Dear Peter,
I have just sold a property (actually back through auction, but that’s a long story) and have come into some cash, which I now wish to plough into improving my other properties, to add value, ready for sale. My questions is: to add the most value, which is best, a garage or a swimming pool?
Best,
Val Warrington
Garage
Britain’s car crazy culture means that building a garage is now the best way to increase the value of your home. According to valuers, kitchen and bathroom refits no longer top the table for adding value to your property, because off-road parking and a garage are now far more desirable to Britain’s 23 million car owners. With recent research showing car parking as the biggest cause of rows between neighbours, a garage may be the key to a harmonious home as well as added monetary value. Adding a double garage (15% increase in value), rather than a single one (6% increase), more than doubles the contribution it makes to the value of a property. This will vary between different regions. For example, because of the shortage of space and the price of land, a garage will add more to a property in London than one in Scotland.
Outdoor Swimming Pool
People who are thinking of shelling out £20,000 for a swimming pool should think again. This is one home improvement that will not even begin to pay its way. Unless your house is worth more than £400,000 and has spacious grounds, a pool will actually make it more difficult to sell, particularly to families worried about the safety of young children. The same applies for other water features. Pools can often reduce the value of your property, particularly in city gardens where space is at a premium. A woman on Gardeners’ Question Time recently was asking for suggestions as to how to fill one in, hide it or convert it. They are unsightly for much of the year and expensive to maintain and fill. Pools in the Home Counties are seen as a definite perk, but do not install one as an investment
The cost of a large, deluxe, in-ground swimming pool can easily reach the £40,000 mark, although you can get a tailor- made concrete pool for a lot less (around £25,000) and a fibreglass in-ground pool for as little as £12,000. (Do-it-yourself kits come even cheaper.) But you may as well dig a hole and throw your money in it. Fewer than a third of house buyers want a pool; many think it’s unsafe for small children. Sales appeal of pools rises in relation to the price of the property. In Hampshire, for example, buyers of houses worth between £500,000 and £1m are wary. Concerns include heating costs and the worry that children may fall in and drown. But for houses worth more than £1m, pools are an important accessory, like a tennis court. Buyers expect them. When it comes to selling, it’s vital that a pool looks well-maintained. A glistening pool on a hot summer ’s day adds to the theatre of the occasion. A pool may not gain you more money when you come to sell but it will widen your market and make it easier to close a deal.
I was recently thinking of building a pool next to our home. Actually, my wife was thinking about building a pool next to our home and I was just going along with the idea, as you do. We had plans drawn up by a local architect and planning permission was granted even as we were arguing the pros and cons. But we’re not going ahead with it now. What tipped the scales in my favour was when we asked the builders how often the water needed to be changed: once a month, twice, every six weeks, maybe as infrequently as quarterly?
The answer was: never. “Maybe every 5 years, if you really want.” In seems that you don’t change the water in swimming pools. Indeed, when was the last time you saw your local municipal pool empty, ready for refilling? The water is filtered continually taking out silt and grime and such but the water itself just stays there and is held in check with copious amounts of chlorine or similar. Considering the sweat, spit, tears and unmentionable other fluids that leach into a pool over the years – all those secret leaks from small children and old people – it’s not water you’re diving into; it just looks like water. It’s actually a bouillabaisse. I have come to the conclusion that a swimming pool is nothing more nor less than a primordial soup of other people’s cast-off bodily juices, a giant Petri-dish where potentially disastrous biological organisms are just about held in abeyance by the kind of lethal chemicals we sent over the trenches in World War I. Knowing all this, as now I do, you’d be very lucky to catch me swimming in anything other than the seas and oceans of this world ever again.
When selling a property, it’s natural to want to maximize the sale price and get the best possible return on your investment. Fortunately, there are several strategies you can employ to improve the sale price of your property. From enhancing its curb appeal to making interior upgrades, these tips can help attract potential buyers and create a favorable impression. In this guide, we will explore various ways to improve the sale price of your property and increase its market value.
Maximizing the Sale Price of Your Property: 10 Strategies to Improve its Market Value
- Enhance Curb Appeal:
- Maintain a well-manicured lawn and landscape.
- Add fresh flowers, plants, and outdoor lighting.
- Repair or repaint the exterior walls and trim.
- Ensure the entrance door and pathway are inviting and well-maintained.
- Make Interior Improvements:
- Declutter and depersonalize the space to create a neutral and appealing atmosphere.
- Apply a fresh coat of paint in neutral tones to create a clean and modern look.
- Upgrade outdated fixtures, such as lighting fixtures, faucets, and cabinet hardware.
- Replace worn-out carpets or refinish hardwood floors to enhance the overall appearance.
- Consider renovating the kitchen and bathrooms, as these areas tend to have a significant impact on buyer interest.
- Improve Energy Efficiency:
- Install energy-efficient windows and doors to improve insulation.
- Upgrade to energy-efficient appliances and lighting fixtures.
- Enhance insulation in the attic and walls to reduce energy consumption.
- Consider installing solar panels or a renewable energy system, if feasible.
- Stage the Property:
- Remove excess furniture and arrange the remaining pieces to create an open and spacious feel.
- Use neutral-colored furnishings and decor to appeal to a wide range of potential buyers.
- Highlight the unique features of the property and create inviting and functional living spaces.
- Highlight the Neighborhood:
- Emphasize the positive aspects of the neighborhood, such as proximity to schools, parks, shopping centers, or public transportation.
- Showcase nearby amenities and attractions that potential buyers may find desirable.
- Price it Right:
- Research the current market conditions and comparable properties in the area to set a competitive and realistic asking price.
- Consider working with a real estate agent who can provide expert advice on pricing strategies.
- Market Effectively:
- Utilize online listing platforms, social media, and professional photography to showcase the property’s best features.
- Host open houses and private showings to attract potential buyers.
- Create compelling property descriptions and highlight unique selling points.
- Address Maintenance Issues:
- Repair any visible defects or issues, such as leaky faucets, cracked tiles, or faulty electrical outlets.
- Ensure all systems, such as plumbing, heating, and cooling, are in good working condition.
- Provide documentation of regular maintenance and upgrades to instill buyer confidence.
- Offer Incentives:
- Consider offering incentives to potential buyers, such as covering closing costs or including certain appliances or furnishings in the sale.
- Negotiate Strategically:
- Work closely with your real estate agent to negotiate offers and maximize the sale price.
- Be open to counteroffers and explore different negotiation strategies to achieve a favorable outcome.
By implementing these strategies, you can significantly improve the sale price of your property and attract more potential buyers. Remember, each property is unique, so it’s essential to assess its specific needs and invest in improvements that will yield the highest return on investment.