Whatโs the easiest way to add 20% in value to your property? Thatโs the magic question. When I first started I used to do...
Whatโs the easiest way to add 20% in value to your property?
Thatโs the magic question.
When I first started I used to do the refurbs myself. I can remember the first property I bought, which was with my brother. It was a 2-bed ground floor flat in Bensham, Gateshead. It had a front room as you walked in, living room, kitchen, bedroom and bathroom to the back. It was a bit of a state when we bought it, I think an old lady had lived in it, and it ultimately needed gutting.
The problem with refurbishing a property is where do you start and whatโs the best way to get the most for your moneyโฆ
For us โ It was usually hard work, with me being at the end of a paintbrush deep into the night. Youโd then try and fit a kitchen (poorly), get a cheap plumber to do your bathroom and find the cheapest boiler you could find.
Sound familiar?
Luckily weโve moved on a little bit from that now. Whenever we do a refurb, weโre constantly assessing the cost versus the long term gain. One of the biggest wins you can find is having a large bedroom with two windows. Itโs the easiest thing in the world to put up a stud wall and add an extra bedroom. Itโs also the easiest way to add value! Guess what as well?
Thereโs tonnes of other things you can do:
- Tiled skirts in kitchens to prevent water damage
- Plinth LED lights โ To add a WOW!
- Move your bathroom upstairs โ again adding tonnes of value to a house!
- Never scrimp on the small things like taps (spending a couple of extra ยฃโs makes a BIG difference)
- TV aerials in bedrooms โ tenants love it
- Put a feature wall in your lounge
One of the company owners, Chris, did all of these things in a refurb we recently did๐
As you can see when first considering what to do on a refurb you need to decide the best way to spend your money:
- Can you create an extra bedroom by splitting a large one to create value?
- Is it possible to move the bathroom upstairs?
- What are your WOW moments โ feature walls, LEDโs in the kitchen?
- What do tenantโs want โ aerials in the bedrooms?
All of these things will add ยฃโ000โs to the value of your property, make it more appealing, which in turn will increase the rental yield and average length of tenancy.
Wouldnโt that be great? Doing a refurb which generates you MORE INCOME!
That why โ Itโs our job to generate YOU long term wealth from property.
For any sales, lettings or refurb help:
- Contact us today by phone or email to move your property to us.
- Weโll contact your letting agent to ensure a seamless tenant transfer, including the deposit, keys and all paperwork.
- Weโll contact your tenant to resolve any rent, maintenance or refurbishment issues you have, arranging a property visit if required.
- Weโll begin the process of maximising your income and wealth.
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