A tip for sellers – Understanding what buyers want.
Peter Illingworth has been selling properties in Ryedale over the last 33 years and offers you an invaluable insight into what buyers want. Are you a buyer or are you a seller? Perhaps it is worth thinking about what buyers want if you need to sell.
Buyers are not at all interested what you have spent on your property. How much profit you are looking to make out of it or what it has cost you, or the expenses you are hoping to recover, and maybe what your friends say. What will interest a buyer is, does your property offer good value? How does it compare with other properties currently on the market and recently sold? Value is indeed what the buyer gets out of the property and not what the seller puts into it.
It is also worth considering the improvements the seller is going to make, are they the improvements that the buyer would have chosen or would the buyer have invested their money differently and would they have spent the same amount on those improvements? Many improvements to kitchen and bathrooms reflect so much individual personal preference that there will be only be a few cases whereby the seller will profit by making the investment. Kitchens and bathrooms are very much like cars in respect to depreciation. It is recommended that you should think of the depreciation as the pleasure you have had from the asset. Therefore if you are going to improve make sure you stay long enough get the pleasure of out of these assets and be content with the depreciation. There is a lot to be said, do the improvements for your own pleasure and not for the prospective buyer.
Improvements that do tend to add value to the property are usually the addition of extra floor area, as most of the property’s value is made up of location and size. Finally make sure the property is neat and tidy and in good decorative order. Good luck and of course the icing on the cake is to find the best agent to market your property.