PROPERTY owners thinking of selling are facing into the Spring madness month. February is preparation time for many as they gear up for the property market of March. But those who are really serious about maximising the achieved price for their house have already started the work.

Preparation is the key and it takes more than a few weeks of painting, tidying and decluttering. Redecoration for many is purely the previous points but for property developers it involves investing in a new kitchen, a modern bathroom, fresh flooring and a whole new exterior elevation.

As a home owner, you might not be interested in property development but once you decide to sell your home you should become that property developer. Making a profit from your home is the most tax efficient way of making money.

The profit made from selling the private family dwelling is tax free, so why not try and get every last penny possible.

The key to maximising profit is to ensure the amount you spend does not exceed the resulting increase in your property’s value. Despite common perception of the cost of anything for the house, it is not always necessary to spend a fortune. A new kitchen can be bought flat packed from In House Panelling, B&Q, Homebase and Kitchens Direct for a fraction of the cost of a fitted kitchen. Be savvy with your choice of designs and invest in a good counter top. Go for timeless classics rather than dating trendy pieces that will put off some buyers. Make sure to do plenty of research into similar properties in the same area. Talk to local estate agents and seek their advice about what’s considered a selling point for the buyer.

If family rooms are high on the target market’s list of essential rooms, consider converting the garage.

Research the ceiling price limit of similar properties and resist extravagant improvements that will push up the cost of your property beyond this ceiling level.

In general the same house on a large development cannot get more than 10 per cent above the others despite all the extravagant personal extras. If the property is an individual house on its own plot, modernisation and tasteful decor will more than return its cost.

Remember these golden rules though:

* Avoid strong colours that make your house seem smaller than it is.

* If the bathrooms are dated, certainly invest in new white suites. You don’t have to spent thousands. A new suite can be bought for under €500 these days. Rip the embossed tiles off and shop around for travertine and porcelain tiles.

* Kitchens can make or break a sale. Make sure your kitchen is eye catching and well planned.

* Do not leave jobs unfinished. That socket hanging off the wall is not a feature.

* Cream kitchens are very popular today. If your kitchen is pine and orange after years of ageing, elbow grease, cream satinwood and a new modern counter top will make you lots of extra cash.

* Try not to stamp your own personal taste on the house. Remember that when the time comes to sell, you are trying to appeal to the masses, not yourself. Keep it neutral and light.

* Be advised by the local auctioneers. They are selling houses daily and know what’s a good investment and what’s not. Turning a fifth bedroom into a luxury en suite and dressing area may get you an extra €10,000 for a cost of €2,000.

* Keep a tight hold of your home improvement budget. Spreadsheets are invaluable for keeping track of every change to your expected spend.

If you overspend on one area you must pinch it back from another.

* Don’t be passive and lazy. DIY and interior design is hard work and very time consuming but think of the tax-free profit.

info@sineadkellyinteriors.com

- Sinead Kelly source : www.independent.ie