Talking Property

In a tough market, how far should you go to make your house more saleable asks Isabel Morton, writes ISABEL MORTON

THERE WAS a time, not so long ago, when few would have considered selling a property without making every effort to present it looking its absolute best.

At the very least, we would have decluttered and possibly even redecorated and some would have gone the whole hog and “staged” the property specifically for the sales market. As our homes became our investments, spending money on home improvements became delightfully justifiable. It was, as they say, a “no-brainer” and it was all “soooo worth it” at the time, as every euro spent on Irish property reaped its rewards.

But now what? As property prices have plummeted, how can we legitimately justify spending a single euro on any property prior to putting it on the market? Why would we bother? Are we not just throwing good money after bad?

A few week ago I asked three estate agents for their views on a client’s property, which was in good condition but hadn’t been decorated or modernised for some time. It was looking a little tired and dated but was still perfectly habitable.

I asked Eleanor O’Brien of Sherry FitzGerald, Robert Lawson at Lisney and Marilyn McKey, from Douglas Newman Good to cast their eye over the house and suggest what might be done to improve it. Would their advice have changed along with the dramatic changes in property prices?

The semi-detached house originally had three bedrooms, the smallest of which had been knocked through to enlarge the main bedroom. Should the dividing wall be reinstated to return it to a three-bedroom house? The answer from all three estate agents was a resounding “yes”. Should the wallpaper (peeling in places) be removed, the place painted and the mix of different coloured carpets (some stained) be replaced?

Sherry FitzGerald and Lisney agreed that the house would be greatly (and relatively cheaply) enhanced by removing damaged wallpaper, neutralising the decor with cream paint and putting down new carpets throughout.

Douglas Newman Good suggested that the decor be left as it was, despite the fact that two of the three bedrooms would have to be repainted and re-carpeted anyway when the dividing wall was rebuilt, on the basis that it would not add much to the end value.

The house has the space and potential to be extended while still leaving it with a good-sized garden. The extension would increase it to a four or maybe five-bedroom home with an en suite bathroom and additional living space. Would it be worth getting planning permission before putting it on the market?

Sherry FitzGerald and Lisney agreed that getting planning permission would be a bonus although it might not necessarily increase the value of the property. Douglas Newman Good, however, did not believe that it was worth obtaining planning permission prior to selling nor did it believe it would increase the sale price.

The property has a large garden, with lapsed planning permission for another small house with its own separate access. Should the vendors re-apply for planning permission?

Once again Sherry FitzGerald and Lisney agreed that, as long as the planning permission was unlikely to be contentious or subject to an appeal to An Bord Pleanála, it should be reinstated. However, Douglas Newman Good advised against the delay of seeking a fresh permission on the basis that “these days potential infill sites are very hard to value”.

It was an interesting exercise for the client, and one that all potential sellers should consider. How far should you go and how much should you spend on renovation, if you are planning on (or being forced into) selling your home within the next six months? Catherine O’Connor of Greenwood Property believes that now more than ever, vendors should make the most of their property and present it looking its absolute best.

“Consider all the old advice like maximising space, including storage space, particularly in smaller properties. Minimise clutter and repaint where necessary, paying particular attention to bathrooms and kitchens. Personal belongings and unattractive items should be put into storage and suitable pieces of furniture hired if necessary, to give buyers an idea of space. Gardens should be maintained and balconies enhanced with potted plants. The property should look tidy, clean and bright.”

All the agents agreed that spending vast sums on property in very poor condition and requiring considerable work should not be encouraged as you cannot guarantee a return on your investment.

However, anything from 1–5 per cent of the lowest valuation price should be considered, if the work undertaken will improve the chances of selling in a tough market. Although one estate agent joked “these days you might be better off ignoring the decor and getting down on your knees and praying hard”.