Property experts have long since espoused the benefits of renovating a property. On the one hand you might be making your home more homely, on the other you might be motivated to spruce it up, resell it and make some money. If Return On Investment is your driving force, then it needs to be part of a strategy. It’s hard to recoup your costs if you’re in an area where the property prices aren’t booming – but here in London, where property values have increased by 18%. So here are 5 things that are likely to make your property more saleable, get you your money back – and if you are lucky make a little to boot…
Before we get stuck into our top 5, there are a couple of golden rules when it comes to renovating a property to make money.
Let go of personal tastes – if you’re being ruthless and really want to keep maximum profit in mind you need to let go of your personal tastes. You’re not going to be living in the property, so it doesn’t have to reflect your own creativity.
Look at current trends and fashions, but go for the most neutral of colours and styles – wide market appeal is what you are after.
Play to your market but keep costs down – If you live in Kensington, then a kitchen from a high street DIY store probably won’t cut it with potential buyers. On the other hand, if you’re renovating a small flat in Southwark it might be just the job. Think about what buyers will expect and do some homework on the most cost effective options. But don’t go too cheap though.
The Kitchen – House sales tend to live or die by the kitchen. It’s the one room where the whole family come together, so it needs to be smart, homely and functional. If you’re tempted to go for a complete and expensive refit you need to be sure that you’ll get your money back. As with all lifestyle decisions there’s an element of fashion involved too. Whilst it may not be your personal cup of tea, it is worth picking a neutral style so it appeals to a wider audience. So if you were pondering garish early 70s style orange cupboard fronts, think twice.
The Bathroom – bathrooms are different spaces to different people. On the one hand they are our refuge, the one place where we can get away from it all, chill and relax. On the other they’re a functional place to get clean, somewhere that’s part of the daily ritual, but as such they’re a key selling point and catering for both needs is important. If you can fit it all in when renovating, having both a bath that someone can take time to relax in and a decent shower for people with busy lifestyles is a must.
More rooms – making more rooms out of the available space that you have is a great way to add value to any property. Whether it is converting a loft into an extra bedroom, man cave or lady lair, or an outbuilding into a garden office – if you have an opportunity to make an extra room this can often add more than the cost of the conversion to the value of the property. Our 2 part blog on Loft conversions earlier this year gives all the detail.
On a really tight budget? A lick of paint and clean carpets work wonders for reinvigorating a property. Sprucing up any interior can be done relatively cheaply – whether you want to do the legwork yourself or get a local handyman to do it. Choose a neutral dose of DIY store bulk bought magnolia and hire a carpet cleaner (most supermarkets hire them out these days if you want to do it yourself).
Of course – if you are carrying out renovations you might need somewhere to store furniture and furnishings whilst the work is going on. A self storage unit with us is perfect for that, you can have it for as little or as long as you like – and with our Only Pays for the Days you Stay guarantee you’ll be keeping your costs to a minimum.