It's here! We're in the season of renewal, resolutions and, for homeowners with big plans, renovation. Dreaming of a Master Chef-worthy kitchen renovation or a spa-style bathroom renovation? Before you pick up that power drill, read our step-by-step guide for making sure your renovations count towards your goals.
Step-by-step guide:
Photo by Foxtons Specialist Photography team.
Step one: follow the crowd or follow your heart
We’ll start this off with the most important point – if you’re spending money on a renovation to increase the value of a property before selling, the following steps may help you make decisions.
But, especially if we’re talking about your forever home, you should do what will make you happy living in it. Trends and neighbourhoods change over time, so there’s no point in trying to predict or worrying about overspending if you’re in this home for the long haul. Besides that, life is just better when you're surrounded by spaces that genuinely bring you joy.
Step two: measure twice, cut once
Any good renovation starts with research. You should look into what’s selling in the local market, because we can bet your buyer will.
For instance, if you overdevelop a property, adding more space than any of the neighbouring homes in hopes of getting a higher price than you’d normally see on that road, you may not get the interest you’d expect.
Every residential road in London has a ceiling price and you don’t want to be the first to go over it, because buyers will often decide whether your home's a good value by comparing it to everything else in the neighbourhood. Same as you’re less likely to sell a designer parka on a tropical beach, it helps to sell what homebuyers look for in that area.
Photo by Foxtons Specialist Photography team.
Step three: think back, look up
Rear and loft extensions are the most popular for good reason. They're fairly cost-effective ways to make use of otherwise wasted space. Especially these days, when so many of us are working at least a few days from home, that extra room to set up a computer and a telly for the slow days (surely not!) is a valuable asset.
WFH isn't the only asset you can add - read more about what buyers are looking for in 2024.
However, you don't want to tip the balance too far – if there is a lot more bedroom space than communal space, it can be a turn off to buyers.
Photo by Foxtons Specialist Photography team.
Step four: find your pièce de résistance
Kitchens and bathrooms are the hot ticket renovations – they are easily the most expensive, but they catch buyers’ attention better than anything else. There’s so much good you can do here, but it’s also very easy to go overboard, for example, if buyers aren’t looking for anything higher than £1m on that road and your new kitchen alone is going to cost £100k.
Step five: they're experts for a reason
If you aren’t sure what will work or what will work well, consult an architect or interior designer. When we’re out valuing homes, most of the best extensions and remodels we see focus on using the space effectively, instead of just having more of it.
Be sure, as well, that you’re selecting the best builder for your budget – poor workmanship can cost you much more time and money down the line. You’ll want to look out for a proven track record of delivery and project management.
If you’re renovating to sell, you’ll also have to juggle what renovation will be most valuable for your buyer and when to come to the market in order to get the best deal possible. We can put a custom marketing strategy together to sell your property if you book a Foxtons Market Appraisal.
Step six: don’t pack the Christmas decorations
So many of our clients who’ve renovated have horror stories about work taking much longer than planned. So, we've got a little joke floating around – if you’re starting now, you may want to keep your Christmas tree at the front of the storage unit, just in case.
Often, delays are unavoidable. Maybe your roofer set up the scaffolding and the heavens opened up. Perhaps the master craftsman who was hand-cutting the Arabescato marble worktop you designed your entire kitchen around wasn't quite ready to ship that masterpiece yet. Or maybe they pulled up the bathroom floorboards and discovered additional work to be scoped and quoted...rotten luck!
Especially if you’re getting work done on your primary residence, a renovation can really wear on your time, your available funds and your emotions. So dream big and have fun, but don't underestimate it.
Source: All of the renovation insight shared in this article comes from Foxtons Sales department. Our experts guide homeowners through the sales process daily, witnessing firsthand how renovations can impact property values in your local market. With their extensive experience in the local property landscape, they can provide tailored insight to maximise your property's potential. To discuss your specific renovation and receive a personalised market appraisal, schedule a valuation with one of our experts.
Hi, my name is Charles from Foxtons Concierge, and we are here at a beautifully renovated property on Pembroke Road in Kensington.
Are you thinking about starting a renovation project? Well, before you pick up that power drill, here are five things you should know with regards to renovating to sell.
Number one, know your goal. If you are fitting a new kitchen to get a better asking price, then follow this guide. If this is your forever home and you want to put a bathtub in your conservatory, then go for it. Who knows? In 30 years’ time when you're ready to sell, it could be all the rage.
Number two, do your research. When it comes to renovating to sell, it's important to put yourself into the shoes of your future buyer and find out what setting in your neighbourhood. If you overdevelop beyond what buyers are looking to pay for here, you might not get the love you expect.
Number three, keep things in perspective. Rear and loft extensions are very popular, especially with the work from home crowd. But keep an eye on those ratios, tons of bedrooms and limited communal space can be a turnoff to buyers.
Number four, find your masterpiece. Bathrooms and kitchens are some of the most expensive types of renovations, but also the best love by buyers. So let your creativity shine, but keep your buyer in mind. If homes are not selling for over a million in your neighbourhood, that new a hundred thousand pounds kitchen might not feel the love.
Number five, mind the grind. A good renovation can really help to elevate your property, but whilst in the process, it can wear on your time, your money, even your emotions. So dream big, but never underestimate the time it takes to get the work done. After all, Rome wasn't built in a day.
So is your home ready to go onto the market or under the hammer? Get in touch for a free valuation where we can help build you a timeline.
And if you need assistance in finding local trades people, please contact our concierge desk as we are more than happy to help. Also, don't forget to read our full article with regards to whole improvements within the attached link.
