A strong housing market, such as the UK is currently experiencing, not only creates a significant number of first-time buyers but also first time sellers. The two endeavours are remarkably similar and require a substantial amount of consideration, especially if a person wishes to get the best deal.
For the seller, however, there is often one priority: achieving the best potential price for their home. Buoyant markets may seem to encourage generous bids but, with competition also high, this isn’t always the case. In fact, popular properties can end up getting worn down by too many low offers and unexpected ‘fall throughs’, which may ultimately lead to lost time and money.
To support the first-time seller in achieving the best price for their home, we have put together a guide that covers the fundamentals of the sellers’ market, ensuring that they don’t fall into one of the many pitfalls first time buyers can make.
Tidy The Outdoors
You may have come to love your garden space, having tended to it over the years, and you may also be aware that gardens are in high demand. What is commonly forgotten, however, is that gardens are often used as leverage to bring down the price of a home too. Weeds, overgrowth, and outdoor damage, even superficial, are commonly used to negotiate the prices of homes due to their potential cost.
If your garden has recently enjoyed a makeover, however, and is presented to the best of its potential, then your property will have the opposite effect as buyers often seek low maintenance gardens, especially stylish ones, with great earnest. So, before you put your home on the market, eliminate the volatility of your garden and spruce it up. Decadent flourishes, such as dining sets, birdbaths, and new garden sheds can add an immediate and desirable return on investment.
Make Some Room
When deciding how to design your home for viewers, you may be tempted to trust your own eye for style, creating a fresh aesthetic to impress potential buyers. It is exceedingly rare for design, however, no matter how appealing to benefit more widely than the alternative of space. A greater sense of room within a home consistently ranks among the most important qualities of a home for buyers. So, no matter how much you fill your property with impressive features and furniture, it is often the space of their absence that will fetch you a higher price.
Know Your Costs
When placing your home on the market you have two choices with regards to improvements. You can either seek to make them yourself, resolving repairs and installing much-needed additions, or you can risk the buyer subtracting the cost from their offer. Replacing windows, for example, is a significant undertaking and, if you fail to take this on yourself, a buyer might subtract a few thousand pounds from their offer.
Because of this risk, it is often preferable to undertake the tasks yourself, having oversight of the financial undertaking and ensuring that the property sells for an appropriate price. This will also give you a position of confidence when dealing with offers too.
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