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How to add value to a flat?

Thomas Miller
31.01.2023, 07:44
6 min
Table of Contents

Flats are the most affordable type of home in the UK and some parts of the world. Flats are frequently regarded as the first rung on the property ladder. Although there are exceptions, for the most part UK flats are more affordable than houses. This makes them the perfect choice for individuals and small families. Unsurprisingly, their name derives from the fact that flats are often single-story residential buildings with a group of rooms on one floor.

Adding value to a flat

These days, owning or renting out a flat is very popular because it is one of the simplest methods to get into real estate investing. Adding value to flats creates: 

  • a sense of privacy, 
  • eloquence, space 
  • and gives a great first impression to potential clients that increases sales. 

Adding value with a large budget 

You can add value to your flat on a large budget by trying out the activities/alterations below;

  • Investing in high-quality windows

The size of most flats is a little on the small side, which might make residents feel cramped. While the flat's square footage cannot be increased, a good pair of windows may always make the space feel larger and more open. In getting windows, full glass window types are more recommended.  Full glass windows can optimise the lighting system of the apartment and create an airier atmosphere for your flat.

Additionally, be sure to avoid using heavy, thick materials like velvet for the window coverings. Due to their lightweight and transparency, materials like linen or cotton are much more preferred. Another thing to note is the colours. Warm tones like gold or red will be preferable to light, pastel hues like blue or nude.

  • Improving the lighting structures

Nobody wants to reside in a room that is dimly lit and dark. Your investment in the lighting system will be worthwhile because it will greatly increase the value of your apartments. Putting mirrors at certain spots in the flat adds greatly to the lighting system of the flat by reflecting light. 

Utilizing multiple types of bulbs for diverse uses is another technique to increase the lighting system's efficacy. For instance, your tenant might adore a bright living room with white ceiling lights, but their affection will be won by the warm bedroom's yellowish night lamps.

  • Making over the kitchen

For many buyers, the kitchen is the main emphasis. If a house has a kitchen they enjoy, they may be the first to look to replace it or pay extra for it. If you don't have the money for a whole new kitchen, painting the cabinets or changing the doors or handles on the cabinets are fantastic alternatives. Additionally, clean, uncluttered surfaces and good lighting are quite important.

  • Changing management agents

By disciplining your underperforming managing agents, you may also add value. A surefire method to increase value is through efficient block management. Imagine the damage that poor management is doing to the value of your apartment if you're suffering from it. The corridor is in disarray, the door entry system is broken, and the yard is being ignored. With a competent property manager, you can maximize the value of your flat.

  • Creating a theme for the flat

There is a higher possibility of clients/tenants having a positive impression of your flat if it has a theme. Here are some suggestions for the most popular home decor themes. 

  • Minimalist

Make sure to eliminate all the extraneous items if you decide to adopt this approach. Avoid purchasing tangled hanging trees or bright indoor lamps. Instead, choose anything that seems straightforward and organized. In other words, make your flat a place where people can feel comfortable using the most basic amenities without feeling intimidated by the decor.

  • Bohemian

Few constraints apply to how you should decorate your property because this style tries to give individuals the independence they desire. Yet you might be interested to learn about certain common features of most Bohemian homes. A Bohemian home is distinct from any other motif because of its focus on: 

  • old furniture, 
  • its use of woven carpets 
  • and ornamental trinkets scattered throughout the house.

Adding value with a smaller budget 

There are quite a number of smart ways to add value and boost the appeal of your flat or property without breaking your budget. 

  • By Fixing structural defects such as cracks in walls, leaky roofs, broken or missing floor/wall tiles. 
  • Rewiring and Plumbing works- When looking for ways to increase the value of your property, updating services like wiring and plumbing is a disruptive process that will require lifting floors and chasing away plaster, so it's imperative to finish the work before making any cosmetic modifications. Adding more outlets when rewiring will increase the value of your flats, and in some circumstances, it may be worthwhile to choose beautiful face plates for your switches and sockets.
  • Instead of using a gravity-fed plumbing system in your flat, think about using one that is pressurized because it assures good pressure on both the hot and cold supplies and does away with the need for a header tank, which frees up space and increases value.

Checklist of things that can be fixed to raise the value of a flat

The following is a checklist of some things that could be fixed to increase the value of a flat:

  1. Making space by disposing of bulky furniture
  2. Fixing structural defects 
  3. Improving the lighting structures
  4. Improving the heating system
  5. Painting the walls with a neutral shade
  6. Maintaining your garden 
  7. Investing in household appliances
  8. Making over old rooms 

How much does a granny flat add to a property’s value?

According to popular sources and reports, adding granny flats can increase a property’s value. Granny flats can increase property by up to 30% as well as yield up to 27% more in rental income. Of course, the sort of granny flat you add to your house and the nature of your property will affect the exact cost. A granny flat also adds a distinctive selling factor to your home and increases its "sale value" because it can be rented out, generating an additional source of income. Additionally, hardly many homes come with a modern, high-quality granny flat, so if you promote your home effectively and emphasize the special potential of a tastefully decorated annexe, it's likely to help it sell a little quicker and at a better price!  

Granny flats can increase value as long as it: 

  • blends in with the existing structure 
  • don't look like it was tacked on 
  • and doesn't significantly intrude on a garden.

Owning and renting out a flat can be expensive or lucrative, but if you know how to improve the rental and add value to your property, your profits will soar. Please ensure that you have bookmarked this article for later use. 

In summary, these points below are important to know about adding value to a flat:

  • Flats are less expensive than houses, which makes them ideal for singles and small families.
  • Owning or renting out flats is a major financial commitment which is to expect to produce a positive capital return as value is added over the years. 
  • Granny flats definitely add value to the property because any property will sell at a higher price provided it includes a second dwelling.  

FAQ

Why is it called a granny flat?

Because it is a popular method for families to accommodate ageing parents, it is frequently referred to as a granny flat. The granny flat is most frequently referred to as an accessory apartment or accessory dwelling unit in the construction business.

What things can devalue my property/flat?

A property may occasionally lose value due to factors beyond your control such as poor workmanship, an increase in crime levels, noise pollution or an uninspiring exterior.

How much does a granny flat cost in the UK?

Usually, typical costs to build an annexe building are around £20,000 but may be more or less depending on size and quality.

Thomas Miller
Thomas Miller has been a real estate agent for over 4 years now, when he is not in the field, he is dedicated to his second passion, writing, especially in the real estate market.
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