At Northern Property Partners, when we help clients buy property, they are often looking the purchase, to create a monthly rental income. This can be done with either BTL and HMO. Our clients main objective is about a strong monthly rental yield and how to generate a monthly income from your investment.
Often by the nature of our business, we help our clients add value to their investment property by renovating the properties to a high standard. The aim is to create something that over the long term will see a capital growth. If the property rises in value, you could either sell that property at a profit, or reinvest back into growing your portfolio, which of course, is a great way to increase your ROI.
Adding value is key to help increase the value of your property, and so having a lot of experience in this field, we thought it would be helpful to give 5 ways in which you can add significant value to a property:
- A loft conversion – This is something we like to do at NPP Developments. It’s no secret that adding extra square feet to a property will of course, add value. Essentially an extension, by adding extra bedrooms, bathrooms, an office, or a play room, can really boost sales dramatically. You are effectively adding an extra storey onto the house, which will make the property feel more spacious, it will house more people and this will be reflected in the price that buyers will pay for it.
- Strip the dodgy carpets – This goes without saying. When we help you buy a property, the renovation is already priced up, inclusive of new flooring throughout. Would you believe buyers will pay a premium for properties that look high-end? The easiest way to achieve this is to get rid of faded, grubby, patterned carpets, and make way for something special. If you don’t have floorboards, don’t worry – there are plenty of options you can choose that create the feeling of luxury, without the price point.
- Create a ‘super-kitchen’– According to many estate agents and property experts, the kitchen is where the uplift is. By knocking through the wall separating the kitchen and living room, you can create an impressive, open-plan kitchen/living space. That feeling of space has a high price point, and you could add as much as £50,000 to the value of your property. This is a great way to add value to a ‘flip’ as you will be selling it for profit.
- Storage solutions– Storage is often a concern for people, if the loft or basement is used. A great way to not have clutter around the property is to create clever storage solutions. A space under the stairs, or alcoves in the sitting room can all be made to have cupboards and storage which give space and style to what can be an over cluttered room.
- Design– Interiors can be key to taking your property from being ok to ‘wow’! Did you know that by using a some clever interior styling can increase your sale price, and reduce the time in which it is sold or rented. Don’t underestimate the power of a selection of good accessories and a clever colour scheme. Using simple skills and working with professionals to help you could pay you back in dividends.
Please get in touch with any of our teams to ask more about any of these ideas.
