Maximising the value of your home
Published: 06/05/2020 By Formed architects
Advice from Formed Architects
If you are currently trying to sell your home or let your property, you may be a bit apprehensive given the way the world has changed in light of Covid 19. You may question: ‘Will I still get the same value for my property?’ ‘Will the cost of my property be impacted after the virus?’ or ‘How can I possibly think about selling my property now?’ At Formed Architects, we believe that this is an opportunity to maximise the value of your home ready for the sales market when we do emerge out of the Covid 19 lockdown, putting yourself in a stronger market position.
There are many aspects to consider that may help to speed up the sale of your property, many of these with potentially very little investment on your part so that you can be in a position to make your property more attractive to potential buyers, including homeowners and those that may be looking at investment opportunities.
Here are a few things that you may want to explore:
- Are there small cosmetic changes that may impact the value of the property?
Going beyond dressing the property, enhancing the kitchen, or moving to wall to give you an extra bedroom or potentially an en-suite may be an option for you. Small changes can make a difference for a potential buyer. Changes they would then not have to make themselves, especially when you consider those that were looking to buy this year may have had their timelines shifted in terms of when they had hoped to move in; whether it be September ready for the new school term or another key date that they may have been working towards.
- Could your property benefit from an extension on ground or upper levels?
You do not necessarily have to undertake the works yourself, but it is worth looking at what possible changes could be made. Getting planning permission in place shows the vendor what the possibilities are and saves time for them going forward to execute upon purchase. The cost of this should be outweighed by the increased attractivity to the market, enabling a faster sale. An unconverted loft space, with formal permission in place for conversion, allows for the extra bedroom that a buyer might be looking for when buying your property.
- If you have a larger home and are selling to downsize or upgrade but are worried about the impact of the market on the value of your home, you could consider getting permission to convert the house into flats. This would de-risk the property for potential investors and small developers looking for opportunities, widening the net of potential buyers whilst maximising the sale value. Planning departments are still working so it is possible to get relevant the paperwork in place in the interim.
- If you are not looking to sell, but the current climate has impacted your income stream, you should look at your property when considering the options available to you. You can explore the possibilities of getting more from your existing home. If you have a larger garden or space on the side of your property, or even access from the rear, there may be scope to consider selling the plot with planning permission. Alternatively, you can seek permission and carry out the build to generate a passive income from the end of the garden. Understanding the constraints and what is possible in this instance is key if this is a strategy you want to explore. An early conversation is a useful way to see what options are available.
We are here to discuss opportunities and able to facilitate discussions remotely so you can fully understand your options.
Contact Formed Architects today!
Architect BA Hons. Dip Arch. RIBA
020 3601 3480