Are you considering buying an investment property and want to add value to it so it’s worth well above what you paid for it? Or are you planning to move house and want to raise the value of the potential asking price?
The property market has had its ups and downs especially over the last 10 years, but even with that said the average amount of time it takes a property to double in value is 7 years depending on location.
Here are some top tips to adding value to a property;
1. Start from the exterior. A well-presented exterior will create an immediately positive impression in prospective buyers or renters. Make sure paintwork is fresh, the grass is cut, and there are no weeds or dead plants lining the driveway.
2. Boost your outdoor appeal. Even if your investment property is an apartment with a tiny balcony, you can present it so that potential bidders will imagine themselves enjoying a drink outside or inviting friends over for a barbecue.
3. Add a bedroom. If you are planning to renovate your property, give serious consideration to adding a bedroom with an en-suite bathroom. Extra rooms are always popular. Depending on the layout of the house you might be able to squeeze an extra bedroom from the other rooms on the floor.
4. Convert your attic. A loft conversion is a good idea if it falls within your budget.
5. Upgrade bathrooms. If your bathroom is dated and tired, adding features such a power shower or underfloor heating can really boost buyer interest.
6. Allow for parking. If you have the space for it, convert part of your garden into a parking space (but make sure it is landscaped properly).
7. Consider your kitchen. Adding a modern looking kitchen is essential these days, black worktops with white gloss doors are currently the trend however grey feature walls with grey carpet seems to becoming ever more popular.
8. Upgrade your windows. This applies to old windows that need replacement. However, never put modern windows in a period house.
9. Add luxury features such as a sauna, gym or wine cellar is rarely worth the expense.
Minimum value adding refurb formula:
• New modern kitchen
• New modern bathroom
• Allow for possible electrical work
• Allow for possible new windows
So, as you can see ‘adding value to a property’ doesn’t need to be a minefield!
If you’re really serious and want to know exactly what needs to be done to the property and costs associated with said works then we offer a service that does all this for you. Simply send an email to [email protected] and we can go from there.