3 cost effective ways to add value to your properties.
There are many articles, blogs and people saying that they know the best way to add value to a property. From a simple dust to an extension, I have been working hard for the benefit of all the landlords and property managers to narrow it down to the best way to make more from your property. So what’s the conclusion? Gardening? Insulation? Solar Panels? Although these are all good ways; I couldn’t find a simple one-size-fits-all answer but until then, here are the top three methods out there that are bound to boost the profits that your property hosts.
Firstly, give the place a paint job. That’s right, at 20 quid per can, how expensive can it be? You could even do it yourself! I think I need bigger emphasis on ‘could’. Get some help from your tenants, brother, wife or whoever is capable and there you have yourself a property with added value with little cost. (Although you might owe a few favours!). A few tips to consider: it’s not just the walls, the skirting boards and window frames all add to the overall aesthetics of the building. Not to forget the exterior, if in doubt, go with white. A white exterior makes the place appear larger and appeals to %40 more potential buyers.
Secondly, this one concerns your monthly costs, and your properties value. Win-win! Go green – you may have done it already, you may loath those 30 seconds it takes for the energy-saving light bulbs to come to their full brightness but stick with it. Your bank account will agree. There’s still more you can do, like installing energy efficient appliances. When you’re next shopping for kit, make sure to spot the ‘energy efficient’ logo. Once your property is fitted out with these appliances, your bills will thank you (and so too will the environment!). Not only will your monthly bills be reduced significantly, with these furnishings, you can add a little extra to the price of your property!
Finally, in our quest to find cost effective ways to improve the home, we bring you to the loft. Converting the loft will bring an estimated 10 to 15 percent increase in the value or your property -Especially in London where space is in high demand. At an average cost of £550 per square metre, there’s profit to be made. Besides, what is your loft currently doing now? Hoarding those boxes that you still haven’t packed from the day you moved in? Now you can turn it into an office, or another bedroom, squeeze in another tenant – And there you have it, it’s paying itself off in no time!
Every property is different and that’s where you can decide where the most improvements can be made. Whether you’re a landlord or family homeowner, you have to work out how much it will disrupt tenants or your family and for how long will you reap the rewards of a long term investment? These questions are ones only you can answer but hopefully after reading this you have had a little push in the right direction.
Ashley Charles is an estate and lettings agency in Reading; Specialising in residential sales and lettings.
Sources used include: http://blog.propertyowl.co.uk/