How To Add Value To Your Property
Extensions and alterations at homes throughout the country have added billions of pounds to property prices. Over the last 12 months, construction work has added a reported £6.5 billion to the value of houses and apartments as nearly a quarter of a million owners made changes. In London, where space is at a premium, many homeowners have looked to maximise space and consequently increasingly been forced to dig down. In 2014, The Royal Borough of Kensington and Chelsea where the country’s most expensive properties are located said it received some 400 planning applications for basement extensions in 2014 compared to just 46 in 2001. London and the south-east make up the majority share of the value added which accounts for around £3.6 billion. The total expense in obtaining mortgage finance has encouraged a significant number of homeowners to search for interior design companies in London and alter their existing home. Increased stamp duty for properties over £1m is another factor that means home improvements are often considered more cost-effective than moving elsewhere. Investing in designing and refurbishing your home not only makes the property a more enjoyable place to live, but it if done right it is also likely to give its value a substantial boost. The average home improvement would add a healthy 10% to the value of a home research claims while those who build out by adding square footage through conservatories, terraces and basements come out top on their return on investment of potentially over 100%. With any residential market not rising by 15-20% a year like it has done in the recent past, you are going to have to take more constructive steps to create that added value. Here we look at a few ways adding value can be considered in residential property design: Surely the easiest way to get an extra bedroom and bathroom is making full use of the loft space. The good news is that it’s never that disruptive to interior design and develop. Important considerations include strengthening the floor joists which will raise the floor level so there is an impact to the ceiling height. As a general rule of thumb, any loft conversion cost can be recouped by often more than 100% if sold as part of a property. Alternatively, it is often thought that a loft conversion in London adds approximately 12.5% to the selling price. Conservatory Extending wherever possible and adding additional living space is never a bad idea. Ensuring its design isn’t in stark contrast to the rest of the house is important so that it never feels like a completely separate entity. Similar to a loft conversion, adding such square footage should result in adding significant value to the property. Working with luxury interior designers in London will course ensure value is added. Basement Whether a single, or perhaps even a double basement is financially viable will of course wholly depend on the cost of the work relative to the property’s actual value. For the most part, adding floor space in London’s high value areas makes digging down worthwhile. With much of the capital’s properties achieving sales prices well in excess of £1,200ft2 (effectively double the cost of creating a basement) digging down appears sensible at every opportunity. However, be aware that creating a dark, dingy space will simply detract from the home’s value. Profile the buyers If you were to guess who is the most likely to buy the property, you should be presenting it in its best light so they cannot just visualise themselves in it but see it from a functional perspective. If it’s a family home, there should be significant amounts of glass balustrades for example. Moreover, profiling any buyer and thinking like a high end property developer in London will result in presenting a spare room as potentially an office or a gym. Front door One of the first aspects of the property is often the one aspect not even thought about. If it doesn’t look smart, changing the doorknob, letterbox or even door number into stainless steel can make the façade contemporary incredibly easily. Any walls that are not bearing a load or structural can ultimately be altered without issue. Buyers are more often than not looking for wide open spaces so that it is maximised in every way possible rather than counting the number of rooms. Planning permission If budget is a constraint and undertaking major construction works is too much, simply obtaining permission for additional space can add value to a property. Architects in London along with luxury interior designers are well position to advise how to push the boundaries of what is permissible. Over the past 16 years, we have changed the perception of how London property should be designed. We believe the most desirable homes are those in which space and light flow effortlessly throughout. We invite private commissions from those wanting to produce the most prized configuration of their property, complimented by timeless interiors and beautiful features. Based in Soho, our in-house team of London architects and luxury interior designers have an unrivalled imagination that has earned Landmass numerous accolades, including Best Interior Designers London. We act as your single point of contact to design, coordinate and control the project. As a multi-disciplined company our approach dictates that all professional services link with each other to ensure a seamless coordination of design from conception through to completion. Let’s discuss your project on 020 7439 8095.