What’s the easiest way to add 20% in value to your property?
That’s 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 what’s the best way to get the most for your money…
For us – It was usually hard work, with me being at the end of a paintbrush deep into the night. You’d then try and fit a kitchen (poorly), get a cheap plumber to do your bathroom and find the cheapest boiler you could find.
Luckily we’ve moved on a little bit from that now. Whenever we do a refurb, we’re 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. It’s the easiest thing in the world to put up a stud wall and add an extra bedroom. It’s also the easiest way to add value! Guess what as well?
There’s tonnes of other things you can do:
- Tiled skirts in kitchens to prevent water damage
- Plinth LED lights – To add a WOW!
- Move your bathroom upstairs – again adding tonnes of value to a house!
- Never scrimp on the small things like taps (spending a couple of extra £’s makes a BIG difference)
- TV aerials in bedrooms – 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 did👇
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 – feature walls, LED’s in the kitchen?
- What do tenant’s want – aerials in the bedrooms?
All of these things will add £’000’s to the value of your property, make it more appealing, which in turn will increase the rental yield and average length of tenancy.
Wouldn’t that be great? Doing a refurb which generates you MORE INCOME!
That why – It’s 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.
- We’ll contact your letting agent to ensure a seamless tenant transfer, including the deposit, keys and all paperwork.
- We’ll contact your tenant to resolve any rent, maintenance or refurbishment issues you have, arranging a property visit if required.
- We’ll begin the process of maximising your income and wealth.