According to Brian Berry, director of external affairs at the Federation of Master Builders (FMB), more people are aiming to convert the likes of garages and attics to help generate extra room in their properties. By doing so he states that consumers may also see the value of their home increase. Mr Berry reported that although a loft conversion can set consumers back by about 35,000 pounds, having such a feature implemented can add some 60,000 pounds onto the worth of their property. The surge in Britons wishing to develop their existing home was attributed to recent difficulties experienced in the housing sector.
Mr Berry pointed out that converting garage space "is relatively easy" for homeowners to get carried out and can allow them to enjoy more room on their ground floor of their property. He suggested that such home improvements may be particularly suited to those living in suburban areas. People living in areas such as central London, he stated, may discover that parking space is at a "premium".
For consumers residing in the capital and other locations that are in "the top end of the housing market" but still wishing to expand their home, the FMB director suggested that basement conversions can be of assistance. At the moment, Mr Berry stated such changes are "becoming very popular as they're the only way to create extra space and it does actually give you a huge area". However, he warned that such work could potentially be very expensive.
Those looking for an effective way to fund any type of renovation work on their property may discover that taking out a cheap homeowner loan would be of use.
The FMB director said: "I think there will be a group of people who will be looking to make better use of the space they have, because obviously the housing market is slowing down considerably. The high cost of moving - because of stamp duty and lawyers' fees - means that people are looking to either go into their basement or, what is increasingly popular, get a loft conversion [in order to] add value to the property."
He also reported that by taking the time to fit an extra bedroom, homeowners throughout the country should be able add tens of thousands of pounds to the value of their home. However in areas which already have high property values, such as London, consumers carrying out such renovation work may find they can generate even greater returns.
Meanwhile, Mr Berry pointed out that from October expanding a property could be easier for homeowners after the government brings in the planning reform bill. The move could potentially allow consumers to both convert their garage and make their kitchen larger. Such legislation, the director stated, will have a "very large impact" on the property market.
For consumers looking for an effective way to finance property improvement, a home improvement loan might be of assistance. In taking out this type of home loan, borrowers could find that not only can they afford the materials required for these projects but also hire qualified professionals to carry out such work. Last month, Legal & General's Changing Face of British Homes study showed that 87 per cent of homeowners are looking to dedicate space within their home to one of their interests. Seven per cent of those questioned state they want a snooker room and 15 per cent desire a library.
The goal of this real estate investing article is to show ways a real estate investor can increase the value of investment real estate. But unlike expensive upgrades generally associated with building improvements such as a new roof, siding, or exterior paint, an investor can actually implement these four steps quickly, easily, and inexpensively.
1) Upgrade Vacant Land
If your investment is vacant land (not improved rental property), there are several things that you can do in an effort to add value. For instance, you might consider getting a temporary use so the land can be utilized maybe as a U-Pick strawberry patch, or an overflow parking lot for a used car dealership. Clean out any junk or debris littered on the land, and try to get the neighbors to clean up their properties, as well. If the lot is barren, consider strategically planting some trees or plants. Finally, check with the local authorities and see whether the land can be rezoned to a higher and better use.
2) Spit-Polish the Exterior
Curb appeal is the property's calling card. The first impression a prospective buyer gets as he or she drives past or up to your income property can mean the difference between a sale with a profit and no sale at all. Start with the landscaping. Pruning or replacing plants and shrubs around the building is a good way to add very positive results immediately and in the long-term. In fact, landscaping is probably one of the best elements for you to consider first.
Redesigning the property's entrance can also dramatically impact the property's appearance. As can a new walkway or the installation of a new door (many consider the "front door appearance" one of the very best single expenditures). New door hardware, a new brass mailbox, and a new brass doorknocker around a freshly painted or new door, for instance, can be all it takes to give an overall impression of quality throughout the building and the kind of "remodeling" that can turn a dull, drab property into a fresh vibrant one that seems to beckon new buyers.
How should you handle things that need "fixing"? If you're new to real estate investing, you might shy away from properties that need a lot of repairs unless there's ample capital to handle hidden problems that could surface. Otherwise, here are some tips.
Small items that need to be fixed should be completely repaired with quality material. Leaky plumbing fixtures, broken toilet seats, sticky doors, faulty cabinets that neither open or close correctly, and so on, are all minor things found in most rental properties that can be fixed inexpensively. Just be certain that you do it right and that you use quality materials.
3) Dig for Interior Treasure
If you're looking at an investment property that's priced below market, chances are it's because the previous owner failed to care for it. Turning around a property that hasn't been cared for can take ample cleaning, fixing, and painting, and may take time, but it will be worth it.
Here are some easy things you can do during the inspection process to maybe uncover a few "gems" hidden in the property that might give the interiors a fresh and more expensive look.
Look under the carpet for hardwood floors, tile, or marble. Bringing these back to their natural state can be much easier than replacing the carpet, and certainly can add value. While you're at it, also look for rotten floorboards, termite damage, and worst of all, asbestos. The key is to know what you are dealing with in all eventualities, and if a problem is encountered, you can get an estimate on what it will cost to deal with it, or walk away from the deal by using one of the outs in the purchase contract.
Check under the paint on doorplates, hardware, and railings. Countless brass fixtures and other brass items have been discovered in older properties under blankets of paint that you wouldn't be able to replace today for less than a fortune.
Tap on the doors and walls to see whether they're solid. Solid wood doors in good shape can be restored and add value to a neglected building. Solid-sounding walls might indicate block or heavy plaster, which are more costly building materials than cheap wallboard, and therein capable of adding value to the real estate. Plus, these better-quality features are sure to provide you with good marketing copy later.
4) Exhibit Pride of Ownership
Any owner making an effort to maintain a property in top condition and shape is an owner exhibiting pride of ownership. Thus giving the impression that the property was purchased to be "owned" and not for a fast turnover, and in turn making the most positive statement to tenants and future buyers. Moreover, how a landlord maintains his rental property becomes public knowledge in a short period within small communities, and even in larger cities, eventually becomes known inside real estate circles.
Just be clean and neat. Pride of ownership doesn't have to be lavish or extravagant, nor should it be unless the rents and property location warrants it. The idea is to draw interest in the property and at the same time to eliminate any doubt that things are not well maintained.
Both Mark Dawson & James Kobzeff are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mark Dawson has sinced written about articles on various topics from Insurance, Personal Finance and Finances. Mark Dawson writes for the Loan Arrangers. Where visitors can online, and apply for. Mark Dawson's top article generates over 90500 views. to your Favourites.
James Kobzeff has sinced written about articles on various topics from Finances, Property Investment and Finances. James Kobzeff is the developer of ProAPOD . Ready to start working with investment real estate today? Discover how to create rental property c. James Kobzeff's top article generates over 2900 views. to your Favourites.