Home improvements 'can boost property sales'
18th Jul 2012
Property owners who carry out improvement work on their home may find that it can help to enhance their prospects of selling it, one expert has pointed out.
Gary Styles, strategy, risk and economics director at the housing intelligence group Hometrack, said it is always worth spending money on improving a property before putting it up for sale.
"I think that most people would advise that, yes – particularly in the current climate. Obviously lenders are taking a very close look at properties before they lend any mortgages, so actually having those improvements in place is probably pretty important," he explained.
The expert's comments came after new industry analysis indicated that sellers are outnumbering successful buyers by nearly two to one in July, with poor viewing weather and Olympic distractions both challenges.
Mr Styles said it is therefore important that sellers do whatever they can to help improve the attractiveness of their property to prospective buyers.
As far as what property buyers are looking for at the moment, location is always very high on the list, he noted.
"Also, for those who are finding it difficult, the availability of finance for particular properties is going to be a big issue as well. Clearly, location has always been one of the biggest drivers in the market," the expert concluded.
Posted by Staff Writer: Frances McDonald
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