If you are investing in a property for profit, or you’re looking to increase the value of your own home, one of the best ways to consider boosting the market value is to include a renovation budget in your investment. Even if the property is in great condition, there will always be room for improvement and potential to boost the selling price by utilising the existing spaces available. So, here are our top three considerations for renovating for investment opportunities.
Converting existing roof space has always been a popular choice for many DIY fans as well as professional building companies. Look at the space you already have available in the property: An attached garage that could be better put to use as an extra room, an unused loft or an empty basement. These are going to be the best places to start within a budget and a certain timeframe because they make use of already existing structure and usually won’t involve any additional planning permission or red tape. Most likely, a loft conversion will be the option available to you, as very few houses have a basement or can afford to lose a garage space.
Even lofts on the smaller size at first glance can make for excellent additional space. The first thing to consider is the use of the space and then begin to plan around its functionality. Budget for insulation, piping, flooring and alteration to the roof, as well as simple interior costs such as carpeting and paint.
The more appealing, fresh and modern you can make the space look, the better for the value of the property. In fact, if you have the budget to furnish the room, this will also look better when the house is on the market. Think of it as the bonus room that they buyer didn’t expect to get with the property – a great selling point.
Property extensions are always a great value boost. Depending on the space around the home that you have to utilise, this could be a fantastic option. While it may come at a greater cost than a conversion due to the amount of build-work and planning permission involved, it could offer a much larger space, or even more than one room.
Budget may call for additional planning however, as there may be much more work involved in an extension (depending on how large it is, etc) than there would be with converting an already existing space. Similar to a conversion, budget for unexpected costs, building costs, electrical work, heating and, depending on the function of the room, plumbing and insulation.
3. Attention to Detail
If you really want to add value to a property, the key is in the detail. So, renovating isn’t simply about creating new spaces, it should also be about making those spaces a luxury in comparison to similar properties.
Ideas for attention to detail include: modern or unique lighting (such as up-lighting in a loft space or spotlighting in an extension); letting in the light (make use of the renovated space by introducing modern window options that allow for great air circulation and light); flooring (keep it simple, modern and functional, but don’t neglect it); décor (if you have the budget for it, make sure you pain the new space to look fresh, vibrant and inviting. You could go the wallpaper option if you’re going full-on furnishing but remember that taste is subjective).
You will get the most out of your budget for property renovation if you plan ahead first. So, look at the existing space and maximise its use as a starting point. Next, look to extend if and where you can. Consider how the room might be used and cater to its function from the beginning. Finally, add that extra touch: the convenient storage, the modern lighting, etc – this will be what rises your property when in competition with others of the same market value.