Is it a Good Buy for Adding Value?
Are you looking to buy a home where you can add value? Here are some of the things to look out for to ensure you can maximise the return on your investment.
Home extensions
Extending your property is one of the best ways to add value to your home. When deciding to buy, find out if there are any restrictions and whether the current owners have ever applied for planning permission for building works. If it looks like the property has potential to be extended, for example a Victorian property with a side return can often be extended to produce a bigger kitchen, then get advice from a local builder or architect on the options and costs. Once you have this information, we can advise on the value before and after the works.
Don’t forget to also consider a basement or loft extension as these can result in an extra bedroom and en-suite which will further push the value of your property up.
Adding another storey can also add value to your home and give you an additional bedroom and bathroom.
Find out if any of the neighbours have done something similar as this could set a precedent in terms of planning permission.
If there doesn’t appear to be any space to extend find out if there’s a possibility of purchasing adjacent land as this could drastically increase the value of the property.
Open plan living
Many families are seeking open plan living configurations so look for a home that has a small kitchen next to a large dining or living room that can be knocked through. Make sure you find out if the wall is load bearing or a stud partition as this can affect the cost of making the areas into one room. Talk to a surveyor or structural engineer to find out what your options and likely costs are.
Many badly laid out properties can be re-configured to offer much more potential as a family home.
New kitchen or bathroom
Two of the most valuable rooms in a property are the kitchen and bathroom. These are the rooms that can put off or sway a potential buyer. Get some costings if you want to give your home the wow factor in one of these rooms and talk to us to find out how much value it will add to the property. If you’re considering buying a home that requires a new kitchen or bathroom you can rest assured that it will instantly add value.
Add a downstairs toilet
Homes where you can add a downstairs toilet will add value and appeal to families with young children as well as those who like to entertain. It will also appeal to older buyers who struggle to get up and down the stairs.
You may not even need to knock down walls or build an extension as you could fit a downstairs toilet into the under-stairs area, partitioned off area of a large room or even in a cupboard or pantry.
Unappealing homes
Don’t discount a home that on first sight is unappealing. This is exactly the sort of property you could transform to give a great first impression. If it has an unattractive façade talk to an architect about the options and some simple cosmetic changes such as new windows or a fresh coat of paint can work wonders.
Restoring old properties
If you purchase a period property that has been modernised and is now out of date (there was a trend in the 80s to rip out original features) you could restore these to add value. Buyers now look for original features in older properties as it adds character. Look for where fireplaces, floorboards, bannisters, radiators and doors can be restored.
Improve the energy efficiency
If you are looking at buying a home that has a poor performance certificate, this is something that can be easily improved. You can replace an inefficient boiler, insulate the walls and roof, add solar panels or ground/air pumps. This will make a big difference to its value and appeal.
