Adding value to a property by carrying out improvements is still one of the best ways of making your home work for you - especially in an economic climate where runaway property price appreciation is not guaranteed.
We stumbled across this article that contained a sage piece of advice - 'buy the worst property on the best street'. The buyers in question managed to add almost £1 million in value through remodelling and extensions but what they also had was the vision and confidence to see through their plans.
As North West London estate agents, we handle the sale of plenty of properties where there is potential. Those prepared to reposition walls, add a storey and perhaps live with builders for a few months can be rewarded. If a property is bought as the cheapest and smallest on the street but ends up larger and modernised, it will almost surely sell for a higher price in the future.
Taking on a project also gives the immense satisfaction of internal space that is crafted to meet the exact needs and tastes of the owner - a reward of a different kind no matter the resale factor.
If you're looking for a property that has 'project' written all over it, contact London Residential today. We have a selection of apartments and houses for sale in North West London with bags of scope to improve, in areas such as Camden Town, Kentish Town and Euston. Ask us about homes with planning permission to extend or land that could be utilised, and those that need modernisation or renovation.
“We always managed to buy the worst house on the best street,” says Kate. It’s a smart policy. After a small Victorian house, then a bigger one, in 2010 Adam spotted a run-down 1860s terrace on a property website. It had an overgrown 100ft garden and was converted into two flats.