Increasing the chances of selling an older house

Homes that are 30-40 years old are likely to need improvements to meet today’s standard of living, especially houses which were built according to the owner’s specifications at the time. This is particularly important if you are thinking of selling at any point.

Regrettably, nowadays, houses are like a car, in that each year a new model comes on the market with all sorts of added gadgets.

In the past most the houses had a flat concrete roof, which, nowadays, is considered attractive, but then the flat roofs were left with rods sticking out and the ever objectionable solar heaters and water tanks on display.

At that time the family home was erected with the intention of having children’s houses built on top in the future. However, the children often did not like this idea and the result is the unfinished appearance remaining.

If you want to fix this a roof can be put on with a timber frame covered in tiles leaving a void at the centre within where the solar panels, tanks, extractors from air conditioning and so on can be placed, hidden from view.

Other changes you can make to improve the state of a house are:

• Replacing windows with single glazing with double and placing fly screens on them.
• It is worth having the electrical and plumbing systems checked to see if they have been damaged by time and if any parts need replacing.
• Install ceiling fans with lights in the bedrooms, kitchen and living areas.
• If any tiles are not attractive they could be replaced and if there are carpets in the bedrooms, these too could be replaced.
• In terms of security, place light sensors, which are very reasonably priced, at certain points and install a remote security system. A ready-made security door at the main entrance is recommended and modern double locks can be put on others.
• An intercom with a camera can be installed on the gate.
• An electric gate to the garage can be a major attraction.
• Replace the kitchen with a new Italian-made one.
• If your garden needs improvement, aim for trees requiring little water, such as pine, olive and carob trees, and avoid decorative ones.
• Replace rotten wood since it can develop into a more serious case of woodworm.
• If you have room add modern en suites to bedrooms with a modern shower with glass sliding doors and a toilet. It will be costly but is considered a major asset and could be well worth it for the return.
• With the increasing requirement of privacy make sure that you have a fence all the way around the property.

We estimate that for a house of 200 square metres this would cost around €50.000 depending on the state of the house. It is a large amount, but the value of the property will be increased much more than this. When selling a house, first impressions are of utmost importance.

As property prices increase, demand for older units has increased too since new properties are far more pricey.

Food for thought for all of us who have older properties.

Antonis Loizou & Associates EPE – Real Estate Valuers, Estate Agents & Property Consultants, www.aloizou.com.cy, [email protected]