Five things Selling Sunset has taught us about property prices
Netflix’s Selling Sunset is the TV reality-drama that has everyone talking and who would have thought a show about real estate could be so addictive? However, as well as tuning in for the glamour, catfights and heartache, fans have also loved learning about all of the extraordinary homes on the market. While the properties sold on the show are million-dollar listings in the Hollywood Hills, there are still some key lessons to be learned in terms of valuing your own home.
Views add value
Properties with excellent views tend to sell quicker. Take Davina Potratz’s notorious $75 million dollar listing – her awe-inspiring property has seven bedrooms, ten bathrooms, a gym, a pool, a home cinema, among other features. However, as it lies within a gated compound, there’s nothing much to look at outside and with no views to look out upon, almost everyone on the show agrees that the property is extremely overpriced. As a result, nobody has yet put in an offer on the home, although Davina insists that may be about to change.
Luxury features will always add to the price
A home is immediately worth more if it incorporates some additional features to give it an extra touch of class. It’s very common for Selling Sunset listings to have spectacular amenities like spas, tennis courts and wine cellars, but less extravagant add-ons can still add a great deal. For example, Premier Lift Group estimates that home lifts can add up to 25% more value to a property, while Luxury Lifestyle Magazine notes that the likes of waterfall showers and instant-boiling water taps are strongly worth considering.
Makeovers are essential
The Selling Sunset homes undergo rigorous transformation processes before being showcased to potential buyers and the extensive repairs and replacements can have a huge impact on the final selling price. For instance, after the Oppenheim realtors arranged $40,000 worth of property improvement in one episode, the house was valued at $240,000 higher than the original asking price. Makeovers like these also involve making sure the property is properly furnished. “We get to set-design the house if you will. It really helps to sell real estate,” LA-based British real estate agent Jonathan Nash explained to BBC News, “Showing vacant houses with no furniture does happen [in London] and it doesn’t show a home in the best light.”
Spacious kitchens and bathrooms bring the price up
Thanks to the modern, spacious kitchens and bathrooms, properties on Selling Sunset are always highly desirable. These rooms are incredibly important to buyers so they need to be attractive and hygienic. This is why, according to Propertymark, 65% of UK homeowners have renovated their kitchens before selling, while 29% of homes sold in 2019 had a new bathroom fitted. All in all, a kitchen and bathroom makeover can increase property value by 10%.
The better the outdoor space, the higher the value
Buyers on Selling Sunset are always on the lookout for beautiful yet functional outdoor spaces which are perfect for entertaining. For instance, the iconic Versace mansion had a garden with a double staircase for show-stopping party entrances, as well as a lawn, swimming pool and spa, lounge area with day beds and an outside kitchen complete with a fire pit and BBQ. A large, attractive garden has the potential to add a great deal to the property’s price tag. In his BBC interview, Jonathan Nash insisted that “Those that pay as much detail and put the same money into the landscape really benefit from it on the back end.”
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