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How to maximise profit on your property
Are you thinking of selling your property in the next year or so? We've teamed up with the experts at The House Sales Advisory to make sure you're equipped with all the knowledge you need to secure a profit
Improving your property and making a profit is not as easy as the TV makeover shows would have us believe. To make sure the money you spend actually makes you money in the end, you need to know your stuff.
Understanding your limits
This is not about aiming low, this is about making strategic choices to ensure you're not wasting valuable time, effort and money on something that's unlikely to reward you with a profit in the end. In order to achieve this you'll need to get to grips with two key concepts:
- Ceiling price: This is the maximum price a buyer will spend on a property in your street before being able to find a similar property for the same money in a better street.
- Location: There are enough property programmes around chanting the location mantra for us to know how important it is, but it's not as simple as a great location reaping big profits. It all depends on your starting point.
To make money selling property it's better to start with the worst property on the best street than a great property on an average street. Why? Because unless you have the capital to invest in a splattering of delightful delis, restaurants and flower-lined streets, there's little you can do about an average location, but with a little work you can really add value to an average property. So, your circumstances will decide how best to tackle your project.
Scenario 1: You own property on one of the best streets in your area
If your property is ideally located, then make it your aim to make it the best property in town. This is because there will always a buyer willing to pay a 'premium' for the 'best', and your investment in state-of-the-art interiors. The advice of good architects will really pay-off.
Scenario 2: You own a property in an average location
No matter how much affection you have for your place, if it lives on a street that is considered less desirable than others in the area then it should be your aim to bring it up to the same standard, or a little bit higher, as the rest. It's tempting to make it the best it can be, but no amount of Conran furnishings and luxury fittings and fixtures will convert a high-spending buyer to your property if they can pay the same for a more desirable location.
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