There are many ways that you can add value to your investment and it is not always with a paint brush and adding a new bathroom suite! What you can do is gain planning permission for a scheme that is attractive to potential buyers, create an environment that is demanded by your target market, maximise the space and try to future proof the property.
In this blog we can dive into each element.
Planning Permission. This will be the most significant way to add value to your property. You can either add value by gaining planning consent and going though the building process to make the changes, or you can gain planning permission and then sell the property with this consent and add value (and profit) without lifting a paint brush. You may have the expertise to look at a building from a new angle or the buyer may lack the imagination, lack the time to wait for permission or want to remove as much risk as possible by buying a building without permission. There are many ways to add value such as adding a storey, adding an extension or changing the buildings use class. All take time, money and expertise so will add value.
Create a home that is demanded by the target audience. After living through Covid-19 we all now need so different things from our homes. If you can demonstrate to a buyer that they can have a separate office and living space this will add to value to your buyer, can you create more space via a garden room or can you showcase outdoor space in a different way. If you can really understand your buyer and then create a product to meet their needs then you will be adding real value to the property and their future home.
Make the most of the space you have to offer and make it different. This can be achieved through a loft conversion or using a space room or nursery for an office. If you lack imagination then look to the surrounding area and research the planning portal for examples of what others have achieved with the same property as yours. You can maximise the space you have and add value to any buyer.
Future proof your home by considering what are the hot topics right now and what people demand. You could consider satisfying the green buyers by installing solar panels, can you add electrical car charging points or can you change the heating system to heat pumps. These can add real value to a potential buyer who may see taking on the installing themselves as to much work and remember you can get grants for some green improvements.
It's essential to get add value that is valued by your potential buyers. If you can understand what your buyer needs and wants then you can create that product they want or give them the secured option that they can create what they want - added value.
