Spotting the Potential in a Property
Whether you’ve decided to sell your own home or are looking to purchase a new one (or maybe both!) it’s great to be able to spot the potential in a property.
The reason for this is two-fold. As much as we’d all like to purchase a home with every feature on our wish lists it isn’t always possible; it’s also extremely important to be able to value your home properly before putting it on the market. By recognising the potential of a property we were recently able to help a seller obtain a higher selling price than they were quoted by a high street agent, and we thought we’d share some of our best tips.
The first important consideration is to work with a qualified estate agent who can help you take a good look at the comparisons in the area. They should know what sells well in your market, who your desired buyer might be and what they are looking for in terms of how many bedrooms, the right fixtures, etc.
To find an investment worthy of your time and effort, look for the potential in the following.
Whether you say it once or three times, location continues to be one of the most important factors in buying real estate. It’s not just about buying in a place that will continue to increase in value (although that is important too), but finding a place that is convenient for you and facilitates the things you need to do every day. Many buyers will sacrifice a few points on their wish list to find a home in the right place, and this isn’t a bad idea.
Recognising the potential in a home that happens to be in the right location can help you purchase a property you’ll feel comfortable in for years to come.
Age of the Home
Many people do love a period home and idea of renovating one to create the perfect modern abode. But, unless you’ve got very deep pockets or particular expertise and skills, these can end up being very difficult projects to take on. It’s often better to look for a home that’s less than 50 years old to ensure the piping, heating, electrical and foundations are in relatively good repair.
Good General Floor Plan
If you find a home that would benefit from a simple project to remove, for example, the wall between the dining room and kitchen then it could be quite an easy fix. You will of course want to consult with a contractor beforehand to ensure your vision is possible, but don’t assume that the layout of the home is entirely unchangeable.
That said, the goal is to find a floor plan that you can live with as is. Yes, you may be able to take out a wall or two but if you find a home that you think will require major rearrangement then it may not be the one for you, your time frame or your budget. Search for a home with comfortable spaces and privacy where necessary.
Plenty of Light
When compared with structural soundness and high quality finishes, lighting may seem like an afterthought. However dark, dank homes are difficult to live in. Windows are also not the easiest to install, meaning that having a home with plenty of natural light flooding in can be a real bonus.
If you find a property where you think you could just add a window to a certain wall, ask yourself if there’s a reason why there isn’t already one there. There may be structural issues, building code restrictions or even a less-than-desirable view from that vantage point.
Having plenty of room to put things is always a plus- it may seem easy to add a wardrobe here and there but do try to remember that this normally detracts from your existing space. The same goes for bringing in more chests of drawers, book shelves, etc. A home with plenty of existing storage is a good indicator of potential.
If you’re browsing our site to find a property, do keep these considerations in mind and feel free to contact us for more information. We can also help to give you a realistic idea of what your property’s true potential is and provide you with an accurate valuation based on buyers’ needs and wants.