So you’ve done it, you’ve bit the bullet and bought an investment property! First of all, congratulations – investing in property can be one of the most lucrative ways to earn a sound return on your investment. Whether you have purchased the property with the intention of developing it and restoring it to its former glory or you have bought to let – exciting times lay ahead.
Whatever your intentions with the investment property, there are various things you can do to instantly add value to further cement it as a clever purchase and we shall run through them now.
1) Loft conversions. A loft conversion creates instant space, something that a lot of families crave in small semi-detached houses. It can be used as a kids playroom, extra bedroom or just a storage area. For the amount of value the conversion will add to the house, the initial outlay is irrelevant and is almost instantly banked with interest in the value of the property. If you plan on converting the loft for bedroom space, make sure you declare it to the council.
2) Modernise the bathroom. No-one likes a dated bathroom! Get the bathroom up to speed and add value to the property. Bathroom suppliers are dropping their prices day by day as less people can afford such luxuries, which means there are some great deals to be had. For compact bathrooms, make sure the space is well utilized. Cupboards under sinks, large enough bath screens and ventilation are also important considerations.
3) Spacious. People love space and lots of it. You might be thinking you are pretty restricted to adding space within your home given that you can’t magically increase the size of your property, but in actual fact you can! Whether you are renting or selling, you must consider the various sources of light for each room – as this creates the illusion of space. Natural light is by far the best for this, where a room contains no natural light, you must strategically place lighting in the room. It is better if you test various positions as every house is different and make sure you try various different lighting options too.
Adding value to your property is more about research and effort than anything else. There are many different things you can do, each will add varying amounts of value to your home, you just need to decide which one is more appropriate for you home and your target buyer/renter.