Increasing the value of a property is all about spending wisely and focusing your efforts in the right places.
For example, there’s no point pumping large amounts of cash into a 3rd bathroom in a 2-bedroom property. It just wouldn’t make sense. So what does make sense?
In many cases, it’s always a wise idea to liaise with your local estate agent on how you could efficiently increase the value of your property. They should be able to point out some easy wins, or suggest some more involved transformations that may make financial sense in the long-run.
Increasing the value of your home doesn’t always have to be an expensive process. Simple and semi-inexpensive changes can get you quid’s in. But of course, the more you put in, the more you’re likely to get out of it. Value also correlates with quality; so unless you apply changes to your property with quality, taste and proportion, don’t expect to watch your equity grow, even if you make every suggested change. Here’s a general list of ways you can increase the value of your property.
The most obvious and most expensive option, but often the most rewarding is building an extension. Adding extra living space is a great way of adding value to your property. Adding extra bathrooms and conservatories are popular choices, along with building extra rooms on top of garages that are attached to properties.
It’s imperative you add space wisely, I can’t emphasise that enough. For example, some times having 2 large bedrooms adds more value than having 3 small bedrooms. As mentioned, asking your local estate agent could provide you with some guidance.
Converting a lift into a liveable area is a great way of adding space, especially in urban areas where properties are close together and consequently have no room to extend outwards. Skyline windows that provide plenty of natural light is a big winner. Converting a loft can be a lot cheaper than upsizing or extending. A basic conversion can start at 10k, but the average profit can be 50k, depending on regional factors. Loft conversions are more popular in London and the south east.
This can be a costly move, but by converting a basement, you’re essentially creating a whole new floor worth of space. Unlike with a loft conversion, you won’t be limited with a pyramid roof.Like loft conversions, basement conversions are more popular with buyers in London and the South East. Returns are less easy to predict and depend on the size of the property and the local property market. You could be looking at upwards of £50,000.
There’s a major shortage of greenery these days, consequently green space is starting to affect the value of property. Green grass will soon be like gold dust.Making simple changes like making your garden green by laying down lawn, removing unattractive weeds and bedding plants can add plenty of value, and will attract families and earth lovers. This can be an extremely easy and cost-efficient way of adding value to your property.According to the Halifax, over 50% of homeowners would forgo a second bathroom or bedroom for outdoor green space.
The whole studio look is BIG these days. The hearts of many have swayed towards open spaces and clean finishes. Since open-plan is in demand, the value of open-plan has increased dramatically. Knocking down walls and merging the kitcten with dining and entertaining area seem to be desired, especially with young professionals.But remember, you’re essentially reducing the amount of rooms you have in your property, and by doing that you’re limiting your market when it’s time to sell. Make sure you do your research before knocking down walls. If you’re looking to increase the value of your property for the purpase of making sale-profit, find out what type of people are looking to buy in your area.
Increasing amounts of people are starting to become ‘green conscious’, not only to help save the world, but also to help reduce monthly costs. An energy efficient property can appear to be extremely appealing to those looking to reduce those monthly bills. Here are some useful Tips On How To Make Your Home GreenThe Home Information Packs are going to be introduced in August, and experts predict that energy ratings will start to affect the value of property.
Add a garage
Adding a garage can be an extremely profitable home improvement. A garage is a big plus for car owners, especially in crowded neighbourhoods with limited space. Garages reduce insurance premium rates, provide extra security, provides extra space and removes parking permit costs.
Prices can vary anywhere between £5,000 and £25,000 according to size and style. According to Nationwide, adding a garage inceases your property’s value by over 10%.
Everyone loves and wants a beautiful kitchen. Expects say that a fantastic looking kitchen, finished with high quality, is the job most likely to increase the value of a property.People often refer to the kitchen as the most important room in a property, so it’s extremely important it’s done right.Getting a quality kitchen fitted can be expensive, but there’s no doubt about it, it would be a wise investment if it’s done right.
Having the novelty of having an extra bathroom can nicely add value, especially in a family-market. Additionally, en-suites are also extremely desirable, especially in 3+ bedroom homes. But as mentioned in my opening paragraph, it’s important you don’t build an extra bathroom unnecessarily, otherwise you could be wasting both your money and time. For example, if you have a 2 bedroom property, don’t build an extra bathroom upstairs, a toilet downstairs would be much more suitable.
Disclaimer: I'm just a simple landlord blogger; I'm not qualified to give legal or financial advice. Any information I share is my opinion based on my personal experiences as an active landlord, and should never be construed as legal or professional advice. For more information, please read my full disclaimer.