Whether you are an experienced property investor or it’s your first time flipping, buying a below-market value property (BMV) is a great investment either way. However, a discounted price doesn’t actually equate to long-term profit on the property. There are so many elements you need to consider, such as the cost to increase value and the area of the home.
If you are looking for easy and more affordable ways to increase the value of your home, to ensure that you can turn a profit if you wish to sell in the future.
Curb Appeal
From the first impression of a home, you want it to look taken care of and appeal to any buyers. It’s also a very easy and affordable way to boost the value of your home. Whether it’s healing and improving the grass, adding flowers, fresh paint, jet washing tiles, or even replacing a few that might be cracked.
These little things can really go a long way, but also very important when it comes to selling your home. As you want people to be encouraged to even come to your home to view, and is also a selling point that new home owners will have less work and money to put into the home.
Modern Kitchen
While buying a BMV property will likely need upgrades such as new kitchens, bathrooms and so forth. As they say, a kitchen is the 3rd biggest purchase you make in your life, but in this scenario, you need to view it as an investment, not just for the value of your home but for the use that you will get out of a brand new kitchen.
Downstairs Toilet
While it’s more common for most modern-day homeowners to have more than one toilet, including a downstairs one, in older and BMV properties, it’s likely that they do not have the luxury of this. If possible, and you have an empty cloakroom that is big enough to house a small toilet space, then go for it. Surprisingly, this is a low-cost project that has a high impact on increasing the value of your home.
If a small space, consider having a frosty window added for some natural light, and making the space seem comfortable and modern.
Unique Characters
Each home has its quirks, and especially older ones that haven’t been modernised. This is why finding old BMV properties ends up showing you so many unique features that nowadays act as a quick win and add value to your home. This could be an extended window ledge turned into a reading nook. Other features could include a stained glass window, vintage tiles or wooden floors and the list goes on.
While modern homes are all well and good, there is more long-term value with vintage and classic styles that have stood the test of time and are more appealing to a wider audience.
Conclusion
If you are looking to find a BMV property, consider reaching out to a property investment agency such as City Rise
