Are Bungalows a Good Investment?
There has recently been a high demand for single-storey properties in the property market. This, along with the declining supply of them, means that in many areas, bungalows now reach a higher asking price than in previous years – but are bungalows a good investment?
At Stacks, we specialise in all areas of property. We can help you find the perfect property, whether for yourself long-term or as an investment. If you are thinking about property investment and you need sound advice, then contact our team of regional directors.
Bungalows are often targeted by private investors; however, this doesn’t stop you from being able to compete.
Reasons Why Bungalows Are a Good Investment
So, are bungalows a good investment? Like all investments, property or otherwise, bungalows can be a good investment, and there is a good chance this will continue, but they can also be a risk. Bungalows are currently in high demand, but there’s no guarantee this will continue.
Bungalows are a good investment for many reasons. Some of our top reasons are;
They are in high demand – Fewer bungalows are being built every year, and more existing bungalows are being knocked down to make space for more four-bedroom houses. Despite this, they are still popular properties, particularly among the ageing population. This means the price of a bungalow will be much higher per square footage than a property built over multiple floors.
You can add value to them – if you’re looking for a property for investment purposes, then the ones you can add value to often turn a better profit in the long run. With bungalows, there are many areas where you can add value. More on this below.
Highly accessible – Whether you’re purchasing for yourself, a family member or for a future investment, bungalows are highly accessible properties, which make them a good investment. They are perfect for less mobile people; the single-storey provides a perfect living space and, because of their target market, they often have accessible entrances, exits and outdoor spaces.
Ways to Add Value to a Bungalow
There are many ways to add value to a bungalow – here are some of our top tips.
Extensions – As with all properties, adding an extension can add value to a bungalow. However, it can be tempting to extend upwards, adding an extra storey. Whilst this might be more convenient for you, it can make the property less desirable as it technically isn’t a bungalow any longer. If you have the space, then extending horizontally adds more value when it comes to bungalows.
Energy Efficiency – Again, this goes for all properties, particularly older ones. Any additions you can make to a bungalow to make the property more energy efficient will make it more valuable. So, upgrading windows and doors to ensure they are double-glazed and have good seals will help. Also, ensuring the insulation is of good quality can make a big difference.
Go Greener – Because bungalows often have large roof spaces, they are a perfect candidate for solar panels. This can add value to the property and lower your carbon footprint.
Focus on Aesthetics – Another great way to add value to a bungalow is to focus on the property’s overall aesthetics. Get the garden landscaped, create a hidden parking area, add a modern driveway, and bathroom/ kitchen renovations.
Investing in a Bungalow with Stacks
If you are still thinking of investing in a bungalow and want more information on where you should look, how much you should expect to pay and the potential for adding value, then contact the team at Stacks today.
Our team of regional directors can help you find the perfect bungalow for your needs – whether it be residential or for investment purposes.
