How to sell your flat post-lockdownfjpinvestment
We are seeing a shift in buyer interest as a result of life after lockdown, and you may face greater competition when trying to sell your flat. Research has shown a huge rise in the number of people searching for property with a garden, and a subsequent drop in those searching for flats.
Searches on Google for “house with garden” rose by nearly 300 percent in April 2021 compared to the same point in 2020. With more space outdoors clearly a priority for most new buyers, those wishing to sell a flat might be concerned about not only demand but the asking price for their property.
Before lockdown had come into force across the UK and the housing market was ‘frozen’, it took roughly 50 days for a flat or house to sell. Of course, demand in the market for all property has taken a hit, with demand for flats likely to be even more affected.
To help those looking to sell their property, here at FJP Investment we break down the top tips to help you sell in the current market.
- Keep the style neutral
Many people looking to sell their apartment make little effort in changing the current furnishings or decorations. The property however may be suffering because it is over personalised.
Having strong colours and walls full of pictures will make it hard for a prospective viewer to visualise living here – it appears more like visiting a friend or family members house over a prospective property purchase.
Make sure to paint the house in neutral colours and you have begun packing away some of your items to remove any feel of clutter, a flat is not often large in the first place. Give the prospective buyers the ability to get creative and imagine how their possessions could fit into the flat.
- Fix and replace
As touched on previously, the longer the flat has been lived in, the more likely there is to be wear and tear on the property. Whether a cracked bathroom tile or damage to a floorboard, make sure to get them fixed before listing the flat.
If there are items that are damaged or simply taking up space, now is the time to get rid of them also. Having a spacious flat will make it feel bigger and will give the potential buyer a greater sense of what they can do with the space.
- Have a deep clean
Before opening your flat for viewings, it is essential you do a deep clean of the property. Take a critical look at just about every corner of the flat, from the walls, curtains and other furnishings.
If there is any sign of damp or limescale, this must be cleaned properly before someone comes to view. If the property is looking a little worse for wear, bring in professional cleaners to give everything a clean over. If afterwards you are still not happy with items, replace them.
I know this may sound like an expensive exercise, but the cost you will incur will be offset from the increase in asking price obtained. If you are selling the property as unfurnished, you also have the benefit of bringing the new items with you!
With far stricter regulations surrounding house viewings as a result of the COVID-19 outbreak, you will need to ensure that the property is cleaned between each viewing. Be vigilant here as any issues spotted by an agent or prospective viewer will damage your chances of selling.
- Consider holding your sale
Oftentimes a house sale comes out of necessity, from more space needed for a growing family to a downsize needed with the on-going mortgage payments too high for what you are earning. In these situations, proceed with the sale.
However, if time is not an issue, it may be worth holding the property. House prices are expected to rise significantly over the coming 12 months, with early 2021 primed to be a great time to sell. With confidence in the market low and dwindling demand for flats, not may be the best time to hold and reassess in 6 to 12 months.