Adding Value To Property - Our Top 5 Favourite Ways
Last updated 21st October 2019 • Lois Arcari • JaeVee
Even when you’ve landed the biggest and best property in your portfolio, adding value to any property is always a smart way to go.
If you’re looking to add those extra touches that will make sure your latest development flies off the market, here are what we think are the best ways to add value to your property.
1. Loft conversions
Making extra space will always be one of the best ways of adding value to property.
Property investors often eye up all types of conversions, thinking that they can add wonders to their asking price.
But did you know that loft conversions could be a better investment than the average extension?
Nationwide found that a loft conversion to add an extra bedroom with an en suite bathroom would add on average of 21% to the value of a property - whereas the average extension will cost more, and only add £16,000 to a property’s value.
You’ll have to undertake such a big project the right way.
You’ll need to know what you want to do with it before you undertake the whole project - and help yourself out by keeping in mind your ideal buyer.
A family would probably appreciate a study room or extra bedroom, while young professionals may prefer additional living space.
Then you'll need to comply with building regulations and achieve approval, and it always helps to create a detailed planning scheme before you look for a builder - make sure you’ve checked the headroom that will be left in the loft after you’ve converted it.
2. Going green
Socially conscious first time buyers are increasingly searching for ways to save energy at home, but it’s not only buyers who reap greater rewards on their property when they go green - there’s a great chance that an energy efficient house will increase the profits of property investors too.
The most eco friendly homes are fiercely competed over, as it’s been revealed that over a fifth of people in the UK want integrated energy efficient appliances in their homes.
Tenants and buyers ranked features which would help to reduce their co2 emissions as more important than living within close proximity to good transport links.
So there’s real, concrete proof that property developers, investors and vendors can benefit from putting energy efficient houses on the market - they are uniquely desirable, and could boost your profit all while keeping both your buyer and the planet happy.
Energy saving property isn’t limited to new builds - there are plenty of ways for older style properties to keep green and clean.
If you own an older property, you can give your property some small changes that could make a big difference once your property comes to market.
The easiest thing to do would be to install new, more energy efficient appliances, like:
- Eco friendly washing machines that operate on low temperatures, like the Samsung Eco bubble.
- Water saving showerheads, which could save more than 26 litres per shower.
- Or even solar panels, which are an attractive property investment for house buyers who are looking to save up to 50% on their bills by generating their own energy.
Plus it allows you to get ahead of the game, coming before the government’s own plans to introduce new legislation that will make all new build homes with built-in charging ports for electric cars.
3. Stick the entrance
First impressions always count, so you shouldn’t miss out on the chance to wow your buyers from the minute they walk up to your property.
There are plenty of ways you can give your entrance point some TLC, such as:
- Replacing your house sign or number
- Naming the property
- Repainting or replacing doors
- Changing or repairing windows
- Adding climbing plants, trellises or hanging baskets
- Or adding a front porch
You should also make sure that if you have a front garden, that it’s neatly maintained and provides an easy pathway to your property, otherwise it could put your buyer's off before they even step inside your door.
Which nicely leads us onto:
4. Get to the garden
If you’re lucky enough to have bagged a garden of any size with your property investment, why wouldn’t you advertise one of your property’s biggest assets?
Gardens are well known for adding value to property, as a sought after feature in the national space squeeze.
So, apart from making sure it looks and smells appealing, what can you do?
Make sure that the garden feels like a secluded retreat for peace and privacy.
Adding garden furniture such as a swing seat, bench or sofa can make it feel like a sanctuary outside the home.
Or you can raise boundary fences by up to 2m without needing any planning permission.
Check all fences are stable and replace them where necessary to give families peace of mind for their pets and young children.
Add some extra value with a well kept shed, playful Wendy house or a pretty summer house.
While not everyone will be looking for it, these unique additions can easily convince a family to fall head over heels for their future home.
Even if your property doesn’t have much of a garden, you can accentuate the positives of green living by decorating your property with house plants, window boxes or fresh flowers, to associate your property with colour and well being.
5. Redecorate with purpose
Now, we know we’ve steered you away from more garish touches that might only appeal to you.
But if you always keep your end buyers in mind and stick to the attractive basics, then you’ll probably have all your bases covered.
Pick up a paintbrush and put a new lease of life into that living room, and scrub away that 70s combo of green and yellow.
Colours like blue, green and grey are timeless classics that won’t age if your buyers decide to sell up in the future.
But even more important than creating a classy, classic design, is making sure that you stop any potential snags for your buyers by taking care of unsightly features such as peeling paint, chipped wallpaper, dirty walls or stained carpets.
These are all easy fixes, but sometimes easily missed.
To find out more ways to add value to your property and your portfolio alike, check out our regularly updated blog.