Looking for a property with a lot of potential?
When flipping a house, it’s important to ensure that the renovations you are making will add a substantial amount of value to the property, in order to make it worthwhile.
Investing in a renovation project typically works best when buyer demand is high, as it is right now.
If you are actively searching for a renovation project or looking to flip your first home, you are in the right place. Our expert team has three questions that can help you spot a property with a lot of potential to add value.
Does the property offer space for conversion?
A decent-sized loft or basement is something that you should keep an eye out for. These empty spaces offer the opportunity to add another bedroom, bathroom, or living area, making the property more spacious and, in turn, more attractive to buyers when it comes to selling in the future.
Can the layout be improved with a few tweaks?
Try not to dismiss properties that are very segmented in their layout. Often, homes with very separate rooms can easily be transformed into an open-plan wonderland. Keep a close eye out for properties where there is a small kitchen next to a large dining room that could be knocked through, or a bathroom next to the main bedroom that could be transformed into an ensuite.
Could energy-saving devices improve the property’s EPC rating?
It is important to not disregard properties that currently have a low EPC rating. In fact, there is a lot of scope to add value, and following Rishi Sunak’s Spring Statement in March, adding energy-saving devices to a property has never been easier. Now that VAT has been scrapped on a range of devices, making energy improvements to a property may be less costly than you initially thought.
Wherever you are on your buying journey, our experts are here to help you. Contact us with your property related queries here.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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