How imagination is key when renovating...
How good is your imagination? When showing people around a run down property, we often find that some people can see past the peeling wallpapered walls, the rugged floorboards and damp walls, and they can picture it transformed into an incredible home, others just see peeling wallpaper …. Etc. It is not just renovations on this scale that can cause a problem, even the simplest of decorating can provide a huge amount of stress for those that can’t see it finished.
In January, DigitalBridge presented their research of what they described as the ‘Imagination gap’, basically the difficulty in visualising what a product would actually look like in our homes. You may love flicking through interior magazines for inspiration and spending weekends at your local DIY store to grab yet another handful of colour swatches, but can you imagine any one of those colours on your wall and how it would work with the rest of your property?
Within their research they found that nearly a third of us have put off improving our home because of the fear of making the wrong decision. Whereas 15% have regretted changes they have made.
It is only natural to want to improve your property in some way, especially to add value through renovations or extensions. However, it’s important that you choose your projects wisely. There is a distinct difference between undertaking work because of a need compared to that which adds value. You may be a growing family and love where you live, you don’t want to move home, but you would like to extend it to provide more space. In this case you are looking to extend for need and therefore you may not be interested on whether it adds value.
As estate agents, we are speaking directly to buyers every day, we know what they are wanting out of a property. We also know the ceiling price for properties in your area. No matter what work you undertake on your property, the location of your home may dictate the amount of money a buyer will pay to live there. Therefore you need to ensure that the costs of undertaking the work don’t exceed your homes potential value, so how do you know?
When you are thinking of renovating your property, give one of our team a call. We would be happy to discuss your plans and offer you our advice as experts in the local property market. We are not architects or builders, therefore the practicalities and costs are not something we would be able to advise you on, but we can give you an idea of the potential value once the work has been completed and also whether it would increase the appeal of your property to a buyer.
If you suffer from ‘imagination gap’, get as much advice from family and friends as possible; you want to feel confident in your choices. We would always recommend you seek advice of an appropriate professional for any major works.
For more advice on how to add value to your property, contact a member of our team today.