How Much it Costs to Modernise a Property Revealed, How to Move House with Children, Plus More

Welcome to the June edition of the Town & Country newsletter.

This month, we reveal which is cheaper; modernising an older property or buying a new build, we reveal how much an extra bathroom might add to the value of your bathroom, plus we share our guides to moving house with children, and how to spot five of the most common property selling myths.

How Much Does it Cost to Modernise an Older Property?

 Choosing the type of home you want will come down to the type of person you are. Some would prefer to move into a brand new modern home, whilst others would prefer an older character home that they can build up to a modern standard. But how much would that actually cost?

A recent survey found that the cost of upgrading an older property to the same standard as a new build home in England and Wales could cost &50,000.

The Home Builders Federation (HBF) recently undertook a study of the cost to bring an older property up to modern standards.

It found that new build homes came with the additional benefit of being more energy efficient, meaning a homeowner could save hundreds of pounds on utility bills each year.

Other benefits of new homes include brand new fixtures and fittings that come as standard. To upgrade an older home, it would cost &7,900 to fit a new kitchen, and &8,850 to rewire a house according to the research.

If a property is in an overall poor state, it could come with a bill of &51,643. These costs could include:
• &3,800 for a new bathroom.
• &6,185 for a new central heating system
• &775 for insulation
• &4,000 for roofing
• &4,900 for new doors
• &690 for new guttering

The research also points out that only a quarter of second hand homes actually achieve an energy efficiency rating of A to C while 94% of new homes built in 2016 could boast such standards.

‘Buyers of new build homes enjoy a huge number of benefits over those purchasing a second hand home. During the buying process customers will receive a high level of service and support from trained sales staff. Upon moving into a property that is designed for modern living, there are all the advantages of living in a home with brand new fixtures and fittings and the latest energy efficiency technologies,’ said Stewart Baseley, HBF executive chairman.

‘This report helps to highlight the hidden savings that buyers of new build homes make. While most people have a budget put aside to get the little jobs done, costs soon add up when you need to replace a bathroom or a kitchen,’ he explained.

‘&50,000 is a lot of money by anyone’s standards, and this new research emphasises just how much new build home buyers really get for their money,’ he added.

An Extra Bathroom Adds How Much to a Property's Value?

 New research has shown adding an extra bathroom to a property makes it more desirable to potential buyers, but also adds an average of &12,000 to a property’s value.

In a study conducted by Direct Line surveying estate agents throughout the UK, every three bedrooms should come with two bathrooms or at least an extra shower room, according to the respondents of the survey.

According to 70% of estate agents, bathrooms can seriously help when it comes to selling a property. The analysis showed that a three-bedroom house would ideally feature 1.8 bathrooms, a four-bedroom house should have 2.6 and a five bedroom home should feature 3.5 bathrooms.

Estate agents also estimate that on average, a three-bedroom home with an extra bathroom would add 6.8% to the property’s value, which works out to &12,000 in today’s market. For a four-bedroom home, the rise in value is slightly less at 6.2%, however, it would still result in an extra &17,000 added to the price tag of the home.

The survey also found that a massive 95% of respondents believe that it is essential for homes with 4 or more bedrooms to feature an extra bathroom and 43% believe that 5 bedroom homes should have a minimum of 3 bathrooms.

While additional bathrooms are ideal, 57% of respondents feel that even an extra shower would be suitable and add just as much value to the home, with an en-suite shower estimated to add &10,500 to a property’s value.

 

Head of Household products at Direct Line, Rebecca Clapham, explained that “As a new bathroom can add around &12,000 to the value of a home, which compared to the cost of fitting one, is a significant return and may be a good option for people wishing to improve their home but without the space to add an extra bedroom or improve their kitchen.”

A Guide to Moving House with Children

Moving to a new home may be stressful for you, but it's even tougher on your children. But while adults tend to focus on the practical problems, a child will focus on all the losses that the move causes. This can be the loss of their friends or of a safe and familiar environment.

Children need time to get used to the idea of moving house so don't put off telling them. Highlight all the positive reasons for the move i.e. new friends, school, closer to family, garden etc. We all know that every child has a natural explorer inside so make the whole experience into a huge adventure.

We've got tons of tips to turn it into a fun adventure for the whole family.

Before you move
• Organise a family meeting and discuss the moving plans with your kids, if they are old enough to understand. Involve them in some of the decision making, where possible.

• If possible, arrange a day out to your new area, concentrating on the fun places to visit like new playgrounds, leisure centre, restaurants, local tourist attractions, cinema. If you can get access to your new property, then you can show them where their new bedrooms will be.
• Reassure your children about the change. If you are moving far away, consider having a “see you soon” party before you leave.
Packing
• Giving children who are old enough the responsibility for their own stuff will keep the anxiety to a minimum. It can also be therapeutic for kids to go through their belongings, throw out or give away things they no longer want.
• Pack a moving day essentials bag that may include; nappies, change of clothes, but also toys, comforters, blankets and favourite pyjamas.
• Explain to younger children that you are just packing their toys into boxes to move them to their new home, some children might think a new home might mean new toys and this might upset them.

Moving day
• Ideally, the best thing to do is have relatives or friends to look after your children for most of the day. However, we know this is not always possible. So if you have to look after them on moving day explain to young children exactly what is happening and what to expect on moving day.
• Set them their own jobs to do to help make them feel involved. For example, devise a toys checklist for them so they can tick off all toys as they arrive and are unpacked.
• Don’t forget to have some snacks and drinks to keep the kids going throughout the day - the last thing you want is a grumpy, hungry five-year-old!
• Make sure their first night in their new home is a special one. Perhaps order in their favourite food, put on their favourite DVD or read their favourite book. Anything that feels familiar will put them at ease their first night.

Settling in
• Maintain a routine. While children are adjusting to new homes and schools, you can provide comfort by keeping some things the same. Have the same morning and bedroom routines and don’t change nap or meal times.
• Explore the house - make it fun for your children, ask them to count the rooms or even have a game of hide and seek.
• Do not expect a child to be ready to go to school straight away. They need a little time to get used to their new surroundings. Maybe even ask for a class list from their new teacher so you can arrange playdates for your children before they start at school.
• Spend time exploring the new area with your child, especially parks, swings or walks, pointing out all the new exciting things they can do.

 

Local baby or toddler groups are ideal for meeting new mums and finding out about your area.

Most importantly, have fun! Moving home is an exciting time and is the start of a whole new generation of memories for you and your children.

Five Property Selling Myths

 If you’ve recently decided to sell your home, then you’ve probably been researching all sorts of information and asking for plenty of advice from family and friends on how to get it all wrapped up smoothly and quickly. While there are plenty of great tips out there on how to maximise the appeal of your home, there are also a few myths that seem to be passed around from time to time.

Luckily for you we’re here to fill you in on some of the selling tips that may not be 100% true or just wrong all together. So here are our top 5 property selling myths busted.

You get out what you put in
A property purchase is an investment, but that doesn’t mean you need to sink every penny of your income into it. Upgrading or renovating areas of your home - in most cases - increase the value of your home. However, renovations are not sure fire profit. Just because you put &3,000 into doing up your kitchen, it doesn’t mean you’ve added &7-10,000 to the value of your home. Also, if your taste in design is somewhat ‘unique’ then there may be a chance that you’ve turned one room from a generic blank slate, into a buyer’s worst nightmare. The key to putting money into your home is to focus on function and not fashion. Install any missing modern home features, but don’t burn through cash trying to wow potential buyers with your design skills.

You should always aim high
This one isn’t necessarily specific to the property market, but it’s a fairly mainstream belief that whenever you’re negotiating you start high and let them try and work you down to something more realistic. While this may be a good tactic in some situations, when selling a home, you have to keep in mind just how competitive the market actually is. When buyers search for a home they are most likely to look for properties priced below their maximum budget and try and bring the price down further, if your home is priced unnecessarily high, then it won’t even show up on some buyers' radar and you’ll be harming your chances of booking viewings.

Timing is everything
This is one of those half true tips. It is true that Spring is a good time to put your home on the market, the market is busier that time of year and there are smaller benefits such as the return of nice weather that improves the look of any home. But just because Spring is a good time to be on the market, this doesn’t mean that the rest of the year is a poor time to sell. Realistically, people are looking at homes throughout the year and there are plenty of factors that contribute to someone’s decision to move home. There is a chance you may receive more interest during the warmer months of the year, but if someone is willing to make an offer that’s right for you at another time, then there’s no point in delaying a move 3-6 months.

It’s the interior that really matters
This is another half-truth, the interior of your home is obviously quite important when trying to sell your home. However, the exterior also plays a large role. The exterior is your homes first impression, so don’t just assume that every buyer is going to take the ‘don’t judge a book by its cover’ approach to property. This doesn’t mean that you need to go all out by laying a new driveway and installing water features, but making sure the front garden is kept in good shape and doors or windows have a fresh coat of paint can go a long way in getting people in the door in the first place.

Buyers love a fixer upper because they’re such a bargain
Although this may seem a bit of a contradiction to our earlier point, when you’re planning to sell your home, it’s important that you invest the right amount of money to help get it off the market. All buyers love a bargain and in today’s DIY world some buyers will consider a fixer upper but that is entirely dependent on what they actually need to fix. There’s a big difference between putting up a few extra shelves and repairing some faulty plumbing. You might get lucky and find a buyer that doesn’t mind getting stuck into all of it, but the longer your list of repairs is, the shorter your list of potential buyers will be.