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Last time out, we looked at the 3Fs of Property ProFFFit. One of these was to ‘force the appreciation’ or adding value in other words.
Today, we consider the top 10 ways to add value to a property project. But there’s more...
We also consider ‘return on works investment’ and the 3Rs of evaluating our existing property portfolio for ways to add value there too.
Listen in and enjoy!
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Transcription of the show
Last time out, we looked at the 3Fs of Property ProFFFit. One of these was to ‘force the appreciation’ or adding value in other words.
Today, we consider the top 10 ways to add value to a property project. But there’s more...
We also consider ‘return on works investment’ and the 3Rs of evaluating our existing property portfolio for ways to add value there too.
Listen in and enjoy!
Property Chatter
Hello, and welcome to another episode of The Property Voice Podcast. My name is Richard Brown, and as always, it's a pleasure to have you join me again on the show today. For those of you who tune into some of my social media channels, I can just tell you that it's approaching nine o'clock and let's just say the creative juices are flowing and you know what I'm talking about. Of course, if you don't tune into my social media channels, then you've absolutely no idea what I'm talking about. So I'll just leave it at that and perhaps you need to check out my social channels to make sense of that.
But thanks for joining me on the show today. What I thought I'd do is do a quick follow-up to last week's show, where I talked about the three Fs of how to profit through property and the three Fs to summarize is forcing the discount, forcing the appreciation and forcing the yield. And I threw in there a bonus one that we're getting natural capital appreciation over time, if we're fortunate, but don't bank on it. So that's a bit of a recap there.
So what I thought I'd do this week is just drill down into forcing the appreciation just a little bit more. And I thought I'd start by talking about 10 ways to add value or force the appreciation in property. I might then refer you to one of the metrics that I tend to use when I'm looking at that kind of equation. I call it return on works investment, and then I will return because forcing the appreciation is often considered when we first acquire a property, something new and we undertake some kind of project, but equally we can apply some of these principles to our existing portfolio. And I've got another three for you. It's the three Rs this time. So maybe I'll come back to that a little bit later. So a few things to cover off in the show. So let's get cracking.
So first of all, 10 ways to add value or force appreciation of property. Not in a particular order, but number one, and possibly the easiest one is to as what they call prettify the property, make it look nice in other words. And we can do this with some internal decoration or even external decor, which might include the garden and that can increase its curb appeal. And once they're not massive changes it can make quite a difference. There's nothing as off-putting as seeing a tatty old garden or stains on floors and on walls from down that's been repaired even, but it's just still there inside a property, even just clutter can actually make a difference.
And beauty's in the eye of the beholder as it were, so you can walk into a property. Hopefully what we're talking about here is getting the valuer if we're refinancing or getting a purchaser, if we're selling that property to just be able to easily visualize what it would be like for them to live there. Hopefully there'd be little work to do so they'll pay that premium. And it's funny actually, because just recently I've agreed to sell a property I bought. Is one of the first properties I actually bought a few years ago now, about 10 years ago and I prettified the property. So I bought this property. I just decorated it, including a few feature walls and things like that. Didn't really do anything else. Didn't do any major upgrades or updating. It was a fairly new build house when I bought it.
And one of the reasons I was able to get it actually forcing the discount was because it was a new build, but it didn't have any sort of NHBC certificate. And usually that means that you couldn't sell that property to someone else within the first 10 years, unless you've got some sort of new build warranty that you can offer with the property. And that was the case with this one. So I managed to practice with the first F, which is forcing the discount. And as far as the second F is concerned, I did a cosmetic update, literally painting and decorating the property. I think there was maybe one or two floors that needed to be just updated, but I spent about 4,500 pounds on prettifying the property. It's a four-bedroom detached house. So 4,500 is a drop in the ocean, really on a property of that kind of nature and size.
And I think the figures from memory, I paid about 142,000 and I got it revalued just a few months later for 195,000. So I think there was to be fair, a combination of some discount going in because of the lack of a new bill warranty and equally the cosmetic refresh or the prettifying of the property combined managed to increase the value quite significantly in that particular case. So it did quite well. And in fact, I've agreed to sell that property more recently and I'll come back to that because the reason I agreed to sell it or decided to sell it in the first place is that the yield relative to the capital growth was out of kilter. And I thought it was a good time to cash in.
Equally, the property is outside of my normal area. So I always look at these things I decided, is it a good opportunity perhaps to if the value has gone up significantly, maybe to cash out, realize the profit before it gets too out of whack as it were in terms of capital gains tax and things like that. So that's what I did. So that's the first one, prettify the property.
The next one, number two is I've just casually titled, kitchens and bathrooms sell houses. And really remodeling or replacing a kitchen can actually have one of the best returns on investment in the fastest time. Now it's not the best way to add value to a property, but it's one of the quickest ways to add value to a property. Who wouldn't like a new kitchen or a bathroom? Or if I put it the other way around, what's one of the most off putting things? You're seeing an ugly dated kitchen or bathroom when you go into a property and you're already thinking, Oh, no, I've got to do to that. It's going to cost a lot of money and so on and so forth. So kitchens and bathrooms sell houses, not only do they increase the sort of appeal, but they actually add a bit of ROI as well. So you can do it in a pretty quick period of time, so. And of course you don't need to sell it. You can refinance it and keep it. And so updating the kitchen and bathroom is a good way of doing that.
The next one, number three is what I call increase the usable living floors or floor space. And here, what I'm talking about is extending or converting to add value to a property. And this just think about extensions, think about loft conversions and conservatories. They're the kinds of things I'm talking about here. So you're actually adding usable living space into the property. Some of it of course is within the footprint, such as the loft conversion, but an extension or a conservatory is adding to the footprint of the building as well.
And what I suggest you do is if you're looking in your target investment area is have a look at the houses that have got extensions and conservatories and loft expense extensions, and do a comparison of those types of properties against the ones that don't. And then you'll understand what the value add potentially is. And of course you can work out the cost and therefore you can work on. I've already given the game away to my returns on work investment or works investment sums or calculation that I tend to perform as well. So increasing the usable living or floor space is actually one of the best ways to add value to a property, in fact.
Number four is, I've called it upgrade and refurbish. Now, obviously some of the elements I'm talking about are parts of that process anyway. If you decorate or you put a new kitchen in then you are upgrading or refurbishing the property, but in this particular example, I'm actually talking about replacing what I call the guts of the property. So this is the plumbing, the gas central heating and the electrics, that kind of thing. And so if we can bring it up to current standards, we can maybe improve the energy rating, for example, that's going to be a relevant thing over the time in the next few years. You've probably heard about the consultation about the EPC ratings going to C I think it is rather than E as it is now.
So it will actually add value to a property in the long run, but in the short term, actually it does too, because especially if you're keeping the property or reduce your maintenance costs or reduce the running costs for the owners and people like to go into a property, knowing that all of this is updated is in place. And it does have a value. It's perhaps not as obvious a value increase as say replacing the kitchen or the bathroom, or prettifying the property obviously, or indeed adding an extension, but it does count and you can list these things and it counts, especially with valuers, by the way.
So a valuer is not so turned on with painting a wall, but they are with perhaps replacing the gas central heating, for example, they can see a real value add in that respect. So I think it works particularly well if you're trying to get a value uplift on refurbishment projects. Of course it can work on flips as well, but perhaps sometimes you don't necessarily need to do all of this on a flip. So I think it works best actually with a refurbishment project.
The next one, number five is what I call model and reconfigure. And this is unlike increasing the living space by adding an extension, which was a third item. In this case, what I'm doing is using the existing footprint in inner and clever away. And so, for example, you might've seen, maybe sometimes you've gone up into a property and you've looked at, it's a three-bedroom property, according to the details and you kind of look to bedroom two and bedroom three. And so, well, they're pretty average or even small size bedrooms. It doesn't kind of make sense. And one of the clues to what I'm about to say is where the windows are often positioned.
And often if you've got a large bedroom, some people put a petition wall in and split it into two bedrooms, but it might be a small double and a single at best. And all they're really doing is just creating an extra bedroom. And, believe you me, sometimes with residential properties, it's not the actual floors space that adds value. It's sometimes the number of bedrooms. So a bit like I was talking earlier, looking at properties where they've got, you can look at whether there's an extension or a loft conversion, for example, compared to where it doesn't.
In this case, if you look at maybe a three-bedroom versus a two-bedroom or a four-bed versus a three-bed and just see why by adding an extra bedroom, what difference might it make? So there's other elements to this, you can convert the garage as well. Maybe you can add it en suite to a bedroom. So maybe you can relocate the bedroom upstairs if it's in an old terrace house bolted onto the rear, which you often see, of course. So just remodeling and reconfigure could actually add value, but do your sums as always.
This is an interesting one. Number six, I call it retargeting the marketing of the property. And what I mean here is that you go and look for properties, which are incorrectly marketed. They're being sold in the wrong place, in other words. So an example of this is if you go to an auction and you find a property that's done up. Well, that's in the wrong place, really. A property that's already done up should really be sold on the open market, and a property that needs work usually sold on the auction. Of course, both things can apply, but if you start to see a done up property in an auction may be a lot of investors and developers are not really looking for that kind of thing. So it might be an opportunity to arbitrage, buy it at the auction and maybe sell it onto the open market instead.
And there's a couple of other examples like, look for for sale by owner listings, because there's perhaps less competition there. If they're not listed on Rightmove, for example, they're not necessarily going to have the same number of eyeballs on them as they will on say Rightmove or Zoopla or on the market. Look at maybe bulk buying bulk sales. So buy an existing portfolio or buy a block and then break it up. That's another way of doing it.
And another one I thought was really interesting is to kind of deliberately distress a property and then put it through an auction. So as I mentioned earlier, with done up properties being found in auctions. Well, investors and developers are usually looking for a wreck in an auction. So if you take a property that it's not too bad, you can distress it, board up the windows and strip it out for example, and then put it in an auction. You might be surprised actually, of the result you might get that way. So number six is retarget the marketing of the property.
Number seven is to look out for, and then fix structural issues or problem issues with the property. So here what I'm talking about is things like subsidence, Japanese knotweed, insect infestations, and that kind of thing. In fact, recently I looked at a property that's got... In fact, the property itself doesn't have Japanese knotweed, it in neighbors on a church and the grounds and there's Japanese knotweed, that's been identified in the church grounds. And there is a treatment plan that's on the way. It takes five years to currently, to get rid of it properly. And that program is underway in the church grounds.
And this property we were looking at is next door. So it's not even directly affected by the Japanese knotweed, but it has actually put people off because Japanese knotweed is pretty aggressive. And it'll put off your average homeowner. It's actually not that difficult to deal with. You can put a program in place. And in this particular example, there isn't actually Japanese knotweed there. The only snag is you might not get a mortgage on it. So you do need to think about how you're going to finance the property in the intervening period. And of course, you've got things like subsidence, which you can correct with things like underpinning and the infestations as well. So fix structural and problem issues is number seven.
Number eight is to change the use or indeed the valuation method. And again, we're playing kind of arbitrage, but from a valuation point of view here, we're not buying and selling, we're changing the way in which it's valued. So an obvious example is changing it from say retail or commercial property, where there's probably already a number of these on the market now, and there's going to be increasingly so over the next few months or so into residential. So often residential valuation on a cost per square foot basis is higher than say, retail. Obviously you need to find the right type of property in the right location to get that kind of arbitrage play. But that's one example.
Another example is converting it from, what I would call bricks and mortar residential valuation. The valuers always hate me for saying that, but that you and I both know what I'm talking about when I say the bricks and mortar value, and instead converting it into an investment value instead. So an investment valuation is basing it on its income stream instead of basing it on its bricks and mortar or its resale value on the residential market. And this is particularly useful in we've say HMOs or holiday lets, for example, which can be revalued in a different way based on its income stream. So that was number eight.
Number nine is legal gains. So here, what I'm talking about is to apply some legal changes to add some value. I kind of touched on it last time out, but you could extend the lease. You can get a share of the freehold. You can even split title of a property let's say into smaller units, such as flats. They're all legal solutions. And sometimes you don't need to do much more than move paper around to be able to actually increase the value.
I remember I bought a property a while ago and it had a short remaining lease term available. And I don't know if you do know, but the statutory process for extending the lease, you're not allowed to apply to do that under the statutory process until you've owned the property for two years. You can negotiate on a voluntary basis with the freeholder to extend it sooner. But of course, the freeholder holds all the cards rather. If you go in after say three months and say, I'd like to extend the lease on their short lease property. They know that you have to wait two years to go for the statutory process so they can kind of ask for whatever they want, if you like in terms of extending the lease. So, whereas with a statutory process, it needs to be pushed through in a relatively short period of time. It's typically about six months if there's not a co-operative freeholder, let's say so you can move in quicker.
Now, one of the solutions is to ask the existing owner to start the lease extension process before you actually take legal ownership. And therefore you can reduce the two-year statutory wait period. And this is exactly what I did on one of my purchases a little while ago. And I asked the current owner, if they would start the statutory process for lease extension and therefore I could step into their shoes so to speak, once I bought the property. I didn't have to wait two years. And we managed to get the freeholder to agree to a reasonable price, to extend the lease much sooner than having to wait two years, obviously. So it was just pushing paper, a bit of negotiation. You have to sort of be a little bit careful because if you give the current owner the idea, then they'll probably recognize that maybe the value of the property is higher than they think it is for the short lease. So you have to play a little bit of poker, but that's an example of a legal gain, let's say.
And the final one, number 10 is planning really, but I could add to that permitted development rights. Of course, there's a lot of talk at the moment about planning gain and permitted development rights and the change of planning rules and regulations, which are being talked about right now. Building a couple of stories above an existing unit for example, is now permitted development. So there's a number of things you can do here obviously. We can build, we can extend, we can go up, we can change the use. There's a number of different angles that we can play. And again, we often what we're doing is we're trying to sort of slice and dice if you like a property to get a high evaluation with smaller number of units, change the use, develop all of that stuff. So, but again, it can be just a paper exercise. Planning uplift is a little, sub-industry really finding a property where you can get planning uplift, and you don't even need to actually build it out and do the development. You can literally just set it on with that increase value.
So there we go. There's a list of 10 and I kind of made a little note to myself and if I might come back to it, well, I will come back to this. I know I will. And that's always to have this phrase in mind, which is how can I add value? So whenever you're looking at a property, you always ask, how can I add value? And there's two parts of this question. How can I add value now? And how could I potentially add value later? Now, hold that thought because I'm going to come back to that in a minute.
But I did say that I wanted to just run past this idea of return on works investment. And this is really a simple concept. So lots of people look at the uplift in value. So you take a property. Let's say it's 100,000. You're going to do a 20,000 refurb and then you want to get the end value of let's say 140, just to pick a number. It's kind of handy because it kind of works with one of my rules of thumb, if you like. So you take it from 100, it's going to be worth 140 when it's done. Maybe the work that you're going to have done to it is 20,000.
So you've got the total, you've got the cost of the works there, which is 20,000 on 100,000 or 20% in other words, but you've got the uplift in value, which is 40,000 on 100,000, which is 40%. And of course you've got that 20,000 pounds profit, which is just under 20% profit on cost as well. So there's a couple of metrics there. Hard to get over on the podcast I know, but here's the one I really wanted to focus on with return on works investment and that's this. Just quantify only the work side of it.
So in that example, it was 20,000 pounds, which was the cost of the improvement works. I just made up this as an example. So it's not a real case, but I was looking back actually over my notes. And I think it was five years ago that I shared a blog post on The Property Voice website where I learned my thinking, if you like, and my strategy in terms of return on works investment. And there's a few examples there, and I'd recounted, if you like the last five projects that I did. And pretty much all of them were well in excess of 200% return on works investment. So in the example I gave you, it was 20,000, was the cost of works. And then the end value was 140,000. So what I'd actually done is I uplifted the value from 100 to 140 or 40,000 pounds. I'd spent 20,000 pounds doing it. So my return on investment was 200%, I.e 40,000 on an investment of 20,000. So we always look at the return on works investment.
So you look at the profit on total cost, but also the specific question, which is return on works investment. And I always find that's quite handy because it can help you be a little bit more disciplined in terms of the refurbishment or the updating or the extension that you might be planning. And if you can carve it out into separate items, then you can actually tell them to work out for yourself. Well, if I actually do replace the electrics, what kind of value uplift am I likely to get from that? Whereas if I just put a bit of paint on the walls, what kind of value uplift am I likely to get from that? And so on and so forth. You can kind of help you to cherry pick if you like the best works that you could undertake on the project to get your best bank from your book, so to speak.
So I just wanted to run you by that. Maybe I'll put in the link to the return on works investment post from five years ago, just so you can have a quick look and a refresh if you haven't been following me for that long or you might've forgotten anyway. So I'll maybe put that in the show notes for you to refer back to.
Okay, so we've covered the 10 ways to add value. We've also covered the return on works investment. So really all I wanted to do now was kind of was finish with what I call the three Rs. Now, right now we've been talking primarily about a new property. So this is a new property that perhaps we've identified, we're doing our desktop appraisal, we're costing out and scoping out our works. We're working out what the value uplift will be. And we're going to decide if that's a project we're going to do or not.
Of course, we're going to decide if it's going to be a flip or a BRR style project. Obviously I'm talking about the lower end here. At the higher end, you got conversion and development projects and where are you going to sell them or where are you going to retain them. But essentially you're just going for this thought process. You're working out the cost and scoping out what works needs to be done. You're benchmarking against other properties in the local area to see what the value is going to look like and do a quick test on return on works investment. And that's all well and good. And it should be a discipline that we all do naturally almost. I just look at photographs of listings down and I just mentally tot up what needs doing and what the costs will be. And then I can compare it to comparables nearby to see what the value add might be. So it kind of becomes second nature.
But that's new properties. But what I want you to come back to here was also looking at our existing portfolio. And I don't know about you, but with me, I looked at my existing portfolio, my existing individual properties regularly. So at least once a year, which is tax return time. But equally I look at my properties for other key events, key events would be things like a re-mortgage, a change of tenancy, those sorts of things. So you probably look at the individual property on a change of tenancy for argument's sake. Whereas you look at your entire portfolio for the tax return submission, and what I'm doing there is I'm looking at my equity position and I'm looking at my net profit, rental profit and I'm calculating return on equity.
Now in property, we get a little bit hung up on return on investment, going into the deal, and we call it return on investment really, a better name for it should be return on capital employed or return on cash investment, but I don't want to get too hung up on that. I think if we use the term return on investment rather, ROI, we kind of know what we're talking about, but once we've owned the property for a period of time, we should see some capital appreciation. We therefore should see some equity that's growing in our property, regardless of the strategy, whether it's buy to let at or BRR, we should see our equity starts to grow. And we should also see rental profit start to grow as well. We should get some rent increases over time.
Now, how has prices and rent increases, they don't track each other in a linear fashion typically. House prices tend to go up more with wage inflation. Did I say house prices? I meant rental income, sorry rentals. Rents tend to track wage affordability. House prices tend to track general affordability, I suppose, and especially money being pumped into the economy. So it's more of an economic indicator and rents is probably tracking labor rates if you like, or wage inflation. Don't know if that made sense, hopefully it does. But what I'm trying to say is they don't track 100% in a correlated fashion.
So you get this kind of wave effect. You can get a burst of house price growth, which is potentially followed sometime later by a burst in rental income growth. So you get this sort of lead and lag effect of house prices versus rental growth. So you've got to keep an eye on that because you could take a decision at one point in time and maybe just a short time later, it could catch up or reverse because rents catch up with prices or vice versa.
But long story short, looking at existing property, I apply what I call the three Rs approach. And what I'm really doing is I'm asking questions and the questions are, can this property be repurposed in some way? Repurpose means, can it be changed? Could I convert it from a single let to service accommodation? Is an example of how it could be repurposed.
So that's the first R. The second R is, could I realize greater value add? And if you remember earlier on, I talked about always look for ways to add value to a property both now and later. So here, for example, what I'm talking about is we might decide that we're going to do, let's say a basic refurb on a property to get it rented in a very short period of time, but we might have also identified that it could be ripe for an extension or life conversion at some point in the future. That's an example of what I'm talking about. So you're looking for the opportunity when you're going into the deal that you could potentially add value later on. And then later on comes, of course, and you think, well now is the time. Maybe the tenants has left and now's the time to do that loft conversion. Maybe you've got a bit of extra cash lying around and you can afford to do the job. So you look at realizing greater value add.
An example that I did recently that falls into this category is I had a property. In fact, there were two types of R that I really deployed here. I repurposed it. So it was a single let and I repurposed it as service accommodation, short-term letting, and that increased the returns on that property just from doing that. But I also converted the garage. So I added extra living space, usable living space by converting the garage. And I was able to actually boost the profits on the service accommodation as a result of that. So there was two of the three Rs in operation, bearing in mind I already own that property. So this is not one I was going into buy. This is one of it was already in my portfolio asking the question, can I apply the three Rs here?
And you're probably wondering what is the third one? And the third one is really, can the equity be redeployed in a more effective or efficient way somewhere else? And so really what I'm doing here is I look at the return on equity. So that's my net rental profit as a percentage of the equity that's in the deal there. And I'm deliberately choosing equity in this case with my own portfolio. So when we go into the deal, we're looking at return on our cash investment. What is the physical pound notes that we put into that property? You know, whether it's a buy-to-lets on day one, it might be a BRR project where we've refinanced and pulled out some of our capital later on, and we've left in our portion of our capital, but not all of our capital.
So that's on the beginning of the deal, but as time goes by, hopefully that property will go up in value and therefore the equity will grow. And so what I'm always looking at is well, are the net profits, the rental profits, still an effective return on my equity? And not ignoring the fact that I've got that lead in the lag that I talked about earlier between house price growth and rental growth, rental rates growth. I can't speak, I think you know what I'm talking about, hopefully.
So you've got that lead and lag effect, but you're looking at what is the return based on the equity. And I personally have a target. I have a KPI, key performance indicator for my return on equity. And so I'm looking at my entire portfolio. I'm looking at individual assets in my portfolio and I'm asking myself the question, is that meeting my minimum return expectations from an ROE, or return on equity point of view? Now it doesn't mean if it falls, I use a red, amber, green sort of color code system. So if it goes red, it doesn't necessarily mean I'm going to do something about it immediately because I'm going to ask some clever questions and why is it red? Is it because there's been a surge in house price growth in that particular location and there's been a lag in terms of rental rate increase, which is probably just about to catch up?
So as I think it's going to catch up, I'll probably leave it, or I'll monitor it for a period of time. If it doesn't catch up, or if I don't think it's going to catch up, perhaps rental rates in the area are stagnant, for whatever reason, I might decide to cash in and sell that property. Yes, there'll be transaction costs associated. Yes, there could be taxation, but if I could redeploy the equity that's invested at a much higher rate elsewhere, because I invest in different investment locations. So I'm arbitraging geographically in that sense. And that's exactly what I did in fact, with the property that I mentioned earlier on, in my rambling when I talked about that property that I spent 4,500. I've got a big uplift in the immediate value I refinanced it, but then I've had a surge in a capital growth over the last 10 years or so.
Rents have gone up, but they have not gone up massively. So my ROE, return on equity has started to fall. It's a semi-rural location. I can't really see that rents are going to drive forward and pick up steam anytime soon. So what I've decided to do is sell. Yes, I'll pay a bit of tax. Yes, I'll incur a few transaction costs, but I'll be able to redeploy that equity into a new property and get a better return elsewhere. I'm pretty convinced of that. And that's exactly what I did.
So practice the three Rs with your existing portfolio. So that's, can it be repurposed? Can you realize greater value add than there's already there? And can the equity be redeployed or indeed, should it be? So I tend to advise people who've got a portfolio to apply that kind of strategy if you like, to looking at their own portfolio. There's a few simple metrics you can do, there's few qualitative questions you can ask, a little bit of research, a little bit of asking of agents, and you should be able to get a decent picture there.
So there we go. I'll just rattle through it. The 10 ways to add value through property, the return on works investment and the three Rs of your existing portfolio. Can it be repurposed? Can you realize greater value? And can the equity be redeployed? So as always, the show notes are going to be over at the website, thepropertyvoice.net. And if you want to talk about anything from today's show at all, you know you can always reach me podcast@thepropertyvoice.net. I'd be delighted to hear from you. But in the meantime, I guess all that's left to say is thank you very much for listening once again this week. And until next time on The Property Voice Podcast it's ciao-ciao.
That's all from me this week, remember if you want to talk about anything from today’s show, or just talk property investing more generally, email me at podcast@thepropertyvoice.net, I would be happy to hear from you! The show notes can be found at our website www.thepropertyvoice.net
Thanks very much for listening again this week, so all that left to say is ciao ciao!