How can I increase the value of my property?
Although there are no guarantees, there are numerous ways to improve your property, which should increase its value.
Some of the more expensive (but very effective) alterations include converting the loft into a usable room or adding a conservatory to provide extra ground floor accommodation.
Provided it is in keeping with the style of the property, an extension can add significant value. You can often extend without having to apply for planning permission provided your proposed extension meets certain conditions based on its size, position and proximity to your boundaries.
You might also consider converting a basement or adjoining garage to provide a self-contained “granny” or “nanny” flat. Although this can be expensive, it meets a growing demand from single or first-time renters (and indeed some downsizers) who look for a simple “roof-over-their head”, pied-à-terre accommodation.
Less expensive alternatives include increasing the usable space of your property by revising its internal layout. This can be done at a much smaller cost than an extension. Putting in a new kitchen (now an important part of our living space) can add to the value of your property as long as you ensure the price bracket of your kitchen matches the price bracket of your house. Opening the room up to join the garden for safe and easy movement between the two spaces can also add value. Energy-efficient heating and hot water systems are vital, as are modern bathrooms with quality fittings.
Simple projects such as paving the front garden or updating the front door will all add to the property’s “kerb appeal” and will in turn create a “wow” factor, resulting in potentially higher rent and increased capital value.
This is one of the 50 most asked questions in our new book: Landlord Intelligence