How To Increase The Sale Value Of A Property
by Abdul Aziz Mondal Real Estate 08 February 2023
Thanks in no small part to TV shows like Homes Under the Hammer, property renovation is a career path that many more people are starting to consider. Property flipping can be an incredibly lucrative venture for both homeowners and businesses alike and it’s a consistently rewarding and exciting life for those that enjoy a good challenge.
While the life of a property flipper is far from simple, the process itself is rather straightforward. You purchase a house as an initial investment, often one that has seen better days. This can be done either on the conventional property market or by going through an auction house. You then spend time and money renovating the house before selling it, hopefully for a profit.
It’s always going to be a different job every time because how much you’ll need to spend will depend on the state of each individual property. But breaking it down piece by piece, here are some of the more common renovations you might want to look at to gain the most value from your job.
The kitchen is the beating heart of the home and it’s often the room that requires the most significant investment. Your mileage may vary, of course, but if the kitchen cabinets are in decent condition, you can often get away with a few coats of paint and some new handles. The real expense is going to be the appliances (the oven, fridge, etc.) and the countertops.
The ensuite and bathrooms in the home are an often-overlooked factor when renovating. Looking around a bathroom showroom at a local major bathroom specialist will help you to find a style that works for you and give you a brace of ideas to work from. Remember, of all the rooms in the home, bathrooms are perhaps the rooms most beholden to fashion.
The avocado suites of the 70s and 80s, for example, are now seen as incredibly outdated and undesirable. So, always try to keep it modern and functional if you want to make money on your investment.
Of course, a home is going to be worth more if it has more rooms. Adding an extension to a home can add tens of thousands to the asking price. But it can also cost tens of thousands to bring to fruition. Adding an extra bedroom to the home or a “granny annex” might make it more desirable, but can you afford it? And can you get planning permission from the local council? A safer bet might be to add a conservatory to the garden, though note you’ll still need planning permission for it.
Loft conversions will add another usable room to your home, whether this is a living area, bedroom, or hobby room. If you don’t have much loft space, meanwhile, but have a decent amount of garage space, you could convert your garage into a living area. Either conversion should add a decent amount of value to the property.