Increasing the value of buy to let property, or for that matter any residential property surely has to be the top priority not just for property investors, but also for home owners themselves. From a property investors point of view, wishing to eventually let your property out to tenants, it is important to research your market and to understand what potential tenants will be looking for when they are searching for their ideal rental property.
Investment Property Partners property investors guide to increasing the value of buy to let property covers a number of topics that you may wish to consider if you are looking to increase the capital value or rental income from residential property.
Understanding the Buy to Let Property Market
All too often property investors seeking to increase the value of their buy to let property make the mistake of designing, remodelling and furnishing a home how they would like to see it, but this is often a big mistake as the décor, style and layout you find attractive isn’t necessarily what your target tenants will be looking for.
Instead you have to know what your target buyers or prospective tenants expect from a buy to let property and learn what sells (or rents) and what does not… get this wrong at your peril.
Seeing a buy to let property through the eyes of your target tenant or buyer is what you must always remember to do.
What about Internal Décor?
From a cosmetic viewpoint, you should always keep internal decorations light and airy.
People appreciate the feeling of space, so if you stick to contemporary interiors and light walls you can’t go far wrong.
Place little ornaments and such-like in places where the room looks a little bare – but try not to overfill it with home-ware bits as people can easily be put off if they feel they cannot put their own mark on the property… there is a fine line.
If you have a character or period property however, you should always maximise its original or unusual features.
Exposed beams for instance, are often a winner as they suggest quality and wealth.
Making Structural Alterations & Additions
With regards to the construction and appearance of a property from a structural perspective, there is also a lot that you can do here to increase the value of your buy to let property and its selling or letting potential.
But, a word of caution… please remember to get planning permission where needed!
Garages and swimming pools as well as high quality bathrooms and kitchens, all attract potential buyers, so if you have the space and budget to consider these, they are often avenues well worth pursuing.
As with all things though, you need to budget correctly and always focus on adding value to the property to make sure you don’t spend more than you know you will receive in an eventual sale or increased rental income.
En-suite bathrooms are also a big selling point – but only if done correctly…. a four bedroom house with two en-suites would normally be considered sufficient.
However, if you go with an en-suite for every bedroom, it could put people off as this will suggest that the house has too many rooms.
The extra space taken up by the additional en-suites may also impact on the size of the bedrooms, making them smaller which may not be a good thing.
What about Loft Conversions & Extensions
If you are serious about increasing the value of buy to let property or residential property that you will sell on then you may also want to consider converting the loft where there is sufficient space or even constructing a new extension to the property.
Loft conversions in particular, can add significant value to a property as they add additional living space and can be used for things such as an extra bedroom, home office or playroom.
Extensions and conservatories also make a house feel much larger, so are definitely well worth checking out.
Remember, anything that you can do to increase the living area of your property will be beneficial and should have a positive impact on its capital value.
If you are considering a large financial project such as a loft conversion or building extension you should always seek quotations from a number of local reputable building contractors with experience and a good track record of successfully completing similar projects.
Increasing the Value of Buy to Let Property
Please keep in mind that your aim is to increase the value of your property and to do this you need to achieve the correct balance between your expenditure and property value enhancement.
Remember, a cheap, shoddy job where corners are cut simply to keep costs to a minimum may be a false economy and could cost you more in the long run.
The Dangers of Ad Hoc Structural Alterations
One final note, always keep in mind what internal walls, or the lack of them do for you and your property.
Knocking through and moving internal walls when done correctly* can create space and open-up internal areas to give you so much more light and space, and could potentially increase the value of your property considerably.
Open plan living is definitely in demand at the moment; so use this to your advantage.
* Always seek the advice of a suitably qualified structural engineer before undertaking alterations of this nature.
Property Investment Solutions
As a leading independent property and land investment specialists Investment Property Partners offer expert advice and support to clients across our specialist areas of expertise helping them to achieve their investment objectives.
If you are a property investor searching for commercial property, residential buy to let or overseas property investment opportunities please contact us today to discuss how Investment Property Partners can help you.
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