The question most investors ask when starting their journey is… do I really need to renovate?
Well in this blog the NPP Group will explain five different ways you can renovate your property to increase property value.
1. Convert The Cellar - Potentially Increasing the Value by 30%
Converting the cellar in your investment property can be one of the least complicated renovations because you don’t need planning permission. The conversion qualifies as a ‘change of use’ which means you don’t require planning permission. However, if you are making structural changes to a listed building you must talk to your local planning authority.
Your investment property doesn’t have a cellar? Dig down to add square footage to your home, but keep in mind building a cellar will require specialist skills from experts such as structural engineering and excavation. So it is important to hire the right team from the start to make sure your investment property doesn’t meet any problems in the future.
2. Split the Property into Flats - Potentially Increasing the Value by 30%
Converting your investment into flats is a great way to increase property value in a city location, where demand for flats is high. Therefore increasing your monthly rental income.
However, before you start to renovate your city property, you should do some research to check that there is demand for flats in your area!
3. Convert the Garage into Living Space - Potentially Increasing the Value by 15%
If the only use you have for the garage is somewhere for your car to sleep, you should consider converting this into living space. Especially if your investment property has on street parking.
You should first check the suitability of your garage and whether you need planning permission. In the majority of cases, the work that is carried out on garage conversions is classed as permitted development, but you should always check with your local planning authority to make sure.
4. Converting the Loft - Potentially Increasing the Value by 15%
Converting the loft into an extra bedroom can add an extra 15%, especially when it’s a bedroom with an en-suite bathroom. Most lofts can be converted, however it is worth double checking with a builder before you go ahead with the renovation.
The majority of conversions are considered permitted development, unless they are Mansard conversions, but check with your local planning authority first.
5. Put in a new Bathroom and Kitchen - Potentially Increasing the Value by 15% - 20%
Getting a new bathroom and kitchen will most certainly increase the value of your property, but can be an expensive investment. But the good news is, you can make improvements on a budget.
To reduce your costs, you should keep the existing kitchen and bathroom layout, to minimise pipe and water inlet movement, which will dramatically increase your costs. Similarly you should keep an eye out for seasonal sales for kitchen and bathroom installations and decorations.
These are our five favourite ways to increase the value of your property but there are many other ways to get it done. If you want to learn more about how you could increase the value of your property, get in touch with our team today.