Property investment is a long game, whether you’re looking to let to tenants or to make your own personal stamp with a refurbishment throughout. Renovations are a key component of increasing the value of a property and boosting its selling power, or increasing interest for potential tenants. Here are some of the ways you can look to increase the value of your property:
Loft Conversion
Plenty of modern new build properties utilise loft areas as habitable living space before the first tenant or homeowner even sets foot inside. However, plenty of properties on the market, particularly those built before 1975, offer plenty of potential for a loft conversion.
They’re one of the most cost effective ways of driving a higher price value on your property, dependant on your end vision. The key thing to a successful conversion is to make sure access to the loft is easy and that the conversion fits the rest of the house, rather than looking grafted on. You will have to strengthen the floor joists, which will raise the floor level, so make sure you leave yourself with sufficient ceiling height to stand up in.
Work on fully converting a loft space can cost anywhere around £20,000, which will increase should you opt for a dormer loft conversion to include a double bedroom and en-suite bathroom. However, splashing out on this option according to the Nationwide Building Society could add an estimated 21% to the value of your property.
Build an extension/conservatory
According to Nationwide Building Society, a modern extension on the ground floor can increase your property’s value by around 5%, while adding a bedroom to create a three-bed house will add about 12% to the potential asking price.
Extending the living space in your property is always a good idea, but poses the risk of the extension looking seemingly bolted onto the property rather than fully integrated. Ensure the style of the extension or conservatory matches that of the original property structure, and strive to enhance the feeling of space inside by keeping in style with flooring and no partitions or separate walls to prevent access.
A conservatory (average cost £5,000-£30,000) can add around 7% to the value, while a full-blown extension (£10,000-£30,000) can add around 11%.
Create curb appeal
Making a great first impression at the front door is guaranteed to settle a positive atmosphere and value to the property without even needing to step inside. A lick of paint or new front door entirely certainly wouldn’t go amiss. Moreover, a new letterbox, door knocker or house number can also enhance and revive the property exterior in some of the smaller, more cost effective ways.
Ensure pathways and windows are in good repair for the best first impressions.
Refurbished kitchen and bathroom
According to the Royal Institution of Chartered Surveyors (RICS), a new kitchen can easily make a property more appealing and adding as much as 4% to the value of a property. Storage is always a key factor, and the practicalities of a kitchen in particular can really have an impact on how favourably potential buyers or tenants view a house. After the kitchen, the next option is to spruce up the bathroom. A new en suite or second bathroom can add approximately 5% to your home’s value, according to Nationwide Building Society. But beware: don’t ever add a bathroom at the expense of losing a double bedroom, as this could work against you to devalue your property.
Go eco
Making your home energy efficient saves you money, as well as adding value to your home in the long run.
The Energy Saving Trust says that in an average home, laying DIY loft insulation can save you up to £145 per year, while according to Nationwide Building Society, laying 27cm-thick loft insulation will reduce heating bills by £210-£250 per year, and cavity wall insulation will save £210-£250 per year.
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