If you want to know the real worth of any property before you buy or rent it out, you need to opt for property valuation. This can be done by opting for a free house valuation from a trusted local estate agent. There are various ways of increasing property value.
Let’s take a look at the 7 ways to increase property value for buyers and renters!
1. Converting the cellar
If there is a cellar in the house, it can be converted into a living space or even a storage space for boosting the value of the property by almost 30%. But it should be kept in mind that the given percentage is only attainable if the building cost of the space per square foot is lesser than the price of the space per square foot.
There are many great aspects of converting a cellar. It is one of the least complicated home improvement projects, and it doesn’t require planning permission. However, if structural changes are to be made in a listed building, it has to be communicated with the local planning officer.
Even if there is no cellar in the house, you can dig down to add square footage to the building but don’t forget to hire specialists. Otherwise, you will end up creating more future problems in the property.
2. Splitting up a house into flats
This project is gaining more popularity in cities where the demand for liveable spaces is huge. By splitting up a property into several separate units, renters will find it easier to get tenants and maximise their rental income. This method of increasing property value not only generates income in the short term but also generates profit when you decide to sell the property.
However, before getting started with this project, make sure to carry out a detailed analysis of the nature of demand for living space in the area.
3. Converting the garage into a living space
If you have an unused garage in your house, it only makes sense to utilise the space. What’s better than converting it into a living space? Even better if you have a parking space outside the garage.
The first step in this project for you would be to check whether the garage is apt for conversion and if it calls for planning permission. Most cases might not require planning permission as the nature of work involved will be categorised as permitted development. Nevertheless, make sure to double-check with the local authorities.
Remember that a project involving the conversion of a garage is subjected to building regulations to make sure that it is structurally sound. Expect visits and audits from the building control service in your local council (or it can be an approved and independent inspector). They will look into certain important aspects of the living space, namely walls, roofing, electricity and drainage, to ensure that they are aligned with regulations.
4. Increasing the garden appeal
When it comes to cities, people have trouble with finding properties with gardens and kerb. So if you have a garden, make sure to use it optimally- specifically when you are trying to sell the property. Several small changes such as adding a deck or a patio can do wonders to a garden space and convert it into an entertaining space.
Keep in mind that a first impression can make or break a deal. So add a fresh coat of paint, maybe a new door and some interior decorations to spruce up the space. Trim your garden and sweep up the leaves for a clean and well-maintained look.
5. A side-return extension to extend the kitchen
A slender alley that runs side-by-side of the kitchen in a terraced (or partly-detached) house is known as a side-return. When you extend the kitchen to meet the side return as well as the entire length of the house, it will improve the layout of your house as you will gain valuable space.
If you have a single-storey house and choose a side-return extension, you can expect the projects to be classified as permitted development- given you meet specific conditions and adhere to limits.
Building regulations need to be complied with during this development, and you might end up losing a window or two.
6. Converting the loft into a bedroom
Whenever you add an extra bedroom, you can expect an addition of 15% value to your property. More so if it is a loft conversion with an added bathroom. While most of the loft can be converted, hiring an architect or a builder will be worth the expenses!
At the initial stages of planning, you need to familiarise yourself with various kinds of conversions that are available. It can range from roof light conversion to a mansard conversion. While the former option requires a lesser amount of structural work and is cost-effective, the latter is more expensive and may require planning permission. There are some strict rules to adhere to; make sure to check with the local planning body.
7. Open up your living space by adding a conservatory
Among many other important lessons, the pandemic has taught us the importance of being close to nature. And what better way to incorporate that in your property than a completely glazed conservatory that merges indoor space with the outdoors.
To begin with, choose a style- a modern or traditional style that fits with the rest of the property. Some other options available for glass are solar control glass and self-cleaning glass. However, double glazed is the minimum standard that is permitted under the building regulations. Your choice of framing materials can be timber, aluminium, and uPVC- depending on the quality you are aiming to achieve. So do your research accordingly and seek advice from experts.
Adding valuation to your property is crucial and we hope these 7 ways of increasing a property value were of help to you and you can implement them to boost the price of any property.