The property market has kept many on their toes in the last few years, with significant peaks and troughs in property value making it difficult to properly read the future of the market. 2024 estimates point to a calmer year for property values, but it still stands to reason that property developers would be keen to maximise the earning potential of their next home. If you are flipping a home in 2024, what might the best approach be for increasing its value?
Planning and Budgeting
Before investing heavily in the renovation and development of a given home, it is first important to secure the finances necessary to do so. This is essentially a two-step process, the first of which is the planning of what renovation works you will be undertaking. Examples of the best options for property development are provided below, but it is important to understand the costs associated with them as well as their potential impact.
With a general estimate for your renovation costs in mind, you now know what financing you need. You may already have savings, but using a secured loan can give you access to more funds and allowing you to repay the cost over a longer period of time.
Kitchen Makeover
The kitchen is the heart of most homes, even if it is not the space in which we spend the most time. The practical utility of a kitchen is a key consideration, as modern convenience and comfort count for a great deal amongst many buyers. A bad kitchen is not only unpleasant to cook in, but can also be more time-consuming to cook in.
Kitchens are much more than utility spaces for some, though, and can become hugely useful and enjoyable social spaces – if renovated accordingly. New kitchen units and appliances add the ‘wow’ factor that can change on-the-fence buyer’s minds, as well as add monetary value to the home as a whole.
Extensions and Conversions
Without a doubt, the home renovation that will bring the biggest increase in property value is the extension. Adding rooms or square-footage to your home is always going to add value, as the size of the asset itself is increasing. The rooms you choose to expand or add can also have some bearing on value, with additional bedrooms attracting higher value increases than other spaces.
Of course, such renovations are not in every property developer’s budget. Loft conversions are a handy and accessible alternative; though they do not create as much additional value as an extension, they are cheaper, easier and quicker to carry out.
Gardening and Landscaping
Finally, there is the external space to consider. The state and form of your home’s garden can have active and passive impacts for your property’s value, with well-landscaped and practical outdoor spaces both creating value and creating kerb appeal. Simply put, a nice garden is more likely to attract high offers from buyers than a shabby one, which could see buyers more willing to haggle.
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