The property market is a difficult market to flourish in. It’s all about how you manage your properties after purchase that will deal the real profit, and if you can maximise that profit – happy days!
Having a higher valued property will mean higher turnover and better business standings for future investments so here’s some way you can increase that value for your next property…
1. Make it functional
No one wants to buy a house that lacks functionality. When assessing your potential property, ensure that you set a budget aside to put towards installing or reinstalling functional features. These can include areas such as bathrooms and kitchens. Rooms and function areas like these are essential to any home and without those being up to scratch, a customer may not pay out.
2. Make it spacious
Space is important for living. People tend to avoid houses with dark, cramped and dingy areas, routing instead for a more modern and open plan property – make yours the same. For this consider extensions or instead, opening up existing space by knocking through walls or reordering the room setups. Anything from loft, to cellar, to garage conversions, can all achieve maximised space which was unusable before, raising the property value much higher – so keep it in mind!
Construction work to consider:
- Converting to flats
- Converting rooms to bedrooms
- Converting cellar space
- Converting a garage
- Converting a loft
- Widening existing rooms with side-return extensions
- Adding an extension or conservatory
- Or even a simple transformation of a garden
These internal property transformations have the potential to increase a house value to up to 30% extra than what it was before, so be sure to consider your surroundings.
Ensure that you stick to planning permissions if you are considering large construction work.
3. Make it modern
Finally, it’s okay having your place as functional, but if your decor is outdated does it really come across as worth the money?
Answer’s simply no. If you really want the extra value, make your home more modern. This can be achieved in several, simple ways. When installing new kitchens, it can be as simple as choosing on-trend surfaces. With bathrooms, consider more slick and sophisticated features. Considerations like this may be small but they help give the outward impression of a newer, up-market property. Come to estate agents and house-searchers and they will be much more likely to price your property at higher value if said aspects are in stead.
Hope these considerations help improve your property and its value going on the market!
Nick Fox started his property investment career 10 years ago and his portfolio has grown to one of the largest in the UK. Nick now mainly focuses on HMOs (houses in multiple occupation) and works to help others achieve property success too. Visit here to find out how he can help you.
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