Thinking Outside the Box

One of the best ways to stretch your new home budget is to see the hidden potential in an existing property. It is not uncommon for houses to languish on the market for months, and sometimes years, due to problematic design or decor choices. As a result, the asking price will often be cut over time and, in the case of a desperate home seller, a low offer may even be accepted

Thinking the box outside

LACK OF CURB APPEAL

You only get one chance to make a good first impression. If the outside of the property appears to be in poor condition, is outdated and/or requires major repairs, one could easily get the impression that the inside is the same. HIDDEN POTENTIAL

A thoughtful buyer might see how the property could be improved with some inexpensive fixes, but many would rather move on to the next house on their viewing list. AWKWARD INTERIOR LAYOUTS

If a buyer cannot easily conceive of how they might live in the home because the rooms are strangely arranged, again they will probably walk away. HIDDEN POTENTIAL

A bad layout can often be fixed, just by re-dividing or re-allocating space. If there are other desirable factors such as a beautiful view, a large stone fireplace, south-facing windows, and so on. INADEQUATE ROOM SIZES

The dimensions of rooms can have an important impact on how one can occupy and furnish a space. HIIDDEN POTENTIAL:

Remove or relocate walls. Perhaps you could convert a bedroom into a good-sized bathroom or take out a wall between two adjacent bedrooms. NON-FUNCTIONAL ROOMS

Some rooms simply don’t work with inefficient fixtures arrangement, tight circulation space, lack of consideration of ergonomics, disorganized kitchen or bathroom space and/or lack of storage space/closets HIDDEN POTENTIAL:

Re-plan, annex or add space. POOR LIGHTING (BOTH NATURAL AND ARTIFICIAL)

Placement and size of windows as well as the orientation of the house will have an impact. HIDDEN POTENTIAL are south-facing. Adding pot-lights in dark areas can vastly improve a home’s appeal, as can the choice of paint colour to reflect the ambient light more effectively. HIDDEN POTENTIAL

A brand new kitchen with the latest mod cons and oodles of storage, or a sparkling new bathroom suite with shiny taps, power shower and glass screen could add some serious extra value onto your home. A property where you can install a ground floor WC can offer decent potential – and will appeal to those with young children, people who like to entertain, as well as older couples who may struggle with stairs. Think as creatively as you can, as you may not need to knock down walls or build an extension to fit a downstairs toilet into the property. You may be able to fit one into a large cupboard, in a space under the stairs, or by siphoning off a portion of a room. PLOT IS TOO SMALL

Don’t be too quick to dismiss a home where the plot is too small for the size of property. HIDDEN POTENTIAL:

Check out the possibility of purchasing adjacent land as this his could mean a dramatic increase in the property value. Also note that small homes on bigger plots have lots of opportunities for improvement. HOUSE IS TOO SMALL

A home extension a great way of adding value so look out for a home which can be built out.

HIDDEN POTENTIAL

If a property already has a single-storey extension, look at scope for adding another storey. This could give you space for an additional bedroom and bathroom – one of the most effective ways to boost your property’s value.

Also look for properties with a nearby outhouse which can be joined up by a link extension.

Don’t forget to inspect the attics and basements, as there may be space for a loft or basement conversion.

Do some research during your viewing to see if any of the neighbours have done something similar, as this can set a useful precedent with planning permission.

In conclusion, many homes have hidden potential yet are overlooked because the buyer is unable to envision a solution to space, layout and/or decor issues. Beauty is in the eye of the beholder, so keep thinking outside the box!

Property listings on the online portals often carry the bullet point, ‘potential to extend subject to planning permission (STPP)’. And estate agents love to tell prospective buyers how a property has bags of potential. Buying a house that could accommodate a rear extension or a loft conversion is often an alluring prospect, both to add space and to increase equity. But if this is the main reason for buying a property, it is evidently wise to investigate what is and isn’t possible prior to making an offer. in 2019 planning rules on extensions were relaxed slightly. The maximum length that a single-storey extension could be built to without a full planning application was doubled, from three to six metres for a terraced or semi-detached house, and from four to eight metres for a detached house. However, you are still required to submit for ’prior approval’ - notifying the council of your intention to build a larger extension. Work must not begin on such an extension until the local planning authority has issued its decision, which can take up to eight weeks. Buying a home on the assumption that you will receive prior approval is a risk, as the council can always turn your request down. Look at other homes in the area and the extensions that have been permitted on them will give you an idea of what is likely to be accepted. You could also seek advice from a planning consultant or architect. But if you want to err on the side of caution, it is a good idea to plan an extension that fits within the rules known as ‘permitted development.’ Extensions built within these rules do not require prior approval or a planning application at all. What is allowed depends on the dimensions of the proposed extension, where it is and its proximity to neighbouring land.