How to Make More Money from Your Property
We all know that there is money to be made in property, but it’s amazing how many homeowners and developers fail to make the most of the potential on their hands. With a comparatively small outlay and a touch of creativity you can dramatically increase the profit you make renting or selling. Find out how with our guide.
1. Give it a makeover
First impressions count. Whether you’re selling your property or renting it out, it is important to create the right atmosphere from the minute prospective buyers or tenants walk in the door.
Firstly, you want to keep things neutral. You may well love your retro wallpaper and feature walls, but viewers prefer to find a blank canvas where they can easily imagine adding their own personal touch. Pale colours will also make the most of the light, and create a modern feel – a trade-sized bucket of magnolia paint and a weekend of graft are all it takes to transform your property.
Secondly, you want the space to look clean and cared for. The fresh coat of paint will get rid of unsightly scuffs and marks on the walls, and if you have carpets maybe consider hiring a carpet cleaner to spruce up those too.
Forgotten bathrooms often let the side down – a new shower curtain and bath mat will make a world of difference, and if you can spend a bit more get the grouting redone for a like-new feel. Tucking away clutter such as shampoo, shower gel and cosmetics, and make it feel welcoming by adding a clean, colourful hand towel and soap.
Rental properties often feel a bit Spartan, so add value by hanging a few tasteful pictures or buying scatter cushions for the sofa. A vase of flowers is another way to instantly cheer up a room.
2. Turn it into flats
If you have a large house that you’re struggling to sell, or simply want to make the best possible return, consider breaking it down into flats. Obviously this involves quite an initial investment, but the returns could well be worth it.
It is well known that flats are the best investments in the rental market, and even if you sell, two or three smaller sales may well add up to more than one big one. Another option if you want to release capital without moving is to create one apartment for yourself whilst renting or selling the remaining space.
3. Make the most of outside spaces
Gardens and patios are highly desirable features, so be sure to make the most of any outdoor space your property offers. A neglected yard can be turned into a stylish place to relax with the addition of a few plant pots and garden chairs – if you have the room you could even add a small lawn for a few hundred pounds.
If you’re lucky enough to already have a garden, get a gardener to tidy it up before you get the viewers in. Cutting the grass and planting a few containers with bright flowers will make all the difference – and in the summertime consider putting out a BBQ or a table and chairs to spark people’s imaginations.
The same goes for the front garden – this is the first place viewers will see, so make it count. Tidy up any litter, add a couple of plants and if you have a lawn make sure it is neat.
4. Build a conservatory
Another way to capitalise on outside space is to build a conservatory. This may sound extreme, but research shows that a conservatory is the most valuable home improvement you can make, returning an average profit of 108%.
The beauty of conservatories is that they add a desirable extra room to your house without the hassle of an extension. They’re cheaper and quicker to build, and in many cases may not require planning permission.
5. Go into holiday rentals
If you’re property is in a beautiful spot in the countryside or in a city that appeals to tourists, you could consider going into holiday rentals. These short term lets are very flexible and potentially much more lucrative than conventional long term contracts.
Sites such as Wimdu and Airbnb allow you to list your property to travellers from around the world, and make the communications and payment processes as safe and easy as possible. Simply take some flattering photos, write a description and name a price. Your property is covered and you have complete control over who is allowed to stay, so there’s no need to worry about troublesome guests.
Make the most of your property
Many improvements will show excellent returns when you sell or let. However, you may not have the funds to hand to refurbish your bathroom, overhaul your garden or build a conservatory. A short term loan from Affirmative can provide a quick cash injection to help you realise the full potential of your property.