So you've purchased a repossessed home at below market value, and are now eager to maximise your potential returns by improving the property. What can you do to add value to the home, and ensure it attracts interest from other potential buyers in the future?

When renovating a property, there are many different approaches you can take that will help add value. The work you decide to undertake will no doubt depend on a range of factors, including location, building type, budget, time and expertise, but these are some of the options available to you:

Update services - ensure the electrics and plumbing are tested and upgraded if necessary. Older homes may need rewiring, with new sockets adding all over the property.

Install central heating - if the property still uses gas fires, this is the perfect moment to install central heating and update radiators.

Convert the loft and/or cellar - adding extra rooms will increase the living space and make the property more desirable to a larger number of people.

Replace the windows - buyers are more likely to show interest in a home with double glazed UPVC windows than glass, especially from a security and energy efficiency perspective.

Add extra bedrooms - if you have two large bedrooms upstairs, why not divide one up to add an extra room? This may appeal to families with children.

External makeover - if a property looks tatty and uncared-for from the kerb, this will undoubtedly constrain interest and reduce the asking price you can realistically set.

Increase storage space - properties with a lack of storage are unattractive to many buyers. Are there any spaces which could be filled in to create a cupboard?

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