When purchasing an investment property, resale value is an important consideration even if you’re planning on adding it to a lettings portfolio. Sometimes situations change, and ‘flipping’ a house by buying, renovating, and then selling might be more profitable for you in the short term. By being clever with renovations, you can maximise your return on your investment. With that in mind, we’ve put together a list of the top renovations most likely to raise your property value.

Living Space

One way to increase property value, is to increase floor space. While adding bedrooms can increase the value considerably, this is not going to be possible for all properties.

Before committing to adding new space you want to check the area you live in. Make sure there are similar houses in the area, and that there is a demand for them. If there isn’t a lot of demand for a 5-bed house in an area where people are mostly seeking 2-bed properties, other renovations are going to be more beneficial to you.

You will also need to check planning permission. In some cases, it will not be possible to extend beyond the existing shell, in others you will be able to extend into the garden, or convert a garage.

Loft conversions

Extending into the loft space is perfect for creating extra room. With a large open plan space, you could have a large extra bedroom with an ensuite bathroom, or even a home office. This kind of work will absolutely be subject to planning permission being granted, and it’s worth checking with a local agent whether the value you’re likely to add will be more than what you pay for the loft extension. If not, unless you’re planning to live in the property yourself and you’re after the quality of life that extra space can give you, it might not be worth it for an investment.

Kitchen renovations

It’s often said that the kitchen is the heart of the home. It is, therefore, no surprise that potential buyers are willing to pay more for a modern kitchen than they are any other room in the house. Going for a modern, easy to maintain spec can see you achieve up to £11,000 more on your home according to one recent study.

Bathroom renovations

Bathrooms are no longerjust about being functional spaces everyone fights for in the morning. With the help of an increase in Instagram and Pinterest interior design accounts, bathrooms are now seen as a place of relaxation and tranquillity. With this in mind, fitting a modern, stylish bathroom could be a way of boosting your investment.

Heating System

Making sure the house has an up-to-date heating system will also get people paying more. It’s something that a lot of people worry about when moving house so removing that worry will help drive the price up. It’s also worth noting that if you’re selling to someone who plans on letting out the property at some point, more modern boilers will help improve your property’s EPC score, meaning they’ll have to do less work before being able to move tenants in.

Garden

Now more than ever, usable garden space is key to achieving more when it comes to selling. Easy to keep areas with room for entertaining or other functionality can be worth a lot more than you might think. When the nicer weather hits knowing there is a private outdoor space can really increase the amount of money people are wiling to pay for your property.

Fixtures and Fittings

Other things to consider renovating include fitting double or triple glazed windows. Make sure tired windows are replaced as these are not only less efficient but can also look shabby too, especially if the glass has blown, trapping a layer of condensation between the glazing.

Replacing internal doors can also be beneficial too.

Making the house more energy efficient

There is no doubt there has been a rise in people looking for ways to help the environment. This means houses adapted to make this journey easier can see achieve higher prices. Solar panels and more efficient boilers aren’t just going to help cut the bills. According to Money Supermarket, it also has a direct correlation with achieving a higher property price.

So there we have it, good luck! If we’re your local agent in West London, we’d be happy to chat with you about property prices, and where we can see most value being added.