This article offers tips on how to add value to your buy-to-let property before you sell.
One of the best moves you can make as a buy-to-let property owner is to increase the value of property already held in your portfolio.
Property investment should be viewed as a long-term investment. You don't need to be in any real hurry to carry out work in order to maximise value – it can be done over a period of many years. However, if you plan to sell the property in the near to medium future, and you want to boost its market value, we've provided some tips on how to do so.
1) Spruce up the garden/back yard
Central London homes aren't known for their generous-sized gardens, or any amount of garden for that matter, but if the property has any outside areas, make sure these look uncluttered and inviting. From installing potted plants and bay trees, to making sure any paving stones are free from cracks or weeds, a well-maintained outside area can add value when you come to sell.
2) Add an extra bathroom
If you're happy to do some remodelling, think about potentially incorporating another bathroom into the property, especially if there's only one bathroom and three or more bedrooms. If feasible, an extra bathroom can be achieved for minimum outlay (invest in quality fittings though) but can boost value by tens of thousands of pounds.
3) Open up the inside space
A preference for open-plan living persists, and many potential buyers, when viewing your property, will find an open kitchen/dining/living area appealing. A supporting wall can't usually be taken down, but some of the interior walls might be able to be removed, or a portion of the wall. By doing this, you can open up a space, enhancing its desirability in the eyes of many viewers, which in turn will increase value.
4) Pay attention to the exterior
Don't just look at how to improve the interior of your property. Stand in the road/drive/on the pavement outside it to contemplate how best to enhance 'curb appeal'. Could the window frames do with a repaint, or replacing altogether? Are the gutters in good order? How is the brickwork? How is the front door? Put yourself in a prospective buyer's shoes, and then ask yourself: what doesn't look appealing?
5) Upgrade the kitchen
A new and impressive kitchen can make the difference between selling the property quickly, and not selling it within the first six months. If you do upgrade, keep the colour palette neutral, and make sure the design is appropriate for the style of the building. A smaller kitchen in an apartment in a luxury new build complex would require a different look to a large kitchen in a four-storey Georgian townhouse on Montpelier Square, Knightsbridge, for example.
6) Update security
Security is a key issue these days for most homeowners. An up to date security system will be a real asset to the property, and prospective viewers will be pleased to see one installed already.
Obtaining an accurate valuation marks the first step in selling your central London property. For a free property valuation
, contact us today.