The stamp duty holiday is incentivising buyers, and ensuring vendors are focused on connecting with likely buyers. Given the competition in the housing market right now, vendors should be proactive in offering the best possible property to buyers.
There is a lot said about the importance of adding value to your home, and most homeowners appreciate the importance of space. Therefore, adding space is an effective way of adding value to your home, but to have the most significant impact, you need to utilise this new space in the most appropriate manner.
At Hunters West Hampstead, we are pleased to say we have helped many property owners and estate agents capitalise on space when it comes to adding value. We believe it is vital to focus on usable square footage because this offers utility around the home.
Not all space is created equal
There are some homes with corner spaces or even small rooms which add physical space to the property, but which don’t offer the same utility or return on investment. As an example, turning a bedroom into an en-suite bedroom is likely to add more value than creating a bedroom with a home office space.
If the demand for remote working continues to increase, this might change. Still, for now, there is no denying that adding a bathroom facility to a bedroom which doesn’t have one is the smarter option for vendors looking to maximise their return.
It is also essential to try to retain the feel and style of the original home as best as you can. An additional space that jars with the ethos and spirit of the rest of the house is likely to put potential buyers off.
This is an example of how a homeowner can add space to their home, but lessen demand or decrease the price a buyer is willing to pay for the property.
There is a limit on what buyers are willing to pay for a home
It is also vital to consider the ceiling price buyers are willing to pay for a property in an area, or for a house with so many bedrooms. Homeowners cannot continually add space in the hope of increasing the price, because there will be a point of diminishing returns which means you cannot expect to add more value.
This is where it helps to know the local property market, and working with a local property market specialist makes sense. In some areas, there is only a need for up to four-bedroom homes, and adding a fifth or sixth bedroom will not provide you with a higher sales price. There is a need to appeal to the local market, which includes the most likely regional buyers.
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.