Is it possible to actually increase the value of your property whilst prices all around you are falling?
This article considers some of the ways how to profit from a falling housing market or economic down turn. The current atmosphere of caution and concern that pervades London due to unknowns surrounding the Brexit deal we may end up with, are certainly showing an impact on house prices, with prices stalling and even falling.
This fall in value is a double edged sword if you are interested in making money on housing property, whether it be your own or an investment property.
At Edge2 we specialise in full house & flat renovations, kitchen extensions and loft conversions, as well as smaller scale changes to a property such as single room renovations.
These property projects are an excellent way to add value to your current property, especially if you are worried that its value may start to slip. Likewise if you want to take advantage of the falling market and you pick up a property to renovate at a bargain price.
On-going investment in property
There has been a general feeling that investing in property is a sure thing as typically an average British home had doubled in value every 10 years since the end of the second world war.
BUT if the market is on its way down and you are watching your value slip that statistic is unlikely to make you feel better. However, now we’ll look at how to profit from a falling property market.
Looking at an additional property?
Get a good bargain on a renovation property using the hysteria around the falling market to your advantage. You need to be quick off the mark though, there are plenty of other investors looking for the same thing. Therefore, if you feel that you are looking at is a fair price, don’t worry about offering the asking price straight away.
Understand though, that common practice in a normal market will be to have 3 offers, so start a little below the asking price working up to just a little more if needed by the 3rd offer. Estate agents will then think you are at your limit. Once you’ve bought your property Edge2 can step in to design and manage its transformation. The renovation project what ever the scale can be handled by us from end-to-end.
If buying be organised. Have your information ready, solicitors, financial, and comparative property details in that area. Show that you know how fast properties are selling in that area. Show the agents you mean business.
If renovating your own home, research what’s been completed in similar properties in your locality. If possible determine what the final value add was of the change. Then Edge2 can work with you to tailor the renovation to your taste.
Edge2 have worked in and around London for years so have a great experience of what is currently popular & where for the investor. Having Edge2 managing the renovation project will also bolster an estate agents confidence in their ability to sell the property (if required), as they will have faith that the standard of finish will be exceptionally high.
Add immediate value to a tired property
Think about what catches the eye – a kitchen extension, a bathroom upgrade. Keep it clean, white bathroom suite, a swish shower etc. Look carefully at the fixtures and fitting. A coat of paint goes a long way to add a fresh feel.
Its vital to remember that women are the main purchasers of property. Appeal to their likes and you’re more likely to sell.
A simple but highly effective change is to replace the light fittings with very modern, trendy light fittings. It’s a relatively cheap change but transforms the house.
Talk to Julian. Book a free project consultation. Investigate your options. The Brexit factor does not need to hamper your property value growth.