Buying a property is one of the biggest financial investments most of us will ever make, but how do you make sure that investment is a wise one?
Of course, the first step is to choose your property wisely. If a property is already finished to the highest standard and has little potential to extend or develop, you’re going to be limited in what sort of return you’re going to receive, and the value of your property is only likely to go up nominally with rising property prices. If you choose a property that has significant scope for development, either through expansion or an upgrade in the finish of the property, you have more chance of adding value to the property. Buying in an up and coming area is a way to potentially add even more value, but it also comes with greater risks; which areas are classed as ‘up and coming’ can be widely speculative.
Once you’ve purchased a property there are several things you can do to add value to it. Here are our top 5:
- Add space: The most reliable way to add value to a property is to increase the property’s floorplan. Whether it’s the conversion of a garage or loft space, or the addition of an extension, adding to the amount of usable space in the property, especially in the form of extra rooms, is a sure fire way to add value to your property.
- Add kerb appeal: Most people will decide in the first 5 seconds whether they’re going to buy a property or not, so kerb appeal plays a huge role in the value and saleability of your property. Keeping the front of your property tidy and attractive, maximising any outdoor space and making your house attractive from the road side can add both value and saleability.
- Add a professional look: Most of us these days like to take decorative and small DIY tasks on ourselves, but if you’re looking to add value to your property do not underestimate the difference professional decorators will make to the look, value and saleability of your property. Decorating and interior design are skilled professions and the outcomes can add real value to your property. Conversely, sloppy paint jobs and bodged DIY can significantly reduce the value of your property. If you’re looking to add value to your property with some interior design inspiration, check out these top interior design trends for 2016.
- Add a new bathroom: It is estimated that the addition of an extra bathroom can add as much as 6 per cent to the value of your property, with a growing expectation for ensuite bathrooms fuelling this. Adding an ensuite bathroom to a large master bedroom can significantly widen the appeal of your property and therefore command a premium.
- Add a high quality finish: If you’re looking to add value to your home, but extending the property is not an option, it’s important that you invest in the ‘finish’ of the property. Real wood flooring rather than laminate, high quality floor tiles rather than vinyl flooring, high quality kitchen and bathroom finish, and feature fireplaces will all show that the property has been invested in. These features can add significant value and appeal to a more discerning buyer who will be prepared to pay a premium for a high level of finish.