An investment property that is ready to let straight away will save you time, but a property where you can add value, could increase your return on investment significantly and will also increase the value of the property.
There are numerous ways of adding value, here are six things that we have done to get the maximum return on our property investments:
💰PAYING THE RIGHT PRICE – From the get go purchasing a property below the average price of similar properties in the area is an essential start. Property investing is a numbers game and buying with your head, not your heart (knowing the price you are prepared to pay) is key.
🧱ADD AN EXTRA ROOM – Is there scope to add an extra room, as an addition to the current layout? An extra room can increase rents and the value of the property.
🔨LOWER THE CEILINGS – If there is sufficient height space, then lowering the ceiling could add enough height space on the floor above, thereby allowing the addition of another floor.
🧱ADDING A DORMER – If there is an accessible loft space, then adding a dormer can create an extra room or two.
🧱BASEMENT – Sufficient basement space could again create additional rooms.
🔑FUNCTIONALITY – This could be a standalone article, as functionality is perhaps one of the most important aspects of adding value. The final result will depend on your strategy, but as an example, if you are developing an HMO, consider how functional the living space is for the end users? If you are planning a HMO to accommodate 6 people, it is likely they will spend most of the time in their rooms. So consider whether the rooms are functional for long periods of use e.g space, light, plug sockets, wifi connect. In this day and age many of us have phones, laptops and TV, so having enough sockets and a good wifi signal is key.
What is the layout of the room like? Is there enough space to have a desk? You may want to consider maximising the space by having a built in desk or wardrobes in the dead space that’s available.
Having the space is great but maximising it to its full potential is where the money is and a little bit of thought about your end user will go a long way.
All of these ideas are worth considering as a way to increase your return on investment. As always worthwhile liaising with planning consultants, architects and structural engineers beforehand to ensure you are complying with the law and regulations.
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