When buying an investment property, there are many things that need to be considered. First of all, you have the financial aspect that needs to be organised. Then there is the issue of finding a reputable agent who will look after your best interests, not to mention all the questions you need to remember to ask your agent.
The list of things to remember is endless. It can be quite an overwhelming experience for some, but it needn’t be that way. If you have the right approach and a clear plan of action in place, your property search can actually be a very pleasant and exciting experience.
During the initial stages, when you are organising yourself, you need to put together a team that will support and guide you through all of the stages of this process. These are the experts who will be on hand to answer all your questions and give you that all important advice so that you unlock the maximum amount of potential from your investment.
This team should include an experienced real estate team. At Your Luxury Property, we can not only offer our expert team to help you, we can also show you some of the most amazing properties you could ever hope to find within the Golden Triangle.
So, how can you spot potential in a property?
Everybody’s list of ‘essential’ requirements is different and may include luxury items such as a pool or a tennis court. However, there are certain other things that we can look out for that can greatly enhance a property’s potential and offer amazing profit opportunities when it comes to resale value or buy to let potential.
Can the property be extended?
This is a great way of adding value and increasing your living space. Look out for adjacent land which you can maybe buy and extend into or, if the surrounding land that belongs to the property can be better utilised for this purpose.
Is there a possibility of building another storey or converting and joining an outhouse to the main building? One quick way of answering these questions, from a planning perspective, is to look at the surrounding dwellings and see if they have made such modifications. However, don’t just rely on this, ask your dream team for advice.
Does the existing footprint / layout flow?
Once you’ve inspected the exterior potential, you should consider the interior traffic flow and whether the existing layout is making the best use of the interior space.
Having more than one access point to a room can not only be annoying and unnecessary, it can also mean that there is wasted space. Small kitchens are not always a big problem as long as they have the potential to be extended.
Look for a dining or living room that is adjacent to the kitchen and check if the wall that separates them is a load bearing wall. If not, knocking through this wall can open up a whole new range of possibilities. Open plan living is very popular these days and adds a tremendous amount of value to a home if done well.
Adding value with a facelift
Sometimes, the problems we see aren’t really problems – they are simply cosmetic imperfections. Don’t let an untidy house with ugly and cumbersome furniture put you off. Remember, you are not buying the furniture or the clutter.
Imagine the rooms without all these items and you might find that what initially looks like a small room might actually be the opposite.
If the décor is not up to the job, most of the time, this can easily be fixed with a bit of paint and some smart interior design techniques. Kitchens and bathrooms are the most valuable rooms in your home so, unlocking their potential is one of the best things you can do when it comes to adding value.
Quite often, replacing cabinet doors or counter tops can give a kitchen a whole new look. In the bathroom, updating the vanity or shower screen for example can turn a tired space into a contemporary one.
Let your imagination run wild and see where it takes you. Also, if the house has no ground floor bathroom, look for space where you could add one – maybe by siphoning off a section of a large room or using some space under the stairs… Having access to a cloakroom can really appeal to potential buyers in the future as it offers convenience.
Location, Location, Location
Which are the best places to buy property? This is something that again will depend on each individual’s list of requirements. Consider all of yours and your family’s needs and see if they are all met.
Is the property close to amenities? Does it have easy access to public transport or transport links? What are the schools in the area like? Are there any restaurants, beaches and other outdoor activities nearby? These may or may not be important to you, but they are highly sought after in general.
Also, consider if the airport is easy to get to as this is something that will no doubt make life easier for you, your friends and family.
Noise pollution is one of the things we all want to avoid. However, you shouldn’t be put off because a potential new home is close to a busy street as this can possibly be solved by soundproofing and changing the approach / access point.
Equally, if the energy certification is not very good, ask your team of experts what can be done to improve this. A simple boiler replacement and some insulation could be all that is needed. Adding solar panels is also an option that can pay dividends in the long term.
These are just some of the ways in which you can cash in on your investment. The key is to think outside the box and appeal to your practical side. If you embark on this project with a positive and adventurous outlook, you’ll be surprised at how much fun you can have!