Maximise property value
If you are searching for how to maximise property value, you are thinking the right way. You are being creative and entrepreneurial. It's important to squeeze value from your properties so that your ROI increases. The answer to the question ‘How to maximise property value' is explained thoroughly in this video by our successful property entrepreneurs.
Maximising value is particularly relevant if you're doing a BRRR strategy. Alasdair is doing a deal right now which is a BRRR deal, owned by a charity and it's on the market for £240,000. The issue is it's had tenants for the last decade. It's not in a bad condition, it's just that the tenants have built a two-story extension on the back of the house without planning permission. They have done a very good job but have been evicted because what they did was against the contract. The charity can't afford to get it back to normal so they want to sell it. Alasdair is acquiring it for about £196,000. The actual value is about £340,000. He plans to make it into a big HMO.
During this process, he has had to think about how to bump up the value of the property. Watch the video to hear about the strategies he is using. Here's one tip for you. Maximising floor space is a great way to add value. Get rid of airing cupboards, use a boiler which doesn't need a big storage tank, if you have en-suites you don't need additional bathrooms. The space you save could become an additional bedroom, for example. This is particularly useful for those opting for a HMO strategy.
Do you want more tips and tactics to get the most out of your property deal? Watch the video and take some notes! Oh, and share them too.