Residential property is a powerful investment opportunity and owning a property is a national obsession in the UK.
In a recent report by the Financial Times on whether or not Brexit will lead to a dramatic downturn in UK property prices, forecasts are varied with some pundits predicting an 8 per cent increase in house prices over 3 years, while others point to as much as a 30 per cent decrease.
Whatever happens, there’s no denying that economic uncertainty in the UK is causing property market jitters. The ONS House Price Index released in March 2019 shows that current average house prices in the UK slowed in January 2019.
However, the average UK house price in January was still £4,000 higher
According to a Which report on What Brexit will mean for UK house prices, “it’s worth bearing in mind that, even if the rate of growth has decreased, house prices themselves haven’t – and many argue that the slowdown in England is simply a long-overdue market correction.”
Think Like A Property Developer
With the outcome of Brexit yet to be realised, now could be a good time to do up your house to ensure it is snapped up when you come to sell it. With the property market largely unpredictable, it pays to think like a property developer and choose home improvement projects that will add value to your property.
Home improvement projects are always more complicated than first thought, so effective project management is key, whether you do this yourself or hire a builder you trust to manage this for you.
Be mindful not to over-improve your property for the street you are on.
Some houses on particular streets won’t gain any extra value no matter how many upgrades you add to it. Research the value of properties on your street to establish if there is a ceiling price.
Here are 4 property developer tips that should give your home the potential market edge.
1) Basement conversion
Convert a dingy basement or cellar into additional living space and you could be boosting your property value by up to 30 per cent.
Unless you are making structural changes to a listed building, significantly altering the external appearance of your property, or the basement constitutes a separate property you are not likely to need planning permission.
2) Turn your garage into living space
Is your garage just a space used for storage? If you don’t even use your garage to park your car, it could be ripe for conversion into additional living space.
Integrating your garage into your home could increase the value of your property by up to 15 per cent.
A garage conversion is one of the easiest and most cost-effective ways to add space to your home. Unlike a conventional extension, it won’t use up valuable garden space and you won’t have to move if it is
3) Add a loft bedroom
Any project that adds square footage to your property is likely to add value. Adding an additional bedroom to your home could add up to 15 or even 20 per cent to its value.
Many people choose to convert lofts to avoid the costly and stressful process of moving house.
Not all lofts can be converted, so you need to check suitability first. First, find out whether your loft is suitable for conversion.
Planning permission is not normally required, unless you are extending the roof space, exceeding specific limits, or you live within a conservation area or in a listed building. Building regulations apply to loft conversions and you may need a party wall agreement if your property is terraced or semi-detached.
4) Extend your kitchen with a side-return
The space to the side of your property could offer huge potential to add value to your home. A side-return extension adds valuable space to your property by claiming the narrow alley that runs along the side of your house.
Many traditional semi-detached homes have a narrow alleyway running parallel to the kitchen, which essentially amounts to unused space.
A single-storey side-return extension generally comes under permitted development rules and is a great way to improve your kitchen space, and bring light in with roof lights or a glass ceiling. Building regulations apply.
The kitchen is a key part of any home. In fact, it is often the kitchen that sells a property. Improving the kitchen space could add as much as 15 per cent to the value of your home.