission but without actually starting the work,” explains Green.
“Properties with planning already in place are very sought-after but you need to be prepared because it can take up to a year to get your planning approved. Really successful basement conversions can completely transform a home. By relocating functional rooms such as the utility room and cloakroom to the basement, you can create a spectacular ground floor with a show-stopping kitchen and entertaining space that is not disrupted by the more practical rooms.”
Refurbish to as high a standard as you can afford
Before putting your home on the market, remember it can be the small touches, such as the decor, that can really add value to your property. “A home that is in beautiful condition will achieve a much better sales price because people will buy into the luxury lifestyle package,” says Abrahmsohn.
“Always refurbish to a standard that is at the very top of your price bracket – it will not only increase the chance of getting a better price, but also widen the market it appeals to, which hopefully will conspire to give a better result.”
The enduring popularity of London with exacting overseas buyers means that your fixtures, fittings and furniture need to be top notch. Marc Schneiderman, managing director of Arlington Residential, says: “In the last few years, we have noticed that buyers, especially overseas investors, are looking for turnkey properties – that is, immaculate, fully furnished properties that they can either move straight into themselves or rent out immediately.
“Over the last few years, investors have played an important role in shaping the market. Whereas people previously bought property and relied on capital appreciation to make them profit, they are now choosing to fully refurbish properties to gain maximum profit because the growth rate isn’t there in the same way that it was.”
Schneiderman continues, “We would also advise that they employ a company that specialises in furnishing properties to make sure the homes they are selling are up to the rigorous standards of today’s buyers.
“Buyers’ expectations have also changed over the last few years. Today, media rooms are expected in the luxury homes market and the humble home office has been transformed into one of the best rooms in the house as it’s often used by the entire family at once.”
Get technical
When considering a home improvement project, it is vital to always evaluate the spend against the value, but if money is no object then an ‘intelligent house’ is the key according to Vivienne Harris, managing director and owner of Heathgate.
“An ‘intelligent house’ is a house run by computer with sound systems running in each room on remote control, wireless computers everywhere, TVs that work independently from each other but can be used in each room with independent satellite ability for each one, security, CCTV in and outside the house, excellent security and alarm systems with lighting, air conditioning, under-floor heating, double glazing, and high-quality cabinetry, kitchen units and bathrooms fittings,” says Harris.
“The new technology that most appeals is the hand-held remote that controls the lighting, music, TV etc as well as electric curtains and security.”
For kitchens, the luxury market expects the wine cooler and coffee machine to be built in. It is important to have large fridges and freezers, preferably more than one, a separate washing machine and dryer, large ovens (again, more than one) and deep sink units.
Bathrooms should, in an ideal world, have TVs built into the wall and high-pressure showers in separate cubicles, plus a hand shower for the bath. Steam rooms are always popular. Movement sensor lighting is also good for when you wake in the night and need the bathroom.
“Features that are currently adding value to the top end of the market are wine cellars and panic rooms but all of the above is dependent on the end value of the house,” adds Harris.
Top five tips for adding value at a glance
- Fully furnished, beautifully presented properties are popular with overseas buyers who often purchase the home with all the furniture and accessories included.
- Basement extensions can transform the whole house as well as offering additional rooms.
- Apply for planning permission to extend even if you don’t plan to do the work yourself.
- The luxury market looks towards new technologies to create an intelligent house.
- Extend to full capacity because the additional space will be reflected in the selling price.
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