The property market is entering a period of decline, following over two years of rapid rises in value. Property developers and landlords expanding their portfolio were able to make hay in the immediate aftermath of the pandemic, but with house values and mortgage rates both still reeling from failed government policy in September of 2022, the ‘bust’ could well be upon us.
Of course, property is always a good investment – even if its value is on the decline. The overall trend is upward, and the long-term benefits are all-but guaranteed. For property developers seeking shorter-term rewards for trading on the market, though, the job may become slightly harder. With this in mind, what are some of the most impactful renovation works a property developer can undertake to improve a house’s value?
Extensions are quite simply the most impactful form of property renovation when it comes to increasing value. One of the leading in pricing a given property is the amount of space available in it, with bedrooms given particular financial weight. With this in mind, adding to the footprint of your property significantly raises the ceiling of its potential value.
Heating and insulation have always had some form of impact on property value, but today their import is higher than ever. More buyers are switched-on to the seriousness of the climate crisis, and still-high energy prices have placed energy efficiency much higher in criteria lists for new buyers. As a property developer, it would be wise to invest actively in energy-saving measures to better meet the demands of the market.
There are multiple approaches to consider. Installing new insulation in the roof of the property can have a blanketing effect on the property, preventing heat escaping through upper floors; investment in a new boiler system, or new central heating system altogether, can bring the property into the modern age and into contemporary standards for energy usage.
It is easy to accidentally leave the gardens to one side when renovating a property for sale. Their value can seem fairly concrete, and efforts can seem better placed inside – but a property’s gardens can be lucrative vehicles for driving value increase, and also demand. For one, the gardens represent potential extra footprint – whether in the form of a patio adjoining a back door, or an outhouse at the foot of the garden for entertaining in the summer.
Gardens are also extremely important for first impressions, as they are the first thing a viewer will see before touring the house proper. Clean landscape design and desirable garden features – from patios and paths to flowerbeds and even water features – are more likely to bring in an offer from a potential buyer sooner, and at a value closer to your given market value.