There are several ways to add value to a property. Here's an example of a landlord looking past the cosmetic and creating a great family home.
Every investor wants to start making money from their investment from day one, either by buying at a great price or by adding value. For the experienced investor, major projects involving structural change can be very lucrative, but for the beginner they’re too risky. I always advise starting with a smaller project, perhaps changing layout and repurposing rooms or even just adding a lick of paint and new carpets.
Revamping a tired house can be a great way of adding value quickly and with little risk. This substantial five bedroom house in Oatlands Road is a great example of this. When I first walked through the door, the carpets immediately took me back to my youth - bright vivid colours with lots of swirling! The 70’s theme continued throughout the house including wood cladding on the walls, one avocado bathroom suite, one dark pink bathroom suite (yes really!) and the standard 70’s gas fire powering the back-boiler. It had clearly been a much loved family home but trends have moved on.
In less than 4 weeks and with new flooring and decoration throughout, new bathroom suite, new boiler, re-wiring and some re-plastering, it has been completely transformed into a very desirable home just waiting for a new family.
At Belvoir Enfield we are lettings specialists and we don’t sell property, this enables us to provide impartial advice on what makes a good property investment. Once you have made your investment we will work with you to find the right tenants for your property.