Investing in buy-to-let property can be a useful way of generating additional post-retirement income. Meanwhile, during your career, holding property for the medium to long term can see your asset appreciate in value, potentially providing you with a useful profit when you decide to sell once you retire from professional football.
According to figures from the Office for National Statistics, the average house price in the UK rose from £175,982 in August 2013 to £291,044 – that’s a 65% rise in just 10 years.
Of course, if you own a buy-to-let you’ll want to maximise your profit. So, read on for seven ways you can add value to an investment property before you decide to sell.
1. Renovate the kitchen
The kitchen is one of the most important rooms a potential buyer will consider when you come to sell a property. It can also be an effective way to add value, with the Post Office reporting that an investment of around £7,500 can add as much as 26% to the value of your property.
You don’t even necessarily need to refit the entire kitchen – new cupboard doors, work surfaces, or tiling can all improve the look of the room without huge expense.
2. Add a parking space
According to the Daily Express, “having a parking space close to your home is highly valued by potential property buyers and it’s one of the most profitable home improvements that you can make”.
So, ensuring there is parking available can help you want to maximise your profit when you sell an investment property.
If you are thinking of buying a flat or apartment, consider paying extra for a dedicated space when you buy. If you’re buying a house, creating a front driveway and off-road parking can boost the value of the average property by £19,000, says the Express.
3. Find out what buyers in the area want
If you are considering selling, talk to some local agents to find out who is the likely type of buyer for the property. You can then tailor any improvements you make to that target market.
For example, if your property is likely to attract young professionals, creating a home office space may be more important than a child-friendly garden.
There’s little point spending money on improvements that won’t add value to people interested in buying your property. So, seek some professional advice and spend your cash wisely.
4. Make the property more energy-efficient
High energy bills and increasing concerns about climate change mean that potential housebuyers are putting “green” issues at the top of their agenda.
Indeed, the Daily Mail reports that 7 out of 10 potential new homebuyers say energy efficiency is now a key priority when they are looking for a property.
There are several ways you can make your property more eco-friendly:
- Replace all lighting with low-energy bulbs
- If you’re selling with appliances, choose energy-efficient showers, boilers, and white goods
- Insulate the walls and roof
- Install a smart meter.
Many of these improvements are relatively inexpensive and can help you to achieve a higher Energy Performance Certificate (EPC) rating on the property – an increasingly important concern for potential buyers.
5. Give the property some kerb appeal
As the saying goes, “you only get one chance to make a first impression”. In fact, Wales Online reports that homebuyers take an average of just 25 seconds to decide whether a property is right for them.
So, to maximise the value, you need a potential buyer to fall in love with the property immediately.
Firstly, that means the exterior needs to be in tip-top condition. A fresh coat of paint, clean front door, and well-manicured front garden can increase a home’s kerb appeal and give an excellent first impression.
Inside, make sure the entrance hall is clean, clutter-free, and in great condition. Little touches like flowers, a welcoming scent, and spotless walls and floors can show the property in the best light.
6. Create more open-plan space
According to research by the HomeOwners Alliance, removing an internal wall to create an open-plan kitchen and diner is the best way to add value to a property.
They found that, while this could cost around £3,500, it could add £48,000 to the average London property or £27,000 to the average home in Dorset.
Buyers are increasingly looking for multi-use, communal spaces where they can spend time with family. Just remember to always seek professional advice before knocking down any walls.
7. Add an en suite bathroom
If your property doesn’t have an en suite bathroom, carving out some space in the master bedroom can create an additional shower and wash space.
While it can cost several thousand pounds for a professional to do the work, and to install the appropriate plumbing, the HomeOwners Alliance say that this improvement could add £14,525 to the value of the average London home.
Get in touch
If you’d like help planning for life after football, please get in touch to find out how our experienced planners can add value.
Email firstname.lastname@example.org or call 01204 602909.
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
Your property may be repossessed if you do not keep up repayments on your mortgage.
The value of an investment property and the income from it is not guaranteed and you may get back less than you originally invested.
The Financial Conduct Authority does not regulate some forms of buy-to-let.