Renovation & Land the key to your 2022 income
The property market is booming – but big builders are suffering from post-Brexit material shortages.
Individual renovators and small builders are cornering the market and seeing big returns.
We continue to see colossal demand for new build properties as well as existing homes with major renovations and smart home improvements. A greatly improved 1970’s home has just sold with us for well over the asking price, far above what other agents valued it at. The other agents did not recognise the current market demand for a home with such high-spec renovations.
We secured 18 viewings and 11 offers on or above the asking price in less than 7 days of hitting the market. The secret to securing such an impressive return? Expert marketing from MorfittSmith.
We are seeing amazing sales on high-spec refurbs and state-of-the-art new homes. As well as the plots of land and dilapidated houses that are now in demand from individual renovators/builders to improve.
Today we have another stunning example of property works done right: Linden Crescent.
This spectacular 4-bed has seen absolutely no expense spared on its restoration. See it in full at the end of this article.
Renovating a dilapidated or derelict home to a high standard may seem counterintuitive when resources are limited. But this is precisely why it sold so well. The competitive market to buy continues to drive up house prices but people expect more from their homes for their money. Dated houses and low-spec new homes are not rising nearly as quickly, further jeopardising the chances of turning a profit. It is the highest specification homes where we are seeing big returns for vendors.
Building cheap and skipping marketing will cost you more:
Many developers are trying to drive build costs down by reducing the spec of their properties. This makes cheaper fixtures and fittings even more scarce, driving build costs back up while still sacrificing the perceived market value of the final build. As a result, lower-spec properties are garnering less interest from buyers who demand more. With a reduced profit margin, many developers are even cutting corners on their marketing making it even harder for potential buyers to discover these homes.
Increased materials cost and lack of supply is likely to put off any aspiring builder/renovator. But this is precisely the time to sell your land or dilapidated home to a creative renovator or begin works yourself.
Building to a high standard and marketing well gets results:
The tight profit margins and tighter schedules of national builders can make them inflexible when situations change. This is particularly damaging when they are poorly prepared for fluctuations in supply chains. Individual renovators and small scale builders can be much more agile when responding to changes in the market. Properties like Linden Crescent that are built to an exceptional standard can garner colossal interest when the market is in a state of growth and high-value homes are in demand. With expert marketing from MorfittSmith we can catch the attention of many more potential buyers, helping you to secure the value your home deserves.
Our experienced and specialised teams across Sales and New Homes work with landowners, vendors, renovators, and builders. We can advise you on market demand to secure the best possible results for your property.
Do I stay or do I go now?
- If you have a dilapidated house to sell:
This is an amazing time to improve a home for sale. Demand for gorgeous homes is high. State-of-the-art creature comforts will make all the difference in attracting a higher sale value for your property. Take a look at our article on smart homes improvements for some inspiration.
- Improve it yourself: Once the refurbishment is done MorfittSmith are here again, this time to help you sell with the highest possible return on investment.
- Sell it as-is: But you don’t have to do the work yourself. If home improvements are not your cup of tea we have a huge network of builders and developers waiting to buy up derelict and dated properties with potential for renovation and modernisations. You can sell your home as-is while there is a demand for this kind of stock.
- If you have unwanted land:
The great news for unwanted land is that our dedicated Land and New Homes team can guide you through the whole process. Gone are the days of losing money in poorly attended auctions. We have our own colossal network of builder developers looking to take on single plots or full-scale developments.
- If you just want to sell your land: We can provide you an expert valuation and properly market it so you don’t have to accept the poor return of taking it to auction.
- If you want to sell it with planning granted: We can guide you through the planning permission process to get approval for the most economical use of the plot so you can sell for even more with planning granted.
- If you want to build on your own land:
For the most ambitious few who want to build or develop for themselves, we provide Land and New Homes support throughout the entire process.
- Building for yourself: From land valuation to handing over keys to your new occupants, we work with individual builders and national giants to secure incredible results. Take a look at our Full Spectrum of Services for Property Developers.