There are a number of things that investors can do to increase the value of their investment properties in Lambeth and any other area in London. New decorations, modernisation of the bathroom and kitchen, and improving the amount of floor space on offer can all add to the sell on price and expected monthly rental income.
One of the most valuable additions you can make to properties is outdoor space. There is high demand for it because so many properties in the capital don’t have any. Creating some can be challenging but there are good rewards if you can accomplish it.
A great way to add outdoor space to a property is to create a balcony. Successfully installing one could increase the value of a flat or apartment by between 5% and 10%. It could turn out to be a very good investment.
When considering a balcony you need to keep in mind that you will need planning permission. Any alterations to a property that affect the facade and character of the building should only be done after obtaining permission from the local council.
A number of factors will have an impact on whether your planning application for a balcony is successful or not. Firstly it will depend on the area where the property is located. It is always trickier to get permission in Conservation Areas.
On top of this you need to consider the impact on the neighbours. Balconies can overlook their properties, obscure their view, and have an impact on the amount of light that enters the property. On top of this the noise could disturb them. All of these factors should be considered when designing the balcony.
At Finefair we work with a number of clients who own investment properties in Lambeth and various other London Boroughs. We work hard to help each of them get the best returns from them, even offering advice about how they can invest in improving them to boost the value. If you would like to discuss your ideas with us please get in touch.