Property development, almost by definition, is the process of buying a property and then selling it for a higher price. During the interim period between these two acts, a developer might actually seek to make improvements to a property, with a view to bolstering its value in the eyes of would-be buyers. But exactly what kinds of improvements will yield the most appreciable uptick in value?
What do I need to increase the value of a property?
Improvements cost money. The outlay will cover the cost of different tools and materials, as well as the talented workers who’ll be bringing the former to bear on the latter. For more extensive renovations, a property developer might want to bring in a project manager to help limit the costs. Or, that same developer might instead devise a spreadsheet and do the same job themselves.
For best results, you’ll want an idea of the kinds of features that would-be buyers will be looking for. If open-plan kitchens are in vogue, then providing them can be very lucrative.
Extending the home
If you can expand the floor space of a property, then you’ll usually bolster its value in the process. Think about the features that are lacking in the existing space, and how you can introduce them to the extension. You can typically save money if your structure is constructed from high-quality concrete blocks rather than brickwork, particularly in places where said brickwork is not going to be visible.
If your extension is going to be highly visible, or very large, then the chances are good that you need planning permission. In fact, whatever the scale of the extension, it’s worth putting in an application – or at least making an enquiry.
Energy efficiency
The more energy-efficient the property is, the cheaper it will be to run in the long term. This will tend to be reflected in the price. You can insulate a home by adding mineral wool to the loft, injecting special foam into the cavity walls, or installing double-glazing. Draughts can be closed off, and pipework can be covered in foam tubes. When researching the insulation options, it’s worth thinking about ventilation – since trapped moisture could create a problem.
Redecorating
A fresh coat of paint can add a little bit of extra value before you take the property to market. Choose colours that are neutral, and not garish. Pastel shades and magnolia tend to work well.
You might also go further, with a kitchen or bathroom remodel. These changes can yield big improvements in perceived value, especially if the underlying pipework and utilities in the space don’t need to be interfered with.
Garden and landscaping
Finally, we should consider the outdoor space, which, in many cases, will be just as important as the interior. A well-designed outdoor space, with a patio, can serve as a living area, kitchen, and even a gym – so make sure that you’re capitalising on the potential offered by yours!
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