If you are selling or letting out your property, it’s important to consider what makes your house stand out. The London property market is extremely competitive, and understandably you are going to want the best possible return on investment.
So how can you increase the overall appeal of your property and maximise its value?
There are a number of solutions that will require significant time, money and effort, such as extensions and conversions, but there are also various simple, smaller tasks that you can do to spruce up your property and increase its value on the market.
Whether you’re a landlord or seller – here are our top tips to help maximise the value of your property.
For sellers…
If you are selling a property, its value is based on viewers seeing the potential for it to be a long-term home. It’s not just a dwelling space, it’s a place to raise a family or start a new chapter. The best ways to maximise the value of your property for sale are to:
1. Increase kerb appeal
Usually, we would tell you not to judge a book by its cover – but when it comes to the property market, that is exactly what almost every potential buyer will do. In fact, 60% of property viewers make their minds up within one minute of seeing the outside.
The outside is just as important as the inside, and if the exterior of your property looks run down, tattered, or generally unappealing, then you’re unlikely to get the viewings you need to sell.
So, what’s the answer?
Take the time to really inspect the outside of your property. Is paint peeling? Has the varnish on the door started to chip? Do the windows need cleaning? What about your porch or driveway - are they tidy and in good condition?
Ensuring the outside your property shines just as much as the inside will do wonders for its value and help to attract viewers and potential buyers off the street. Simply including planters, hanging baskets and real grass areas appeals to 21% of prospective buyers.
2. Redecorate
If you’ve lived in the same house for any extended period, it’s easy to lose track of the small things that need addressing. Whether it’s the torn wallpaper you’ve been meaning to replace, the squeaky doors that need oiling, or the tattered carpet that is in desperate need of replacing – now is your time to get to all those tasks that have always been sitting at the bottom off of your to-do list.
It's also an opportunity to depersonalise your house. Property viewers need to be able to envision your property as their future home, which can be challenging when there are photos of your family everywhere, or very niche décor choices. Try to showcase your home as a blank canvas, while also offering a warm and homely atmosphere.
3. Spruce up your garden space
A lot of properties in London don’t have gardens, or if they do, they can often be rather small. You don’t need a large garden to stand out, but a well-kept outdoor area will certainly increase your property’s value.
If you have a back garden, consider how you can maximise its space. Trim back trees and hedges to open up the area and let in more sunlight. Simply adding a good quality garden room can add between 5% and 15% value to your property.
Even if you don’t have a garden, there are still ways you can spruce up what little outdoor space you do have. If you have a balcony, adorn it with plants, flowers and some deck chairs, where potential buyers can soak up the sunshine. If you have a garden area at the front of your property, consider how you can create a clear pathway to the door, with lots of greenery to increase the kerb appeal of the house.
4. Think smart tech and energy efficiency
In the midst of a cost of living crisis, the demand for energy efficient and ‘smart homes’ has increased substantially, with 9 in 10 property buyers considering energy efficiency ‘important’ in their house search, and Londoners being more likely to seek energy efficient homes than Britons from other parts of the country.
So, what does energy efficiency look like in practice?
Double-glazed windows, sufficient loft insulation and cavity wall insulation are all a good place to start. You can also consider installing more ‘smart’ technology features to your property as a way to stand out against other properties on the market, including systems like Hive which give homeowners mobile control over their heating.
For landlords…
For tenants, the appeal of a property mainly comes down to three things: its location, its features, and its management. By default, South London already ticks a lot of people’s location box. It’s close enough to the city centre without being overwhelming, and it has a nice selection of suburbs to choose from - but what else do you need to consider to meet those other criteria?
1. Offer desirable amenities
There are certain features and amenities that see high demand in the rental property market. Things like in-unit washers and dryers, dedicated parking spaces, smart home tech and dishwashers are all highly sought after features for tenants and can increase the value of your property substantially as a result.
2. Add to existing rooms
Everyone knows that a property with three bedrooms will be significantly higher value than a property with only two – but we’re not saying you need to get planning permission for an extension. While that is definitely a possibility, there are much quicker, cheaper and easier alternatives to increasing the number of bedrooms of your property.
Whether you choose to do a loft conversion or swap out an office/home study, if there is a way to increase the number of bedrooms on offer, you could add significant value to your rental property.
3. Increase storage space
As a landlord, your aim is to create a space that tenants can view as their own home, not just another short-term rental property. To do that, they will need ample storage space so they don’t have to store their belongings elsewhere or live in a cluttered environment.
You can increase the amount of storage space available to tenants by clearing out a shed, ensuring there are plenty of cupboards, shelves and wardrobes, or even allowing them access to the loft so they have somewhere to store all their belongings.
4. Efficient property management
Unlike selling a house, when letting it out your viewers will not just be judging the property, but you as well. As a landlord, you will be responsible for the maintenance and management of the property, and no tenant wants a difficult, unresponsive or inefficient landlord. An effective, friendly, and responsive landlord adds to the perceived value of the property substantially and will be far more likely to attract the right tenants.
So how can you meet expectations? Respond promptly to maintenance concerns and requests, carry out regular property inspections to ensure everything is in working order, have clear communication with tenants, and ensure you have all the necessary certifications and documentation for a safe, secure and enjoyable living experience.
If you’re ever unsure, ask the experts…
Whether you’re a landlord or seller, we know how competitive the London property market can be, and how important it is that you get the right deal for your property. If you’re ever unsure about how to maximise your property’s value, market it correctly, or increase return on investment, our team at Urban Village can help.
From redecoration and renovation tips and getting your property market-ready, to securing viewings and finding your ideal buyers or tenants at the best possible price – we’re here every step of the way.
Get in touch if you’d like to find out more: info@urbanvillagehomes.com