8 Ways You Can Add Value to Your Investment Property Before Selling
Are you planning on selling your property? Here are 8 ways you can add value before you sell…
Selling a house can be incredibly challenging; from selling a property at auction, to investment property ownership transfers, there’s plenty you need to get your head around. Experts like Surrey, Salisbury, or St Albans solicitors have services dedicated to helping with all your needs. That said, you can dig around and do your own research to get started.
Many people could be getting a higher value for their properties, but they are simply missing out on these eight tricks of the trade. Whether you are selling your first house, or are a seasoned pro, some of these tips for increasing the value of your property may surprise you.
No matter what your budget there is something for everyone. Have a look at these eight ways you can add value to your investment property before selling…
Updating the Kitchen
The value of your property can be greatly affected by the kitchen. It’s a room that prospective buyers will pay a lot of attention, to and where a good portion of us spend a great deal of time.
Simply revamping the kitchen layout so you can fit a dining table, adding a fresh coat of paint, replacing old appliances, and upgrading cabinet doors, can increase the value of your property by as much as five percent.
Whether it’s a complete remodel, or just a cost-effective spruce up of the space, updating the kitchen is a good way to add value to your property.
Converting the Garage
Adding some extra space to your property is a great way to increase the overall value. In some cases, converting the garage into a living space can be the perfect way to achieve this.
Within urban areas, a parking space is a luxury, and a garage would be an asset. However, there are many instances where an additional room would be worth a lot more.
Many garages are too small for modern-day cars and end up empty or as a place for clutter to accumulate. You could turn it into a study, an extra bedroom, or even an annexe to skyrocket your profits.
Conservatories
Like garage conversions, a conservatory can bolster the property value by adding to the amount of living space. In countries like Britain with notoriously terrible weather, a conservatory allows buyers to make the most of a garden come rain or shine.
The average price of a conservatory can be anywhere between 5 and 30 thousand pounds. But, with this exciting addition to your property, you can see a five to seven percent increase in value.
Extra Parking
We have already mentioned the value of parking in urban areas, but adding a garage can be costly and very dependent on space. Turning a front garden into a handy parking space, however, could be a very profitable solution
You may need to add a dropped kerb and get planning permission for the work but, if it’s possible to add a parking space to your property, you can see some huge returns.
Vehicles have become a necessity for many, and most households will have multiple. Because of this, and the limited parking space in cities, having a place to park on a property has been known to increase values by £50,000.
Updating Electrics and Adding Central Heating
A sure-fire way to impress potential buyers and drive up the price of your property is by modernising things like heating.
Many people consider central heating a must-have for their homes. Installing central heating will cost you between £1,000 and £3,000, and must be done by a professional. This improvement to your property could add around £5,000 to the value, making it a worthwhile investment.
On top of that, ensuring that your electrics are meeting the current standards is a necessity. We recommend hiring a qualified electrician to ensure everything is up to date; it will make a world of difference when you sell.
Loft Conversion
Taking advantage of any excess space within your property can be the perfect way to increase its overall value. A loft extension can be the best way to achieve this.
Adding a loft conversion to a property will generally add around 12 percent of the property price back onto its value. In many cases, planning permission is not required, and it’s generally a quick and straightforward process.
However, this approach can become very expensive. The minimum price of a loft conversion in the UK is £20,000 and they can easily reach £50,000. Because of this, you should only use a loft extension to add value to your house if the property has already been valued at over £180,000.
Even though the typical loft conversion will not need planning permission, you should still check with your local planning office to ensure you are following the rules and meeting regulations.
Improving the Exterior
When preparing to sell a property, people tend to forget about one of the most important part; the buyer’s initial impression. Having a beautiful exterior can help increase the property value just as much as remodelling the kitchen.
Improving the exterior with a few simple tactics may increase the value of the property by three percent, and can be a fairly cheap process. We recommend:
- Adding a fresh coat of paint
- Installing a new door
- Tidying the garden and adding some flowers by entryways and windows
- Removing any cobwebs
- Replacing/cleaning the house number
Improving or Adding a Bathroom
A shiny bathroom can be the cherry on the cake if you want to improve the value of your property before you sell. Whether you simply upgrade the bathroom your property already has, relocate it to maximise space, or add a completely new en-suite, this type of improvement can have a two to 10 percent increase on the property value.
The bathroom is an important part of any property and improvements can be made whether you are on a budget or not. You could:
- Update an old floor
- Revamp the vanity
- Add a mirror to a small space to open up the room
- Install new light fixtures
- Add some storage
- Add a fresh coat of paint
Adding Value to Your Property is a Great Investment
If you’re planning on selling your property, implementing one or two of these tips can skyrocket your profits. No matter your budget there are always ways to maximise space, create a pleasing environment, and showcase the advantages of a property. Don’t miss out.
Please be advised that this article is for general informational purposes only. Be sure to consult a solicitor if you want advice on selling your property. We are not liable for risks or issues associated with using or acting upon the information on this site.
