Looking for a home that offers the chance to increase its value? If you're keen to invest in property, it’s essential to recognise opportunities where you can make improvements that boost resale value. Whether it's a fixer-upper or a home in need of modern touches, here are 13 things to look out for when attending property viewings.
1. Research the Home’s Value History
Before committing to a property, investigate how its value has changed over the years. Tools like Zoopla’s house prices feature offer insights into past sale prices and current value estimates. Compare this with local market trends to determine if the property has already reached its price ceiling or if there’s room to grow. If nearby homes have sold for significantly more, this could indicate you’ve found a bargain with untapped potential.
2. Opportunities to Extend
One of the most effective ways to add value is by increasing the home’s footprint. Look for properties with scope to build outward, whether through side returns (common in Victorian and Edwardian homes), rear extensions, or converting unused spaces like basements. Detached homes with generous gardens may allow for extensions without sacrificing outdoor space, while farmhouses or outhouses offer possibilities for link extensions or complete transformations.
3. Convert Loft Space
If a home has an unconverted loft, it could be an opportunity to add an extra bedroom or bathroom. Loft conversions are highly sought-after and can significantly boost a property’s value. Check if neighbouring homes have added dormer windows or full loft extensions, as this can increase your chances of securing planning permission.
4. Acquire Additional Land
If the plot seems too small, consider whether there’s an opportunity to buy neighbouring land. Acquiring additional land from a neighbour or freeholder could substantially increase the home’s overall value. Be sure to ask the estate agent if they have any knowledge of nearby plots for sale.
5. Create Open-Plan Living Spaces
Open-plan layouts remain popular for their modern, spacious feel. Look for homes with separate, small kitchens next to living or dining rooms, as these could be easily merged into a large, open space. While internal walls may need to be removed, a small investment in this type of renovation can lead to a big increase in property value.
6. Fix Layout Issues
A poor layout can often be one of the biggest deterrents for buyers, but it’s also an area where you can add value. Assess the floor plan to see if walls could be moved, rooms could be opened up, or spaces better utilized. Even small adjustments like shifting doorways or reinstating walls could improve flow and functionality, enhancing the property’s marketability.
7. Update Kitchens and Bathrooms
Tired kitchens and bathrooms are prime candidates for renovation, offering excellent potential for value-adding improvements. Kitchens, in particular, are central to a home’s appeal, so updating cabinetry, appliances, and surfaces can be a game-changer. Bathrooms, too, can benefit from relatively simple changes like new fixtures, modern tiling, or a fresh coat of paint.
8. Install a Downstairs Toilet
Adding a downstairs toilet, especially in a family home, is a big selling point. Look for spaces like under-stairs cupboards or basements where a small WC could be installed. While plumbing is a consideration, it’s an investment that often pays off, increasing both the appeal and value of the home.
9. Look Beyond Aesthetic Issues
It’s easy to be put off by an ugly exterior or dated décor, but cosmetic problems are often the easiest to fix. A property with a poor aesthetic can be a great opportunity to add value through painting, landscaping, and minor cosmetic renovations. Properties in desirable areas with good schools or transport links are worth the investment in a facelift.
10. Address Noise from Busy Roads
Homes on busy roads are often priced lower due to the noise factor, but there are effective ways to mitigate this. Installing double-glazed windows, creating sound barriers with fences or hedges, and adjusting access points can make a significant difference. After these improvements, the property could achieve a higher resale price while still being a bargain purchase.
11. Consider Adding a Garden Room
A garden room can serve as a home office, gym, or extra living space and adds both functionality and value. Modern garden rooms with electricity and heating can be used year-round and are increasingly popular as flexible, additional space. This is a cost-effective way to increase usable square footage without major renovations.
12. Restore Period Features
Period homes often have charming original features like cornices, fireplaces, and wooden beams that have been removed or neglected. Restoring these features can add character and value. Buyers are increasingly drawn to homes that retain their historic charm, so replacing original elements in a sympathetic way can offer significant returns.
13. Improve the Energy Efficiency
A home with a poor energy efficiency rating might seem daunting, but it presents an opportunity for improvement. Homes with low Energy Performance Certificate (EPC) ratings can often be upgraded with modern heating systems, insulation, and even renewable energy sources like solar panels. Improving energy efficiency not only adds value but also makes the property more attractive to eco-conscious buyers.
Final Thoughts
Spotting a property with the potential to add value requires a keen eye and some imagination. By focusing on key areas such as layout improvements, extending space, and updating key rooms, you can transform a home’s potential and increase its future resale value. With the right approach, even a property with aesthetic or functional challenges can become a valuable asset.
Adapted from Zoopla
