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How to | Maximise the value of your property purchase

22nd February 2021
Adding value to your property means renovations and Rive Gauche guides us on understanding the costs involved, realistically assessing the timescale, and appreciating the scale of project.

Before you buy a property to renovate you need a plan.

  1. think about your objectives and vision
  2. create a plan to assess the quality of the investment
  3. think about the project risks: setting, location, planning risk, added potential, costs and timing
If you're not able to over see the project directly, consult us and we will look after your interests

Key ways to add value to an investment property

  1. Add more internal space  by building an extension: lateral, basement or upper floor
  2. Improve functionality of property: does it need more storage space, better appliances, better flow from room to room?
  3. The emotional value of a property will affect which buyers come looking. Think about who you're creating this home for: families need a common room, holiday homes need security, aging generations may need ramps or a lift installed
Some properties need work before they sell so we work with Rive Gauche to advise you on whether a small investment will yield you a better sale price, a faster sale, and/or more consistent rental tenancies.

Main costs of a renovation

  1. Pre-construction costs – consultants, planning applications, the survey, financial costs, inflation and construction risk.
  2. Costs for the actual works - the structure, partitions and the internal finishes, labour, transport of materials
You may need advice on where you should invest your money and time in a renovation as the difference in price points for fixtures, fittings, and installation varies.

Keeping the budget under control

  1. Understand the existing structure of your property - pre-planning is key
  2. Avoid making changes while the project is underway
Shereen Akhtar
Senior Associate
Head of Mayfair & Marylebone
Contact Shereen Akhtar if you're considering buying an investment property to renovate. t +44 (0) 20 7495 9589 m +44 (0) 7525 595 520 shereen.akhtar@sothebysrealty.co.uk

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