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Residential News & Views

How to Sell a Fixer-Upper Without Having to Renovate

In the current inflationary environment it’s unsurprising that we’ve seen a notable rise in construction and material costs for refurbishments, which have been further cemented by labour shortages across the UK.

If we’re to consider the price of a high-quality renovation, the cost to complete a project has increased by up to 50 per cent in the past five years alone. We’ve seen examples in central London postcodes where a renovation and basement dig would have cost approximately £700 per sq ft in 2018, but now you’re looking at a bill of around £1,000 per sq ft.

As a consequence there are buyers who would rather pay a premium for a “finished” property than embark on a lengthy and expensive renovation themselves. In the industry we call these “turnkey properties” — the idea is that you can simply turn the key, walk in and start living in it. This is a general pattern across the UK residential market.

But if you are selling a fixer-upper, and you aren’t in a position to renovate, there are some key universals that you can emphasise to maintain the value of your home, even in a nuanced and complex market such as the current one.

The old adage — location, location, location — is still as true as it has ever been. A tired property we acquired on behalf of a European client last month still attracted competitive bidding and did not even reach the open market.

The reason was that the property was on a prime road in Hampstead, northwest London, close to local amenities while being quiet and leafy. Your “micro-location” is even more important to consider: you may have bought a home on a Georgian garden square (good), but is it in the best location within the square? Perhaps one side is further from traffic noise or has south-facing views.

The second most important selling point is great architecture, from any period. It could be Victorian, Edwardian, modern or Georgian. As well as this, well-considered layouts and a sense of space through cubic volume (high ceilings) is important.

Third is light. This may seem obvious, as light goes hand in hand with great architecture. However, there are many properties on a prime road with beautifully finished but dark subterranean extensions. These seem discounted when you buy because they will likely stay discounted when they sell, regardless of market conditions. So if you have a space that’s less well finished but lets in lots of light, it’s something to shout about.

Outdoor space has been a hot topic in recent years — it’s well known that the pandemic placed a premium on access to it at home. Now the flight to the countryside that we saw is reversing, and London is back. Our research shows that in 2021 people sought properties outside of the 30-minute commute zone, with households willing to accept longer but less frequent commutes. As a result, areas with good connections to London such as St Albans, High Wycombe and Woking were among those which saw the biggest increase in residential sales.

This trend started to reverse last year, as demonstrated by a reduction in the proportion of sales outside of a 30-minute commute of central London. Regardless of where you are, outdoor space will always be in demand. In the case of our recent Hampstead acquisition, it had a double plot, affording a double-width garden – an exceptionally rare and desirable offering in the area.

Ultimately, you need a combination of the above to maintain the value of your home in a falling market that favours polished properties. These are truly the “best” homes and they resist market downturns. If you have enough of these elements, your residential investment will pay dividends when it’s time to sell, even when there are inflated build costs to contend with.

As featured in The Times

Contacts

Jack Hudson MRICS

Head of Private Clients

Mobile +44 (0)7982 727 517

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How to Sell a Fixer-Upper Without Having to Renovate

Contacts

Jack Hudson MRICS

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