Five ways to add value to your properties
If you have cash to invest, rather than extending your portfolio, you may want to review your existing properties to see if you can unlock their potential.
Here are five ways you could add more value to your houses.
1) Extend or convert a property
If there’s space available around the property, you could look at extending the back or side. In some cases, a nearby outhouse can be utilised and joined to the main house by a link extension.
If you don’t have a garden or plot around the house, look into the possibility of buying adjacent land. This could lead to considerable growth in the value of your property.
Alternatively, you may want to look at going up or down. Is there potential for a loft or basement conversion? Is there scope for adding another storey? You would need to take expert advice on whether the existing structure would be strong enough to support another storey.
It’s always worth taking a look to see if similar properties in the road have been extended in some way – you could find inspiration there.
There are a number of ways you can change/extend the footprint of your property without having to get planning permission.
2) Change the interior layout
If you can’t change the structure of the building, you may be able to change the internal layout.
Take a look at the floor plan of the property to see if improvements can be made. For instance, you might be able to utilise space to put in an extra bedroom. Or it may be more practical to remove a wall and have an open plan area such as a kitchen/diner.
First, you need to find out if the wall is internal or load-bearing. If it’s load-bearing, it will be more expensive to remove the wall as some form of structural support will need to replace it. A surveyor or structural engineer can advise on this point.
3) Fit new kitchens and/or bathrooms
Kitchens and bathrooms play a significant role in the value of a property.
If a home only has one main bathroom, it will gain a broader appeal if you can install a downstairs toilet. This additional facility will be welcome by all types of tenants. Take a look at cupboards under the stairs and other odd spaces to see if they can be adapted for this purpose.
A new kitchen, with all the latest mod cons and plenty of storage space, is another improvement that will have appeal across the board. Most of us spend a significant amount of time in the kitchen, and this is one room that’s guaranteed to add value to a home if it’s fitted out in style.
4) Give the property a facelift
Simple cosmetic changes can make a home instantly more attractive. Inside, this could mean fresh paintwork and new carpets and curtains.
Outside, tidying up overgrown lawns and plants, maybe adding a patio for seating space will make the garden more appealing. Low maintenance is often a key factor for many tenants.
Privacy is another sought after element. If you can plant trees to screen a garden from the road, it becomes more useable.
5) Improve the energy efficiency of the property
Finally, if you have a property with a poor Energy Performance Certificate, you should consider what improvements can be made to increase the property’s resale value.
This may mean replacing windows with new double-glazing or updating an old, inefficient boiler with a modern heating system. Also, check to see if insulation can be upgraded. Installing loft and cavity wall insulation is a relatively inexpensive way to improve energy efficiency.
Would you like to learn more about property investment?
Register for our course: An Introduction to Property Investing
Our Property Investing Masterclass will help you to understand the different property investment strategies that you can use in today’s property market.
Dates: 6th and 7th June 2019
Venue: Marriot Hotel, Heathrow
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