What is essential to add value to sell a flat?

[RoseGold24]

Hi everyone! I bought my own Victorian tenement 1-bed flat a couple of years ago. It's fine but definitely not totally up to date (old electric oven, washing machine on its last legs, carpets definitely need replaced). I always planned to slowly do it up but I never really got the money together and now I'm probably going to move in with my partner.

My question is really, what are essentials that would add value/prevent losing cash on selling? Does getting a new oven and nice new carpets make a difference? Lots of people seem to want a blank canvas to do their own renovations??

Thanks!

Firstly, I'm going to give you advice which you didn't ask for.

If you're moving in with your partner and you're not married...don't have kids with him if it is a man.

Secondly, if you decide to buy with your partner, get good legal advice first.

Ok! So...back to your question.

I do not think adding a new oven helps. You're better off giving the place a new coat of paint and decent flooring.

Hahaha thank you for the advice @FortunesFave ooh yes I've been burned before living with a man! Luckily no kids involved!!

A parking space

Thanks @Anordinarymum sadly no dedicated parking space but there is always a something available on the street

I'm trying to sell a flat right now and it's so hard! The whole place is totally modernised except for the hallway and feedback is 'the hallway needs work'.

I've had a few people ask if they can keep our white goods if they buy as they are starting out and can't afford to buy them. I always say of course they can, that stuff costs a few thousand tops. If it secures a sale I'll happily buy it all again.

Thanks @OneRingToRuleThemAll yeah if I was buying I'd want the white goods too, even if they weren't perfect it would get you started!

How many bedrooms and how big OP.

When I sold my flat I bought a cheap (landlord) double bed for the second bedroom so people could see instead of having to ask the question (will a double fit in here)

It's just a one bed @Anordinarymum and deffo fits a double in there. Quite a small flat in general, big living room but small internal kitchen, tiny hall, long narrow bathroom and reasonably - sized bedroom

Have you had it valued by an estate agent yet? Might be worth doing that first and getting their view of the local market at the same time.

I'd want to know the value first so I could decide what the budget should be for any spending to prepare the flat for sale.

On paper it sounds like new flooring and a clean neutral paint scheme would be a good idea. If there is enough wiggle room, new kitchen appliances would also appeal to first time buyers.

I would also start decluttering and put away things you don't need in storage in necessary. You want to dress the flat to present it in its best light, removing extraneous things from worktops, bedside cabinets etc.

Thanks @ChequerBoard Yeah guess I need to get on to the experts! One of the walls in the kitchen is very uneven, think I definitely need to get that plastered sooner rather than later so it has plenty of time to dry!

Estate agent should be able to advise what improvements are cost effective and what won't pay for themselves. De-clutter will definitely be beneficial.

Is it leasehold and how long is the lease?

A long lease.

I think in general very few improvements to a flat actually pay for themselves, even new kitchens/bathrooms usually only just cover their costs and unlikely to be worth the hassle now. There's always exceptions of course so yes, a good local estate agent is the best person to advise. How's the lease situation, or is it freehold?

As a general rule, I would finish off any small DIY jobs that need doing (cupboard doors loose, dripping taps etc) as that can give an impression it being unloved, lick of fresh paint if it looks tired or grubby, and generally focus your efforts on presenting it well so uncluttered, clean, smells good, nice soft furnishings etc. Wouldn't bother with new ovens or carpets (unless they really are in a really bad state or it's a very strong buyers market where you are - otherwise I'd just cover the worst patches with rugs ). Unless it's a top of the line fully refurbished show-home style place which it sounds like it isn't, any buyer is likely to want to do some cosmetic work to it themselves so I'd just price accordingly...

Agree get a load of EA around to value it, explain the market in your area and give recommendations to what is needed (or not).

Have you looked on RM - the sold prices section will give you an idea of what’s selling and the general condition - also the for sale section will give an idea of what’s sticking.

Thanks everyone you've all been really helpful! I'm in Scotland @maxelly @CatherineMaitland I don't think there is much of a leasehold/freehold distinction here for some reason. Seems every property is more freehold

Ah I see. Thanks! I was going to say - extend the lease if needed.

I assume there is no garden or outdoor space? This is want everyone wants now due to WFH. Could you have window boxes installed/added to add extra green area to the window?

For the narrow corridor, there are many tricks with paint to make it seem wider, depending on the colouring.

I'd be cautious about what EA recommend, but get several around and compare their views. Different scenario, but when selling my nans older house, 2 recommended re-painting, new carpets and appliances, 2 just said re-paint and 2 more said do nothing. I spent 2 months re-painting the whole place and the time, effort and money was certainly no re-couped. The new owners knocked down walls and opened up the space, and your new owners may well do the same.

I wouldn't be bothered about an old oven a quick lick of paint seems to make a huge difference to the overall impression.

Go on property sites and look at flats for sale for ideas on how to 'dress' your bed etc

Declutter as much as humanly possible and have all your side lights, under cabinet lights etc on.

When I bought my house two years ago I was impressed with how immaculate it seemed.I only noticed the bare patches on the stair carpet and the wonky mechanism of the french doors when I moved in. Didn't see them or the grotty washing machine despite two viewings.

Thanks @mibbelucieachwell and @Elouera Unfortunately no outside space but window boxes could be a good shout! Reassuring to hear quick licks of paint etc are a good idea. Lots and lots of decluttering I could be doing haha!

There was a really great site that had a sliding scale of value certain things added. Sadly I have never found it again but top of the list were things like lease, windows, boiler, central heating - then more cosmetic things like new bathroom or kitchen.

I have never found the site again and it was so good. You could slide across on each element to see how much value it would add. We bought a very old flat and as tempting as it is to really spend a lot on the kitchen and bathroom, we don’t plan on staying more than five years and top of our list were new double glazing, boiler, carpets and adding a shower - and then putting in a refreshed but very economy bathroom and kitchen.

Less decorating than you'd think, just make good any really dodgy or half done bits, then clean clean clean. Hire a rugdoctor to do the carpets, scrub the windows. Consider hiring a storage unit and really paring back any non-essential bits and furniture. There are often offers like first month free on storage so it's not expensive. Controversially we packed away several bookcases the last time we sold, and it really helped the place look less cluttered and brighter.

Also I would set up a home office corner in your bedroom or living room, to show that there is space for one. Even if it's small.

Agree with @mibbelucieachwell (lick of paint worth it), also with @TwoLeftElbows re decluttering & setting up an office space

If your flat is for FTBs, what they want is a 'ready to go' place - ie does not need work (or expense) straight away: so paint to freshen up, make good anything broken. Most would have much less idea than you re quality of appliances etc

Could you get a cheaper alternative to carpet - either vinyl or laminate (if allowed by your lease)?

I'd do the EA thing abs see how far you are away from the ceiling price, work backwards from there.

Paint, tidy, fix and finish off jobs. Carpet shampooer or professional in to clean carpets unless they're too tatty in which case get a good deal on an end roll and do while flat the same to save money.
Kitchen I'd suggest maybe change work surface if they need a spruce or/and paint tiles or replace tiles.
Definitely oven, new/clean always a bonus
Get windows professionally cleaned inside and out and dry clean curtains.
Paint front door if it needs it amd get rid of weeds at front and make look as nice as you can, first impressions and all that

New oven doesn't help much as it's not very visible, but new paint and carpet may be useful. Also make sure you declutter your furniture to make as much space as possible given it's a small flat. And check that there is no sign of damp/leak anywhere - every single flat I viewed this summer had one of these issues, sometimes both.