When developing a property for resale it’s essential to make sensible choices about what you spend your money on to secure the best financial return. Likewise, if you’ve bought a fixer-upper to live in, the home will likely have a ceiling value, and there’ll be a point where you won’t see a return if you spend unwisely on features that won’t add value.
Choose your renovations or additions wisely
It’s essential to tackle the areas that will add the most value and maximise profit in a property development project. Once any crucial structural problems and pressing electrical or plumbing matters are addressed, consider layout improvements that can be made without incurring expensive architecture fees. Can you easily add an en-suite to a large bedroom? Can you alter the living area and create an open-plan layout? Or, on the other hand, would adding a wall, or folding partition doors, create a desirable home office or family snug?
A note on extensions
Get a clear picture from local property experts to understand whether an extension or a loft conversion would be an appropriate investment. It may be better to secure planning permission for prospective buyers to decide for themselves, while saving them the planning and application hassles. Time and money spent on extensions or conversions may be better diverted to incorporating features that premium properties have, and see if there are easy ways to integrate them to help make the property more appealing. Understanding what features help to sell a property quickly can help prioritise projects to focus on.
Don’t neglect the exterior
A common pitfall of first-time developers is scrimping on the exterior, or overlooking it altogether. The value of outdoor space shouldn’t be disregarded as it can add as much as 5% to a property’s price. Functional areas of the garden with designated areas for dining, relaxing, playing and growing are important. The front garden is as essential as the back, as this is the first area of the property that potential buyers see, and seasoned developers never underestimate the value of kerb appeal. A premium gravel driveway, laid with Beauxfort’s Gravelrings gravel grid system to protect its longevity, also adds value to the property.
Create a development budget
Once you know what you want to achieve in your property development, you need a solid financial plan to ensure you don’t overspend and eat into your hard-earned profits. Working with recommended builders is a good start – and if you’re sourcing a builder for the first time, write a detailed brief and get at least three quotes to ensure you’re paying a fair price. Once you’ve collected figures for the fixtures, fittings and labour costs, add a contingency fund to use in the case of any unforeseen problems.
Achieve the perfect gravel driveway with the Beauxfort Gravelrings system. Check out our website www.beauxfort.com for more information about the Beauxfort landscape systems, design inspiration and to request a free sample, or talk to our friendly team about your project by contacting us on 0330 055 2599 or email@example.com.