5 Ways To Drastically Increase the Value of a Property – Refurbishment Hacks
Hi! My name is Samuel Leeds and I am a property investor. Today, in this video I will tell you the five ways to increase the value of a property. I have never discussed this topic before so it will be interesting for you all to know the five refurbishment hacks. I have applied these hacks and that made me a successful investor.
It is really important to work rightly when you are increasing the value of a property. People usually do things like spending a pound on a property and getting a profit of just a pound which doesn’t make any sense. Like, getting a conservatory costs 35 thousand pounds and if you buy a house for 200 grand and put in 35 thousand pounds for a little conservatory then the new value of the property will be two three five which is senseless or you can say pointless. What you can do to add a value is if you are spending a pound so make sure you must add a value of three pounds for a good profit. Spend money that attracts buyers rather than putting them in thoughts of expenses.
Like adding water features to the garden doesn’t fascinate buyers in fact they will think it costs a lot to run so it reduces the value. Simply buy the house and rent it out, force the value to be pushed up because you are making money from rent, and refurb so earn as much as you can. Refinance it and take out the initial deposit.
Let’s move on to the five hacks.
Increase the EPC
Epc is Energy Performance Certificate. The first step you have to do is find the property with high EPC ratings. The easy way to find out the properties with epc is online searching. See the property advertisement and it will explain to you what the current EPC is. If the energy performance certificate is higher than a D then it has the chance to push up the value and cannot be rented out.
Almost every commercial and residential property has a certificate of EPC. If you made it to increase the value like if you have a house having high energy performance but the windows need to be double glazed and if you fixed them then definitely you will push the value up. It could be anything depending on the house. Also, you can avail the opportunity which the government is giving to the landlords and homeowners by giving them grands to increase the energy performance.
Install Hot Water
The other amazing thing you can do to your house is install the hot water. If someone says that the property has not the running hot water that means it is unmortgageable and it is a great opportunity. Fix the hot water issue, it just costs around 1500 pounds. Once you are done fixing this problem, you push the value up because you have converted the unmortgageable house to mortgageable.
Convert to HMO/FLATS
The third thing you can do to increase the value is turn the single residential property into a multiple living. It means, change the use of a house. For example, if the house has limited rooms then you can convert it to HMO property.
Make as many rooms as possible (depending on the house) and rent it out each room and enjoy the profit. Make sure to register the house as HMO. The rent will be higher significantly which means you have forced up the value and that’s superb. Similarly, if you have got the big property you can turn them into apartments but the area should be right, then this will benefit you in every way.
Sort Tenant Issues
If you have got the bad tenants and they are disturbing you for not paying rent and not even leaving your house then you must find the solution. Sometimes, tenants become a nightmare for the landlord as they aren’t paying the rent and are not ready to leave the house. I also faced this issue and what I did was, I paid 1 thousand pound to the tenant to leave the house and guess what? They agreed and left.
I know the law and everything so I decided to go this way to evict them. So find the solution to your problem, offer them a good price to leave and then see how they respond. The early you get rid of them, the sooner you will push the price up.
Replace Kitchen and Bathroom
This is one of the most important hacks to do. Kitchen and bathroom are the necessary part of the house and it has to be proper and tidy. Their fixing does not require much but if you fixed it, the value will go high for sure. For a nice proper kitchen it will cost not more than 1500 pounds to refurb. You will add a value to your home. Buyers will attract more towards it by looking at the construction of the house and they won’t take time to buy it. Do apply this hack.
So these are all five hacks which will make your property more valuable. Hope you understand all of them. If you like my video, don’t forget to subscribe to my YouTube channel. Till then take care. Bye!
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