While labour market growth is generally considered to be a positive thing, it is having a challenging effect on UK property prices. In regions that are known to have the lowest rates of unemployment, for example, property prices have increased by an estimated £90,000 over the course of the last decade and this has created a significant issue for first-time buyers in particular. This at least allows fortunate vendors to capitalise on a growth market and sell their homes for a premium price.
How can you optimise your chances of selling?
With this and a lack of available housing creating the perfect storm for vendors, you may believe that there is little work required to optimise the value of your home. It is always important to be proactive in this instance, however, so here are three simple and cost-effective ways of improving the saleability of your home: –
- Refine the curb appeal of your home
With the market conditions creating a climate that is conducive to a profitable sale, you can turn your attention to improving the visual appeal and functionality of your home. This should start with the front of your property, as this will be the first thing that potential buyers see and will be influential as they form their first impression. By de-cluttering the space, planting seasonal flowers and pressure washing all external surfaces, you can create an inviting property that instantly engages buyers.
- Set a Fair Price
The issue with a prosperous market is that it can encourage vendors to become greedy, while the inevitable period of negotiation with buyers often causes owner-occupiers to place too high a premium on their home. This can sound the death knell for your chances of a quick sale, which in turn may cause you to miss out on the window of opportunity that exists in the existing market. Instead, focus on setting a fair price that offers incentive to both parties, as this will help you to achieve a quick and healthy profit.
- Create a Neutral living interior
Ultimately, you need to empower potential buyers and enable them to envisage themselves living in your home. This is hard to do if you have stamped your own unique personality all over the interior of the property, as this can restrict space, stifle the imagination and cause buyers to form an unfavourable impression. You will therefore need to strip this back, using pastel shades to create a neutral space and taking the time to optimise floor and wall space.