Whether you’re buying a property to sell on or to rent out, you probably want to find some ways to add more value to your investment property.
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On top of maintenance tasks, like furnace repair, adding value is a smart way to maximise your returns on your investment. If you’re renting the property out, adding value can earn you a higher rental income, as well as adding value when you eventually decide to sell. Here are some of the easiest ways to add value to your property.
If you have a property with a loft that hasn’t yet been converted, it is worth considering. Loft conversions can add a lot of value. However, the conversion itself isn’t cheap to do, so it’s really only worth your while doing if your property already has a high value, so you can make what you spent on the work.
In most cases, a loft conversion doesn’t need planning permission, but you should always check first. They also need to adhere to building regulations. This might involve having to replace the floor joists and making sure there is enough headroom in escape routes.
Adding a dormer is more expensive than putting in a skylight, but it will give you more space and headroom, so it can be worth the extra cost.
Update The Bathroom or Kitchen
Bathrooms and kitchens can be what sells a house. You want to make sure both look good, but, if you only have the budget to do up one, choose the kitchen.
Despite the increasing popularity of convenience food, people still spend a lot of time in their kitchen, so it’s worth spending the money here.
Spending some money on doing up an outdated kitchen with a new layout, new cabinets, and more modern equipment can add a fair bit of value to your property. If you don’t think the costs of a kitchen renovation will be made back from the increased value, you can add value in a lower-cost way with simple changes like changing the cabinet doors for something more modern.
Increase The Living Space
A good way to add value to a property is to increase the living space. You can do this in a few different ways, such as adding a conservatory, building an extension, or converting the garage.
Conservatories are in demand with a lot of buyers. The weather can be unreliable, and the conservatory can bring some of the outside in, and let people enjoy the garden all year round. Conservatories aren’t cheap, but they can add a fair bit of value.
A lot of people don’t use their garages to park their cars in anymore, partly because a lot of older garages are too narrow for newer cars. Because of this, changing the garage into some more living space can have a big impact on the value of the property. If you’re worried about losing the storage space of the garage, see if you can convert the garage but still leave some of it as a storeroom.