Before buying a home, you may consider its saleability; after all, it may not be your forever home. You may be interested in getting a bargain by buying a property that you can add a lot of value to. This can be a good way of securing your financial future while creating a home you love and speeding up your ascent of the property ladder. Perhaps you are a seasoned property expert who loves nothing more than buying, improving, and selling for a healthy profit. Whatever your motives, here are some things to consider when you are looking for a home with a good resale value.

Can you improve kerb appeal?
The kerb appeal of your home is not everything, but it’s important. If the facade of your home did a good job attracting you to it, then chances are it will do the same for other buyers. However, there’s always room for improvement. Do the windows need replacing? Is the guttering in good condition? Then there is the garden, large, small, or nonexistent—a little effort makes a big difference. The power of a good clean, a better front door, or the addition of some fresh gravel to make the face of your home pop is profound.

How much potential has the garden got?
The simplest of properties often have bags of potential, especially in the garden. Research conducted by Zoopla revealed that 50% of Brits believe a well-designed garden is as important as a well-designed bathroom or kitchen*. There are no end of options for you to consider. From outdoor living spaces, free-standing structures, and purposefully designed areas defined by walls, raised flower beds, paving or gravel. Sometimes it’s just a case of making the best of what is already there with good maintenance and adding a few details, such as better lighting, some new plants, or furniture.

Is there scope to make the home more energy-efficient?
Having a greener vision for your potential home will make it more appealing to buyers in the future and reduce its running costs. How far you go will be largely dictated by your budget. Solar panels may pay for themselves in the long run, but if they are out of reach financially, there are lots of little things you can do. What is the EPC rating of the home you are viewing? The average in the UK sits at D**. It will not be hard to improve this with LED lighting, better insulation, triple-glazed windows, a better heating system, or by installing energy-efficient appliances.

Is the home’s interior in need of updating?
Kitchens and bathrooms make a big impact on the value of a home. So, if they need replacing, as long as you don’t overspend, improvements will increase saleability and your potential asking price. Many homes have already had a lot of improvements carried out. This makes your potential purchase an effortless one, and you know homes such as these will be sought after in the future. Conversely, you may relish finding a property that requires modernisation throughout. This will give you the opportunity to put your own mark on every room and redefine the property’s floor plan by removing walls.

Consider the location of the property
A good location is great, but an up-and-coming area can be even better. Sometimes it’s a financial challenge to find a home in the postcode you want. And if you do, the home you purchase will be in high demand now and in the future. However, if you buy in an up-and-coming area, the resale value and demand for your home will increase, while often costing a little less to purchase. Catchment areas, quiet neighbourhoods, and homes located near good transport links and social amenities all play a role in increasing demand for your home and increasing its resale value.

Get to know the market
Taking a peek at what other homes are selling for in the area and paying attention to the condition of these properties will shed light on any potential gains. Pick the brains of estate agents. Be honest and straightforward in your approach. Good communication with regular updates about potential properties and insights into increasingly improving locations will help you get a better understanding of the market. So, it’s always a good idea to get on the email list of a good agent, book plenty of viewings, and simply spend time discussing your requirements.

*Zoopla
**Office for National Statistics 2021

 

Are you wanting another bathroom or a larger garden? Have you got empty space you’re wanting to escape from? When choosing your next dream home, you can be faced with all sorts of questions, and we want to ensure you are taking a step in the right direction. Both upsizing and downsizing have their own unique set of advantages, and these options cater to different needs and lifestyles.

Everyone will experience upsizing and downsizing throughout their lifetime in the property market, so, let’s discover what’s right for your next property move.

 

Benefits of upsizing

Is Upsizing the Right Move?

Upsizing is one of the most attractive parts of moving houses, as you really feel like you’re finally moving up the property ladder. There are clear advantages when it comes to upsizing, but is it right for you?

 

Additional space

One of the main reasons to upsize your property is for the additional space it includes. There could be a variety of reasons why you need or want this space. This could be led by becoming recently married, wishing to create a family, or desiring a new space for working or certain hobbies. This would create a comfortable living environment for you and your family.

Social life

Having a larger amount of space allows you to host and entertain events, creating an exciting and fulfilling environment around you. This could enhance your social life and mental wellbeing all while creating long-lasting memories within the walls of your new home.

Future investment

Upsizing is an investment, but it is a more financially challenging one. Larger houses get higher in value as time goes on, allowing you to make money over a long period of time. It is very important to ensure you are financially stable before upsizing, as it takes a lot of upkeep and attention to maintain the value of the larger property.

Benefits of downsizing

Simpler lifestyle

The key to downsizing your house is to simplify your way of life. Having a smaller home allows you to focus more on your life outside of your home. Maybe you now have empty space within your home, as all your family have flown the nest and you’re not a homebird anymore, which encouraged you to downsize.

 

Finacial security

69% of homeowners who have downsized in the past said their primary reason was to save money.* Downsizing gives you more financial freedom, as your monthly payments will be reduced. This will also lead to a reduction in the maintenance of a property and its general upkeep, freeing up your time.

Location change

Downsizing could also give you the advantage of moving to a different location for a property, as prices differentiate in different areas, meaning you might have to reduce the size of your property to move to a new location. People assume downsizing is a backwards step when moving along the property ladder, but occasionally it can suit your lifestyle better and should be accepted.

Which one is right for you?

Whether you’re leaning towards upsizing because of the comfort and luxury of moving up the property ladder or you want the simplified life of downsizing, it's key to align the reasons with your lifestyle and determine which one would suit you. Your choice of where to move next should be a personal choice and preference for whatever suits your lifestyle and future.

Whichever home you choose, whether you upsize or downsize, ensure you choose correctly by comparing the advantages of each.

 

 

 

Looking for a home that fits? Contact us today

HomeOwnersAlliance*

 

Conducting viewings is no easy task, and this is partially because buyers often arrive with a long list of questions and queries. It’s always best to leave this part of the selling process to the experts, but if you’re curious about what your agent will be asked during viewings, here are some of the most common tricky questions:

How old is the roof?
A prudent buyer may ask how old the roof is. Replacing a roof is an expense that most prospective buyers will want to avoid for at least a few years. Depending on the materials, the typical lifespan of a roof is 15-20 years, so it’s important to be aware of how long it’s been standing before selling.

How much storage space is there?
Your home’s storage solutions could be a hot topic for buyers, especially if your demographic consists of first-time buyers or young families leaving behind the confines of rented accommodation. Having your home professionally staged to showcase its space-saving features is a great way to prepare your home for this question.

How long has the house been on the market for?
Prospective buyers may ask your agent how long your home has been on the market, but this shouldn’t be viewed as an attempt to catch you out. Finding out how long the home has been listed for sale might help the buyer gauge whether they need to act urgently. If the listing is new, this might encourage them to place their offer right away before another buyer comes in.

What’s the area like? 
Committing to a home also means committing to new surroundings and a different community. Having an agent who is well-versed in the dynamics, conveniences and amenities of the local area is paramount in attracting the right buyer.

Is the property freehold or leasehold?
The property’s tenure largely dictates its future resale value, so this is an important question for buyers to ask. If your property is freehold, your agent will be able to utilise this as a key selling point. If there is a shorter lease attached to the home, you may consider extending it to attract a buyer and a higher sales price. However, if you don’t plan on extending your short lease, your agent will know which demographic to market to, such as buy-to-let investors.

What is included in the sale?
Certain fixtures and fittings may attract buyers to your home, so it’s important to clearly outline everything that is included in the sale price so that there is no room for confusion. Buyers may also be willing to offer a higher price to have certain fittings included in the sale, which leaves you in a strong position to negotiate.

Have any major renovations been made?
Finding out if any major reconstruction work has taken place allows the buyer to fully understand the property’s condition and value. As a seller, you will need to provide legal documents relating to any major work completed on the home, so it’s important to be prepared for this question from the offset.

Do you have planning permission?
Planning permission is a highly attractive feature for many buyers and applying for planning permission to add an extension or an extensive remodel only costs around £170 depending on your location. This is a small price to pay when you can add thousands to the value of your home if your application is granted.

What is the energy rating of the property?
The energy rating of a property is crucial to assessing the potential long-term costs of maintaining a comfortable living environment. When preparing your home for a sale, your agent will advise you on any areas of improvement which might help bump up your EPC rating.

Getting an agent on your side
House viewings are tricky business, but an expert agent who has experience in selling homes like yours will have all the right answers to difficult questions from buyers.

 

Contact us today if you want our expert team to sell your home at the right price

 

Understanding how the property market is evolving is crucial to making informed property decisions, especially if you’re considering a move. Let’s take a look at how the market has been shaping up so far this year, why it is a good time to move, and how you can make the most of today’s market.

 

Property prices are stabilising

According to Zoopla’s house price index, property prices did not change between the end of 2023 and early 2024. This could be indicative of the country’s economy stabilising, with the government freezing interest rates at 5.25% over this period. As a stabilising market increases the number of affordable properties available, it becomes easier for buyers to find a reasonably priced home within their budget. It also creates a less frantic market, which paves the way for a smoother buying process, allowing buyers to secure their desired property with less pressure from competing offers.

 

Buyer demand has increased

The start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% increase compared to 12 months ago*. This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year**.

One of the primary benefits of higher demand and supply is the possibility of quicker home sales as more individuals look for properties. The increasing supply also ensures that there is a wide variety of properties to choose from, making it easier for buyers to find their dream home.

 

Housing market activity has also increased

The overall number of agreed sales has continued to remain high in early 2024, indicating that buyers and sellers are becoming more aligned when it comes to pricing. With new sales up 13% in the past 12 months and the flow of homes listed for sale up 22%*, it is clear to see that sellers are feeling much more confident.

The alignment in pricing expectations between buyers and sellers allows for smoother negotiation processes, as both parties are likely to reach an agreement more quickly. This reduces stress for both parties and increases confidence that the price they have reached is fair.

 

How your agent can help

An experienced estate agent can help you benefit from stabilising property prices, improved buyer demand, and increased market activity by using their knowledge and expertise to help you take advantage of the market's current conditions. They possess in-depth knowledge of the market and keep up to date with the latest trends, allowing them to provide valuable insights and an accurate valuation of your current property to help you make informed decisions for the future. 

 

Ready to make your move?

 

*Zoopla
**Rightmove