Renovating a property is a great way to make money on the housing market. By spending a little cash, you can upgrade the specification, and greatly increase the property value. When it comes to selling the house, you’ll pocket a tidy profit, and move onto your next project!
Lots of property tycoons make their money this way. The trick is to know exactly what changes and upgrades will add value. More importantly, you need to know which upgrades are a waste of time and money. We asked the property experts at Greenaway Residential about the changes that add real value to a property. Here’s what they came up with:
The kitchen – The kitchen is the heart and soul of any home. As such, it’s the most coveted by house buyers. When looking for a new property, prospective buyers always prioritise the kitchen. An upgrade here will add thousands to your property price. Start by installing modern features and cabinets. If possible, make it an open plan design and include double doors onto the garden. A large, modern kitchen is the best way to add value.
Bathrooms – Following the kitchen, your bathrooms are the next on your list! Just like the kitchen, buyers are looking for a clean, modern design. We place a lot of value on a well fitted bathroom, so it’s worth taking the time to install upgrades. Fit a high-pressure shower and install new tap fittings. These are relatively cheap and simple upgrades that deliver high value.
Curb appeal – If you want to secure great value when you sell your house, you need to sell it fast. The longer your property is on the market, the more it will cost you in fees and hassle. That means improving the ‘curb appeal’ of your home. It’s one of the most important things to do before you sell. We’re talking about the first impressions here. Front gardens, doors, windows, and entranceways. Prospective buyers make a decision almost immediately. That means wowing them as quickly as possible. Again, these are very cheap alterations you can make without much trouble.
Conversion – If you’re feeling confident, you could take on a full conversion project. In the right location, a conversion is the best possible way to add value. Upgrading a two-bedroom house to a three-bedroom house will add thousands to your price. However, in some locations, there is a glass ceiling when it comes to house prices. Even an extra bedroom won’t break through it. So, consult your local estate agent, and calculate whether a conversion is worth the cost.
Double glazing and insulation – Last of all, boosting your home’s energy efficiency is a fantastic way to add value. If you can show buyers that their energy bills will stay low, you’ll bump up your asking price. Simple things like installing double glazing and improving your insulation will help here.
With these changes, you stand to add a lot of money to your renovation project. Of course, they cost money to install. But, you’ll make it all back on the sale. Good luck!
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