With the stamp duty holiday set to end on 31st March, many homebuyers are rushing to take advantage of the tax break while sellers are making use of the increased demand to get higher prices. The scheme is eligible for first time buyers and those replacing their existing home to buy a property valued up to £500,000 without the need to pay stamp.
In the run up to the deadline property owners looking to extract the highest price have been deploying a range of tactics to make their homes as appealing as possible.
According to property buying agents ‘Spring’, the quality of the kitchen plays an important part in the valuation process when considering a property for purchase. 65% of homeowners renovate their kitchens before selling the house according to industry sources. The cost of a full kitchen makeover can easily stretch into tens of thousands of pounds, but for a small budget, a touch of paint and replacing broken fixtures and fittings can make a big difference too.
First impressions are important. Ensuring the outside of your home is welcoming as possible can often be the difference between a buyer passing over your property entirely or taking a closer look. Many successful sellers have noted that cleaning up the approach to the property as high on the list of areas to improve. Addressing factors such as rubbish or fallen foliage in the walkway, fixing broken paving tiles and touching up aging and cracked paint can help with the sales factor.
Going further with the exterior theme – a well-designed garden is another common factor that home sellers look to exploit. Trimming borders, overgrown bushes and clearing pathways can all help showcase what is often a major selling point. Even in the instance where an outdoor space is not landscaped, removing clutter can help provide a prospective buyer with a better understanding of its potential.
Smart homes are becoming more commonplace and a home that is already integrated with a hive heating system can be a relatively affordable upgrade that can increase a property’s desirability.
Minimising surface items in your rooms can increase the sense of a space, and can make a smaller property appear roomier. The optics of space are known to place a big part in informing a buyer’s decision making. Other methods of making a property feel bigger are to use light pale colours on walls, allow in as much natural light as possible and to considering the careful placement of mirrors.
Much like the kitchen a well-presented bathroom can offer significant appeal. Renovating the bathroom is among the best ways to add value to your home. Eliminating unsightly mould, steam cracked paint or peeling sealant are quick wins for home sellers.
As the stamp duty deadline approaches and the time frame shrinks, bigger renovations may become more difficult to achieve, but simple quick wins like decluttering, cleaning and touching up paintwork will help you achieve the best price possible.