As I commented last month, there’s now much speculation that mortgage rates will slowly stabilise and reduce, easing the monthly bill burden on hard pressed homeowners. At the same time, UK-wide data from RICS and the latest Registers of Scotland UK House Price Index (May 2024) indicates that average property prices continue to climb with the average property price in Scotland currently £191,000 (May 2024).
Great news for sellers but arguably less welcome for buyers. Particularly potentially first-time buyers trying to create a savings pot to put down a deposit while paying high rental fees as Scotland’s rental market continues to see demand outstrip supply.
Making moves
However, let’s focus on the positives. The early autumn months are traditionally a good time to put your property on the market. It’s a time when the school holidays are over, the sun is (hopefully) still shining and you can show your property at its best before the darker winter months set in. What’s more, if as predicted the next RoS House Price Index (June 2024) also shows a rise in average property price, you may be keen to sell when property prices are high. Of course, many people who are selling will also be planning to subsequently buy!
Invest to impress
I’ve read some reports that due to the expected competition among buyers, some may spend only 20 minutes viewing a property before making an offer. If that’s the case, it’s arguably even more important that as the seller you think carefully about key areas where you can make a positive first impression and maximise the sales value of your property.
However, before you rush off to replace your gas boiler or kitchen, think carefully about factors that will add real value. An extension that adds an additional bedroom to your property can certainly add value, but it also requires significant outlay. And if you plan to sell in the coming weeks and months, that’s a project arguably left for the prospective buyer to consider.
Equally, while a new kitchen can add value to your home (some would suggest between 6%-10%), there’s an argument that you simply ensure that the kitchen units and fittings are clean and in good working order.
Of course, energy efficiency is increasingly a factor as buyers seek to future proof the property and minimise monthly utility bills. Sellers who know their old gas boiler needs replaced may wish to consider a ‘greener’ alternative. It’s a pricey investment but can certainly positively move the rating on your compulsory Energy Performance Certificate (EPC) and increase the value of your property.
Finishing touches
That said, all property sellers can make much smaller investments and take simple steps to impress potential buyers. Examples include decluttering the property to create space, cleaning windows and walls to maximise light, freshening up rooms with neutral-coloured paints and removing unsightly limescale and mould in the likes of bathrooms.
If the floorboards creak and lightbulbs need to be replaced, now is the time to undertake such remedial action. All buyers on a fleeting visit will spot a neat and tidy garden and a welcoming, freshly painted and clean front door.
If you do plan to sell, please do get in contact about commissioning a professional home report. At Home Report Company you have the reassurance of gaining the advice and experience of an independent, certified RICS chartered surveyor. If your game plan is to have sold (and perhaps also bought) a property by the late autumn, now is the time to get in touch and arrange that legally required home report.
