The Buy2Let Shop, One Elmfield Park, Bromley, BR1 1LU
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Things to Consider When Renovating a Property

When investing in UK property, many buyers look for houses which require some form of improvement – cosmetic or structural. There’s a few reasons for this; firstly, they’re often cheaper to buy, and secondly, there’s usually good potential to make excellent ROI if you decide to resell.

If you’re new to property renovation, it’s important to do your research before diving straight in. If you don’t keep a firm eye on budget, you may end up eating into your profits; or in the worst-case scenario, making a loss.

Here are a few useful tips to help you.

Things to Think About When Renovating a Property

  • What condition is the property in? A house viewing will only reveal so much about the property in question. Indeed, many unfortunate investors have been lured by seemingly attractive properties, only to find after purchasing that they’re riddled with structural defects and other major problems. There’s a simple solution to this issue – invest in a full structural survey. Indeed, RICS estimate that buyers can save an average of £6,000 by getting a survey done.

 

  • Explore the details. If you’re buying a house at auction, each property comes with a legal pack. It’s a good idea to read through this carefully (even better, get a solicitor to browse through it for you) – to check that there are no legal issues involved with the property or the purchase. Likewise, when buying from a property investment agent, make sure you gather as many details as possible.

 

  • What’s the potential? When viewing the buy-to-let property for sale, ascertain what potential there is for improvement. Could you knock through any walls to create a more attractive open-plan living area? Is the attic suitable for conversion? What inexpensive improvements could you make to transform the property? Always think about how you can maximise your ROI.

 

  • Get quotes. It’s never a good idea to embark on a renovation project without knowing how much it’ll cost. When viewing a property, take a builder with you, who will be able to give you a good estimate of how much it’ll cost to improve it.

 

  • Find out the market value. If you’re tempted to put in an offer, find out what similar properties are selling for in the area. Then, factor in how much it’ll cost you to bring the property up to standard, and make an offer based on those figures. Remember, the purchase should be seen as a business transaction, and shouldn’t be based on emotive responses!

The Buy2Let Shop in Bromley

If you’re considering investing in property in the UK, it’s important to know the market, and understand where to invest to make a good profit. The Buy2Let Shop are expert property investment agents in London, with expertise in the UK property market. Our team will help you find the right buy-to-let property for sale, at a price that suits your budget.

To learn more about our services, which also include help with buying a house at auction, simply visit The Buy2Let Shop website today.

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