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
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.
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).
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%.
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.
Wishing you every success
Please note this is for information only. Please do your own due diligence before any investments. Thank you for reading