When investing in a house, it’s important to consider that the renovations you are making will add value to the property. Investing in a renovation project typically works best when buyer demand is high, as it is right now.
If you are actively searching for a renovation project, you are in the right place. Our expert team has three suggestions that can help you spot a property with a lot of potential to add value.
Does the property offer space for conversion?
A decent-sized loft or basement is something that you should keep an eye out for. These empty spaces offer the opportunity to add another bedroom, bathroom, or living area, making the property more spacious and potentially more attractive to buyers when it comes to selling in the future; don't forget to confirm planning permission.
Can the layout be improved with a few tweaks?
Try not to dismiss houses that are subdivided in their layout. Often, homes with unconnected rooms can be transformed into an open-plan layout. Lookout for properties where there is a small kitchen next to a large dining room that could be knocked through, or a bathroom next to the main bedroom that could be transformed into an ensuite.
Could energy-saving devices improve the property’s EPC rating?
It is important to not disregard homes that currently have a low EPC rating. In fact, there is a lot of potential to add value, and following Rishi Sunak’s Spring Statement in March, adding energy-saving devices and materials such as solar panels and roof insulation has never been easier. Now that VAT has been scrapped on a range of devices, making energy improvements to a property may be less costly than you initially thought, creating a great opportunity to make a profit on a property. *
Whether you’re looking for an investment property or your forever home, our experts are here to help.
*Development Finance
