You will often read articles telling you of ‘guaranteed’ ways to add value to your property. These usually include adding extra rooms, en-suite shower rooms or a conservatory but what these articles don’t tell you is that, in certain circumstances, your best option could be to do nothing.
For instance, it’s a myth that doing up a wreck will always make you money. In some areas, there is high demand for properties which need refurbishing, but these properties rarely come up for sale. Low supply and high demand usually inflates prices, meaning you may not get the best return. So if you’re considering entering the property development market, do talk to me first so I can help guide you on work which needs to be done to make a property desirable for specific Tunbridge Wells tenants.
There is a steady demand for family homes in Tunbridge Wells from long-term renters, those re-locating to the area for family or work and those, who having sold their own home, choose to rent whilst they look for their next property. By purchasing a property of this type, other than preparing it to be let legally and safely, you may not have to make any other significant changes for it to be snapped up by a tenant looking for a family home.
However, in many cases, home improvements which add space will, in the main, add value. For example, an extra bedroom or en-suite which could be achieved by building over a garage or converting a garage or loft space. However, it’s essential to ensure this doesn’t ‘unbalance’ a property as it may not offer a return and could make it harder to let and it could even make it more difficult to sell when the time comes. For instance, if a property is extended to create a large family home, but the garden is sacrificed to do so, families may reject it in favour of the property with a big lawn for children to play on. Similarly, you can create problems if you add extra bedrooms but there is no room downstairs for everyone to sit and eat together.
I tend to find that the best investment you can make in any property you are planning to add value to is to fix any problems, from structural defects down to those niggling little jobs such as exposed wiring or poorly fitting kitchen units. And it's always worth investing in a fresh lick of paint, both inside and outside, to make a good first impression when tenants or buyers come round to view. This will make it much more desirable, as most people want to relax in their new home and not have to worry about repairs.
If you’re not sure where to start, I can help you identify which jobs to prioritise to increase the value of your investment property before letting it out, and maximise its rental potential, or if you are a landlord thinking of selling. Just get in touch by email to natalie.boardman@belvoir.co.uk
