Can you add value to your property?

When you invest in property you must make sure the property works to the best of its ability and give you a good return. One of the best ways to do this is to add value to it and make sure it is an optimal situation for the strategy that you will be using.

There are multiple ways to add value and some of which are better than others depending on the strategy you’re going to apply. Below are some of the ways you can add value to your property.

• Convert unused space - Loft, cellars and garages are all spaces that may not be used to the best of their ability.  A loft conversion could be an extra bedroom and ensuite, cellars can be turned into a living area or into a large kitchen area. A garage can also be converted into an office, make a larger kitchen or even a spare room.
• Splitting the house into flats - depending on the demand for types of property, dividing a larger house into flats can be another way to add value. In places like London, flats are in high demand compared to large houses so you’re more than likely to get a better rental return and sale value.
• Extensions - If you have space surrounding a property then extending the property is a good option. By increasing the functional floor space of a property you're more than likely to increase its value. This applies to single and multiple storey extensions as well as conservatories.   
• Gaining of planning permission - You don’t always have to build something to increase value. Just by getting planning permission for any of the above will add value to a property.
• Refurbishment of kitchen and bathroom - The kitchen is often referred to as the hub of the house and the bathroom is where we clean and prepare ourselves for the day. Making sure these two types of rooms are in the best possible condition is another easy way to add value and unlike the above, you won’t need planning permission as this is just cosmetic work.
• Adding a bathroom or ensuite - Having an additional bathroom is another way to increase the value of a property and rental amount. This can be a big draw if you’re looking at a house of multiple occupancy.
• Improving the external condition - This includes the frontage of the house and often referred to as ‘the curb appeal’. If the house has a rear garden, then making sure at minimum that it is clear of overgrown plants and that it’s tidy is a quick and easy fix.

As you can see there are lots of different ways that you can add value to a property with some of them being more appropriate for different strategies and approaches. Please note that for some of the above you’ll need to apply for planning permission and make sure the works are carried out to the correct standard.