Five ways to add value to a property

As I review designs for a refurbishment and extension; It has me thinking about the possible different ways to add value to a property.

Here I share my top five

Renovate

Bringing a property up to date by adding a new kitchen and/or bathroom can make a whole difference. As a starter, even a fresh coat of paint and new flooring/carpet can immediately increase the value.

Extensions

Creating extra floor space, or an extra bedroom will add value. Take advantage of that extra space in the garden or loft (subject to planning).

Title Splitting

Buy a property and spilt it into two, three or more properties to rent out or re-sell. For example a house valued at £500,000 split into two flats at a value of £350,000 each will bring the total value of the freehold to £700,000.

Apply for planning permission

If you have a property that has potential for development, why not apply for planning permission. A property sold with planning permission obtained to develop could increase the value of a property by around 10%.

Dig down

Turning a basement into a living space can increase the property value by up to 30%. Please note that with all build work you have to ensure the build costs per square foot do stack up. Digging a new basement could cost around £80,000. where as converting an existing basement could cost £20,000. Make sure you do the maths.

Happy investing

Wishing you every success

Nannette

 

 

Disclaimer

Please note this is for information only. Please do your own due diligence before any investments. Thank you for reading

2 thoughts on “Five ways to add value to a property”

  1. It’s true renovation brings so much life especially to an old property. Definitely worth counting the cost before beginning and keep to the budget.

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