When coming to selling your home, it’s easy to fall for the myths you often hear, in hope of selling your home faster or for more money. As an estate agents for over 15 years, one of the top questions our clients ask is what they can do to increase their chances of selling their property, and along the way have heard all types of misconceptions and myths on how to sell a property.
We thought it was time to bust some of the most common property market myths we’ve come across and expose the truth, so you know exactly the right steps to take to get your property sold.
Myth 1: Home improvements and DIY are essential to get a sale
You may believe that making home improvements such as redecorating, modernisation and restoration will add value to your property and increase your chances of a sale. This is not necessarily true.
Of course, making sure your house is in a good condition and essential repairs are made is important but it’s probably not worth redecorating as the new owners are likely to want to do it all over again.
It is also always important when making improvements to ensure that the cost doesn’t outweigh the effect of the total value of your property.
One improvement worth making that significantly adds value to your property is a loft conversion. This is likely to cost you around £35-45k but it can add an approximate 20% to the total value of your home according to Nation Wide.
It might be time to start clearing out the attic!
Myth 2: Price your property high to get a better price
This seems like a good idea, but generally, houses sell for less than the asking price. So, if you price your property at a higher rate you’re more likely to get an offer nearer to the actual original price you wanted to sell the house.
The truth is that people can be put off by an over-priced property, and simply overlook them from their search as they appear out of their budget. With no offers, the property can run the risk of remaining on the market, leading people to thinking there is something significantly wrong with it.
By the time you reduce the price to a more accurate figure, the damage will already have been done. We at Peach like to be honest with all our advice and this is the same for our valuations. We always give true valuations and help advise you on a costing strategy so you can get the best price.
Myth 3: A south-facing garden significantly increases a property’s value
We’ve all heard about the benefits of a south-facing garden, giving your property the most sunlight exposure. But a study found that property with a south-facing garden didn’t raise the value by as much as people generally think.
According to an article in The Telegraph, a south-facing garden only added an extra value of around £800 to a home.
Despite being highlighted as a highly desirable feature often by estate agents and property experts, it doesn’t add as much as you’d expect. In fact, a home with a river view was found to raise the value of a property by as much as 42% compared to a similar property in the same location without a river view.
Myth 4: Get baking and brew coffee to entice an offer
This is one of the most common house selling myths around that we are sure most of you have heard. Yes, baked goods like bread and cookies and freshly brewed coffee do smell wonderful, but it doesn’t make buyers put in an offer.
According to research by Washing State University, our brains are distracted by smells as they try to work out what the smells is. That said, a classic house cleaning product can help sell a property as the smell is linked to cleanliness, and who doesn’t want to live in a clean home?
So put the brownies aside and grab the window cleaner if you want to bag those buyers.
Myth 5: Wait for ‘property season’ to put your home on the market
When you first consider putting your property on the market, you may have been told to wait for spring when people are thought to be more likely to buy property. Generally, mid-March through to late June is said to be the best time to sell your home.
The truth is that it doesn’t matter what the season is, it’s the property market itself that makes it a great time to sell up or not. Follow property news and keep informed of the climate to gauge if it’s a good time to sell or not.
If in doubt, speak to one of our property experts for a local lowdown on the East London property market and discuss when is the best time to sell.
Myth 6: An expensive kitchen will sell your home
Many people spend a small fortune on a high-end kitchen refit before putting their home on the market.
This can be both a waste of time and money. People are not so easily swayed to put in an offer by a nice new granite worktop and a butler’s sink. Buyers will often want to refit their own kitchen once they move in, so investing in a new kitchen is something you can forgo.
As property expert Kirstie Allsopp says, “If you get the right kitchen and it looks clean, fresh and the layout is good, it doesn’t matter about the price.”
So just make sure your kitchen is sparkling clean and tidy rather than state-of-the-art.
If you’re still unsure of the best ways to help get an offer on your property or just want to get the truth about a myth you have heard why not get in contact with our property experts. At Peach we have over 15 years’ experience of buying and selling property in East London, so we are sure we can help you sell your property fast and for the right price.
Contact our agents on 0207 739 6969 to get the best advice on selling your property.