How to Buy Property at Auction by Samantha Collett

Author:Samantha Collett
Language: eng
Format: epub
ISBN: 9781845285289
Publisher: Constable & Robinson

TIP

Always bear in mind the ceiling price of a property, these ceilings are very hard to smash, no matter how great the finish!

Another important part of the planning of a project is to work out how you can best add value to a property. In some cases this may be fairly straightforward and require the updating of kitchen and bathroom fittings or the installation of gas central heating, upgrading of electrics and so forth. On other projects, it may be that the property would benefit from an internal rearrangement to improve the flow of the property or perhaps even the addition of an extension or a loft conversion. Some projects may even have the potential to create additional dwellings via sub-division, extensions, or new dwellings within the boundaries.

In all of these cases, it is vital you pay attention to the costs of the works and the actual value which they will add to the end value. There is no point spending £20,000 on a loft conversion if it only adds £15,000 to the end value of the property. A good rule of thumb to follow is that the value added should be at least double the cost of the works. Thus, if it costs £1,000 to install a new kitchen, you should anticipate the new kitchen adds at least £2,000 to the end value of the property. It is also important to note that some works do not add value to a property per se, but they do make the property more saleable. While it is more difficult to quantify the value of these works, it is essential that the costs and end value are calculated to ensure the works are worthwhile.

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