As a property professional or landlord, you may constantly be on the lookout as to how to make home improvements to add significant value to a property.
Some property owners choose to make key alterations and conversations to add value when it comes to selling or renting out as a method of making a substantial profit on the price initially paid. Keeping up to date with how properties are now being adapted to suit different needs and generate a quicker sale is of high importance if property is your main source of income.
Here are just a few alterations to consider making on your newest property project to boost the sale or rental value:
1. Basement conversion
The conversion of a basement could add a 30% value increase on the home and is usually one of the first alterations property professionals make, as planning permission isn’t necessary. If the house doesn’t have a basement, some property developers may hire a professional team to excavate the ground underneath the flooring to create a brand-new underground space.
2. Split the property into two flats
It is often the case that landlords or property professionals split the building into flats to generate two separate sources of income; whether it be to sell or rent; especially in city locations. This is usually more frequent in and around London where space is tight and finding accommodation is hard to come by.
Before any building work takes place, it would be wise to carry out some in-depth research to determine how much demand there is for apartments within the location. Consider whether three-bedroom apartments are more popular for families, or if singletons are looking for a smaller abode to use as a base for commuting into the city.
3. Add a conservatory
One of the easiest ways landlords or property professionals can add value to the home is by adding a conservatory which dramatically increases the amount of living space. Double-glazing is the minimum standard style of glass required by building regulations during conservatory construction, however, you may opt for other glass types such as self-cleaning or solar control which may add further interest.
If the home already has a conservatory attached, you should ensure it is properly insulated. By doing so, you can reduce the cost of your energy bill while also keeping the heat in. Turning to experts like Rundle and Dorey for conservatory roof insulation services can help generate even more revenue on the property.
4. Make use of the garden
In cities in particular, garden space is limited, so if the property you are planning to sell or rent has outdoor space, be sure to make the best use of it. A simple patio or decking can transform the entire look of the garden and give the property more of the ‘wow’ factor. Take a look at the most obvious features first before you make any structural changes. For example, paying attention to the condition of the lawn, paintwork and woodwork.