Sep 18, 2020
When it comes to developing your property, it’s hard to know which projects will be a good investment and which could end up costing you financially. Personal taste has a lot to do with this. For example, if you were to add a water feature to the front of your property, some would see it as grandiose and classy, while others would see it as tacky and a source of ridicule.
One investment that is considered a safe bet in terms of increasing your property’s value is the addition of an outbuilding. An outbuilding adds an extra dimension to a property and can be marketed as a bonus asset to potential buyers, which other houses on the market may not have.
But is this always the case? And what types of building are the best in terms of boosting property value?
The quality of construction
One major consideration estate agents will look at when deciding whether an outbuilding can be considered an asset, is whether it is made to a decent standard using quality materials. There is a big difference between an outbuilding which is dilapidated and has a roof containing asbestos, and a freshly built structure made of steel.
With solid foundations and no sign of distress or deterioration, your outbuilding is far more likely to add value to your property’s estimation.
Is it connected to energy sources?
Many outbuildings can have the accusation thrown at them that they are in fact just “fancy sheds”. Whilst this is usually a sign of jealousy radiating from the accuser, having your outbuilding connected to an electricity or gas source for light and heating makes this argument null and void.
With lighting and heating elements, an outbuilding can be marketed as a log cabin or hideaway, which will appeal to those who yearn for a cosy area in which to enjoy some peace and quiet. It also allows you to do some serious, practical work in there.
Make it a private garage
Speaking of which, not all outbuildings have to be for relaxing of course. Converting an outbuilding into a private garage is a financially savvy way of adding value to your home. Garages are becoming increasingly popular due to not just their convenience but their security aspects as well.
As an owner of a private garage, you could also see a fall in your car insurance premiums, meaning that the financial benefits for this outbuilding are twofold!
Keep it decorated
Appearances are everything when it comes to the property market. The phenomenon of curb appeal is a real thing, and by making your property have a strong first impression can add significant value to your home.
The same concept applies to outbuildings. By making them attractive and welcoming, you are giving your chance the best opportunity for buyers to fall in love with it and, therefore, increase your chances of making a sale.
Keep it clean, tidy and have it well furnished. It’s as simple as that!