This is a question that estate agents are often asked.

In my opinion, the general rule for Chelsea is to do ‘all or nothing.’

While a quick lick of paint and some new, inexpensive carpets might shift your property in a buoyant market, the Chelsea clientele are generally used to paying a premium for more than a mediocre finish; even the untrained eye can invariably see past a basic touch up to procure a quick sale. If one chooses to do some work, it is certainly worth investing some time, money, and effort into the appearance of a property prior to taking it to market.

Foreign investors who have long dominated the databases of Chelsea estate agents, are more often than not, less inclined to ‘do-up’ a property upon completion. Whilst actively looking on behalf of their clients, Search Agents will dismiss properties if the décor or finish does not meet their clients specific and non-negotiable requirements.

It’s not breaking news to hear there is still a surplus of prospective purchasers rather than property available to buy in prime Central London. In this instance, it’s only natural to assume that a property in any condition, should, and can sell. This is certainly the case but the interest and offers you’re likely to receive will not necessarily reflect the premium price you may have achieved with a little more effort.
Should you choose to carry out remedial works, make sure you do your research; have a look at the competition; compare the appearance of your property to those in the immediate area. Ensure your property stands out from the rest.

However, if you don’t have the spare capital (or you’re simply not inclined to add ‘interior designer’ to your CV) then my best advice is not to lift a finger and sell the property exactly as is.

Those clients are often pleasantly surprised at the amount of interest generated even if their property requires a fair amount of redecoration. As mentioned already, this is due to the supply and demand curve; currently swinging in favour of the vendor. There are of course other people who actively seek properties in need of refurbishment in order to make it their own or indeed to add value.

So far in January, 60% of the properties we have agreed, require a fair amount of cosmetic refurbishment; few of them have been agreed at much less than asking price.

The answer to the question of expenditure then is either ‘all or nothing.’