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How You Can Add £200,000 to the Value of your London Property
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Two architects have added £200,000 to the value of their London property by completely overhauling the former bedsit. And although they don’t advise anyone to live in the home while transforming it, it could be a good project for landlords…
Gary and Claire Tynan found it difficult to save for a home of their own while renting in north London, and originally planned to build their own property on a plot of land. However, this option was beyond their budget, so they decided to do up a flat instead.
The Canonbury bedsit they remodelled is 1,000 square feet and part of a 1870s historic building.
Having transformed it into a modern masterpiece, the pair has added £200,000 to the value of their home.
So how did they do it, and how can you too?
Open plan
The biggest change is the open plan living room, which now takes up half of the whole flat. Divided by a huge partition, the space includes a living, dining and kitchen space.
The design is stylish, smart and practical, with lots of ideas on how to split the space and encompass storage, which is always a winner with tenants/buyers.
Although the building had a quirky warehouse feel that the couple liked, the kitchen was tired and old-fashioned. Reworking the living area into a spacious and practical space with monochrome finishings completely altered the feel of the home.
The bathroom
The bathroom was particularly bad when the pair bought the property – the grout was mouldy and the joists were rotting. But the couple acknowledged that it was light and had potential.
Sorting out the plumbing was particularly important, as the pair moved into the home while they were working on it. After sorting out the bedrooms, they tackled the “revolting” bathroom.
Ensuring a property has a contemporary, clean and practical bathroom is essential – it is almost as important as the kitchen when adding value to a home, so it’s worth investing in some quality fixtures and fittings.
Bedrooms
Although the flat is in a conservation area, you don’t need planning permission for most internal work (although you must check!), so adding in another bedroom was an easy decision.
The Tynans purchased the property in January 2016 and were already expecting a baby. This made having a third bedroom a priority, so they added a small nursery off one of the two main bedrooms.
Generally speaking, the more bedrooms you can offer a potential buyer/tenant, the more money they are willing to spend. But you must ensure that the space is actually big enough to be a bedroom and will be financially viable for you.
Design features
With a keen eye for detail, the architects have created a completely modern and metropolitan feel. Predominantly black and off-white, the property is a blank canvas that can be adapted as their family and tastes grow.
The most important aspect of the design to incorporate into your own investment is the simplicity. Not only is simple design currently very on trend, but it is also timeless and elegant – and shouldn’t cost too much money.
Taking the couple’s key themes on board, you can make essential changes to your property investment that will prove lucrative – both in terms of the rental income you can receive and capital growth potential.
Have you been inspired?
