The new Conservative victory means that we are leaving the European Union. What will happen to home prices? There is some uncertainty about how things will be changing in the future. Will Brexit house prices be driving homeowner improvements? At such an uncertain time, it is only to be expected that homeowners may be undecided of whether to move or stay. With Brexit lurking around the corner, is now the ideal time to sell? Will Brexit cause house prices to plummet?
It feels like every day we are reading news stories that are overwhelming, and for many, we struggle to keep up with all of the Brexit predictions. Will a no-deal Brexit affect house prices? Its full impact on the property market and house prices after Brexit are yet to be known; we can only make predictions however, this brings around uncertainty. Peoples confidence in the housing market is decreasing. As a result, many are considering staying put and making improvements like extensions to their existing home rather than cutting their losses selling during Brexit. However, it’s not time to cause mass panic as house prices have slightly increased from this time last year by 0.6 per cent in October 2019*.
Statistics indicate that 68% of homeowners are planning to stay put in their home for the next year at least, with 51% of these considering making home improvements such as extensions and loft conversions to their property. Your home should be a space where you feel you can be yourself and personalise it to your tastes. However, if there is the possibility that you may wish to sell the property in the future, then it would be wise to keep a neutral colour scheme, particularly when it comes to your kitchen and bathrooms. A wall can be painted easily, but changing the colours of a bathroom suite, for example, would require more work.
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What can you do to minimise the potential negative effects of Brexit house prices?
So, if you are worried about Brexit house prices and selling your home, then how can you tempt a nervous buyer in this uncertain market?
1. Stay practical
We have all been to someone’s house before and thought about their questionable choice of style. For many, there is a mutual feeling that carpets are not best suited to the bathroom. Not just because of hygienic reasons but they also look dated. Why not opt for flooring that compliments your suite, stick to neutral colours and tiling such as whites, creams and natural stone or wood. Natural stone flooring and tiles in the bathroom can look great and can be an appealing change to make. An experienced tradesperson will be able to help to advise you on what could work in your space and also ensure a quality finish.
It can be very easy to get carried away with questionable tiling choices, however, if you are considering between natural stone tiles and yellow ones. It may wise to play safe, especially if you are ever planning to sell in the future. This will help you to save time and money in the long run. Instead, why don’t you add pops of colour with prints and towels in your bathroom?
2. Prioritise your focus rooms
It’s wise to take the time to look at all of the rooms within your home and make a list of priority of rooms you need to tackle and improve first. Dated kitchens and bathrooms can be offputting to buyers, and these rooms need to be focused on first. Often or not, you will find potential buyers are put off from purchasing due to them overestimating the cost of renovation. Prioritising and improving rooms could help your house price after Brexit.
3. Invest wisely
If you are planning to move homes, you don’t want to end up spending a fortune to make it appealing to a potential buyer. However, it can be wise to do a few updates if you do want to entice a sale. If your kitchen is old and perhaps seen better days, then it may be time to bite the bullet and invest in a new kitchen. These days you can even replace worktops and doors if the kitchen carcass is in good condition. This can be a cost-effective solution that can make a huge difference.
Salmon pink bathrooms may have been in years ago; however, this isn’t the case anymore. Why not get a reliable tradesperson in to give your bathroom suite a freshen up? In a couple of days and with not much money (there are some great priced suites out there) you can have a bathroom that appeals to modern-day buyers.
4. Keep it neutral
There can be nothing more off-putting to a potential buyer than going to a viewing of a property and feeling queasy over the colour scheme. It’s always wise to keep your home a blank canvas, especially if there is any chance of selling it in the future. Don’t worry, and we aren’t saying you have to live in a boring and bland home. Why not keep everything neutral and personalise with some photographs and textiles? This way, you can add your touch without putting off potential buyers.
5. Freshen up the paint
See this as the perfect opportunity to give the whole house a fresh lick of paint, and it will help to freshen up all the rooms. Opt for a nice neutral paint colour, and many buyers can be put off by overly bright or crazy colour schemes. You may love having bright yellow walls in your kitchen, but the potential buyer will most likely not. When selling your home, you want to the buyer to see how it can be their future home. A buyer will most likely be able to picture it as their future home if it’s a blank canvas. This can help you to increase your chance of a house sale and help to decrease your chance of low or plummeting house prices after a no-deal Brexit.
6. Keep it professional
Unless you are a dab hand at DIY, it can be beneficial to hire a trusted tradesperson to help you carry out any work and decorating. Not only will this save you stress, but it will also ensure that all the work carried out is at a certain standard. Potential buyers can be put off if they look at your handy work and see paint on the carpet or laminate flooring that is lifting up. Hiring an experienced trade gives you peace of mind knowing that you and your property are in safe hands.
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