In the first Property Insights of 2018 Anthony Lassman imagines luxury property in 25 years time, James Robinson offers tips for trading up and Jamie Hope advises on how to go about preparing your home for a sale.
Luxury home 25 years from now – Anthony Lassman of Nota Bene Global
“Luxury property in the centres of major global cities will not change greatly, other than I see increased demand for lateral as opposed to vertical living, with a certain amount of more high-rise living.
Space layouts will provide greater emphasis on informal dining eg huge kitchen/ dining spaces as opposed to separate rooms; also greater emphasis on bedroom and dressing/ bathroom areas as more people tend to relax in their sleeping quarters and entertain in a more relaxed way.
There will be a move away from the overplayed developer look of now, with the ubiquitous finishings and fittings as well as the ‘cold contemporary’ styles, and far more individuality embracing greater influences from travel and natural finishes and materials.
- We will see larger floor plates given over to smaller number of bedroom units e.g. the 2,000 sq ft 1 bedroom apartment – particularly as wealth increases with less focus on family life.
- We will also see more high spec home offices provided as greater numbers of people work from home especially those with several homes worldwide.
- We will also see far more of everything concealed eg wiring and sockets etc as we develop sophisticated systems which control everything.
- There will slowly be a gradual greater awareness of the planet and sustainable materials etc but this should not yet be over- played.
- Homes will have to be built to protect against the increasing amount of natural disasters facing us – e.g. flooding, earthquakes, extreme weather conditions etc.”
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Strategies for trading up – by James Robinson of Lurot Brand
“The best way to move up the property ladder is to look at property laterally. It used to be possible to buy a tired flat and by just tarting up the kitchen and the bathroom you could earn enough tax free profit to climb another wrung on the ladder.
However, this kind of developing will no longer produce enough profit to cover your Stamp Duty and moving costs, so one has to look beyond the obvious and be prepared to remodel and extend. Opening lost space in corridors into useable and more valuable living space, knocking flats back together or extending into gardens, or improving access can all enhance your chances of getting to that illusive four bedder.
Buying short leases is another excellent way of developing. Being less mortgageable, short leases require buyers to have a much larger percentage deposit. And as long as they comply with the leasehold reform act more years can be bought. The profit comes from the discounted sale price as less people can buy them and can be bothered to enfranchise. One of the best things about them is that in the short time a short lease property will yield a spectacular rent compared with its purchase value. It just depends whether you have an appetite for what can be a relatively drawn out process. Achieving change of use can also be a fantastic way of improving a property’s value.”
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Preparing and how to sell – Jamie Hope, Managing Director at Maskells
“Moving house is often a very stressful thing. Why not break it up into a two part move – so during the sale process box up a percentage of your belongings and put into storage, which removes the need for piling things into cupboards.
Clean the windows – a small thing but always noticed. Clean surfaces to create fresh smelling surroundings and take the bins out the day before! It’s an old trick but to create a pleasant general aroma make some fresh coffee before a viewing. Always leave the house and let the agent do the viewing; nothing more off putting than a vendor hovering meaning that the buyer cannot relax and say what they really mean. They psychology of a viewing is very important and the buyer needs to feel comfortable and not be “over sold” the property by the agent. Lights on, curtains open, nice ambient temperature. Any small touches like fresh flowers, toys and animals hidden away.
In terms of quick fixes and finishing touches, my advice is to not try and make a property something it is not. If a house clearly needs a bit of work, celebrate that. It is a rare opportunity for an incoming purchaser to create the home of their dreams!!! If a house has been refurbished over the last few years and is being sold “as new” bite the bullet and re-paint to create that box fresh feel.”