The UK housing market is finally showing signs of growth, but many people are still finding themselves unable to get onto the property ladder. From demands of large deposits to the difficulty in securing finance, Brits are renting for longer. You make think that your perfect property in your ideal location is a distant dream, but there may be a solution.
While a property in need of renovation is not for everyone, if you’re willing to put in time and hard work, you can get a property gem for a fraction of the cost. You can also add value making this a fantastic long term investment. Interested? Then consider buying a property in need of renovation.
It’s All About Location
Location is always an important factor when buying a home, but never more so than when you’re buying a renovation property. Whether you’re a budding developer hoping to sell for profit or a buyer aiming to create your dream home, the location will largely determine what value you can add.
Buying in up and coming areas often means you can buy more for your money and could prove a solid financial investment in the future.
Research The Market
While properties are generally priced to their standard, make sure you research the area before you make an offer. Find out if there have been any recent property sales nearby and at what price they sold. This will allow you to make a realistic offer and know that you’re getting a good deal.
Finance And Funding
Securing finance for a renovation project can be more difficult than a standard property purchase. Unless you have the cash available for carrying out the work, you will need to find a lender willing to provide the additional funds. Thankfully, there are mortgages that are specifically tailored for house renovations. However, many carry stipulations, such as clauses stating that the property must be inhabited while the works are in progress. Make sure you do your research to find the mortgage that fits you right and ensure that you’re not caught out.
Reputable Trades People
When you buy a renovation property, it can be difficult to know where to begin. In this instance, you’ll probably be relying on skilled trades people to carry out the majority of the work for you. We’ve all heard of horror building stories, so it’s incredibly important that you find the right people for the job.
Luckily, there are websites that can help. Look up plumbers, builders and skilled workers on websites, where tradesmen are reviewed by their customers.
The key to renovation is management. If you haven’t done this before, it may be worthwhile hiring a professional project manager.