A new build property is one that has never been lived in before. Freshly completed by a property developer or independent individual, the space serves as a blank canvas with no value as of yet. Before it can be sold, it must be enhanced to add value, attract a buyer and maximise the profit the property developer can acquire.
The property development experts at Bruckland Developments understand exactly what needs to be done to add value to a new build, which will allow you to get the best price when you sell.
How much is a new build worth?
Before looking at how to add value, it’s important to understand the factors that will affect the price of a new build property.
1. The condition of the house
Considering the house is a new build, it should be in excellent condition and this will significantly improve the value. Ensure there are no issues that could limit value – including faulty electrics, cracked tiles, or damaged walls/doors.
2. The property’s unique features
The unique features will impact how valuable the house is. For example, is the garden south facing? Are there integrated smart appliances and technology? Assets such as these will be more appealing to potential buyers and therefore increase value.
3. The local market
Not everything that impacts the value of a house is in your control. This includes the local property market and how well it is doing. Are there a lot of people interested in buying somewhere in your area? Is there a lack of properties on the market? If so, then the value of your house will automatically increase.
Adding Value to a New Build Property
Before beginning to add value, consider what your end goal is. If you would like to sell quickly, don’t initiate any large projects and instead focus on smaller undertakings that can boost the value of the new build to potential buyers.
If you have the time and money for a larger-scale project, you may consider a loft conversion, a new kitchen, or a garden renovation. The most important thing to remember is that the project must deliver a return on investment, so first working out the costs and the estimated value is essential. Our experts have listed some quick-win ideas for adding value to your new build in the shorter term:
- Add more storage options to get rid of ‘dead space’ and give potential buyers more options. Common storage additions include shelving on blank walls, under the stairs, and on either side of chimney breasts.
- Buyers will find clean and tidy homes most appealing, so ensuring the new build is as aesthetically appealing as possible will add significant value.
- Fix any outstanding issues, as these will decrease value unnecessarily. They are often very simple to rectify.
- Effective staging. When selling the new build, you may want to consider some simple staging to increase value and allow the buyer to realise the potential of the home and space.
- Improve the home exteriors, or “kerb appeal”, as many buyers decide if they want to purchase or not before even reaching the front door. This can be achieved simply by replacing the front door, adding plants and other outside decors, or adding paint to the walls.
- Pick the right scent. Avoid artificial air fresheners, instead, opt for a scented candle for a subtle and natural aroma that will create an ideal environment for the potential buyer who is looking around.