In today's property market, we all have heard about decluttering and how presentation is important to make sure your flat or apartment looks at its very best for that all important viewing.
However, have you considered that the potential buyer may have made up their mind BEFORE they have even entered your lovely property?
The entrance and common parts of a building are the very first thing a prospective buyer will see. They may be waiting for the agent to arrive, or have driven past the building prior to actually viewing, so this first impression is vital and will impact on any decision. Post lying everywhere, chipped paint on the walls, worn flooring, scuff marks, sound familiar?
These areas are usually maintained by the managing agent and paid for out of the annual service charge. Often communal areas are painted every 3-5 years, but with all the use these areas receive, the moving in, and moving out, scuff marks, all add to a potentially grim, first impression. Not only can this have a negative impact on your potential buyer, but could be losing you money! A fresh bright entrance, being clean, and welcoming, will make the viewer feel more positive and look forward to seeing your property. It will also add value to your property.
If a buyer is impressed with the common parts, then the feelgood factor is in place. Buyers want to feel proud of what they are buying, they seek their friends and peers approval. When negotiating the sale, if the buyer has fallen in love with the building as much as your property, then you will achieve a better price.
One of the issues with upgrading the common parts is how much do you spend out of the buildings reserve fund? This will often entail meetings of the residents association and potential interior designers, to get a feel of what can be created. Often some long term residents may be more reluctant to the change,, and this is where the local estate agent can provide assistance. They will have sold or let properties in the building, they will know the comments made by potential buyers and tenants. Such as, 'great flat, but shame about the communal parts' because of this I will only offer 10% below asking price to reflect the condition. Final costings will depend upon the size of the common parts and whats actually needs to be done. However it would be reasonable to suggest that an attractive entrance and well presented communal areas, will increase the value and desirability of a property in the London perhaps by as much as £20-50,000. Money well spent.
If you would like any assistance on your building or recommendations on interior designers who have experience in creating stunning communal parts, please contact us.