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Properties in need of renovation

Fancy yourself as a property developer or makeover queen? We’ll find you a property that needs renovating at a price that will turn you a profit. Some of our most heavily discounted flats and houses for sale need a little TLC (some a lot) but we know there are some imaginative investors waiting.

There are two main investment strategies when it comes to a property that needs renovating. You may want to ‘flip’ the property – buy it, do it up and sell it on quickly in a much better condition and for a higher price that you paid for it. Alternatively, you may want to redevelop a property, retain ownership and rent it out for short- and long-term returns.

Why buy a property that needs renovating?

  • Buy at an attractive below market value price
  • Offer on properties that have little competition
  • Take the DIY approach to improvements for increased profit margins
  • Add value by modernising an outdated home

Considerations before buying a property to renovate

A thorough survey is essential! You’ll need to know what you’re taking on before jumping in with two feet. Although you can work with problem properties and rectify almost any condition – such as damp, fire damage and even subsidence – ensure you know how much it will cost to carry out the works (factor in materials, labour, VAT and the unexpected). If your sums are not accurate, you may end up making a loss. Also bear in mind that if the property is classed as uninhabitable, you may not be able to finance the purchase with a mortgage and will, therefore, need to buy with cash.

Ready to invest? Register now or contact us on info@moveplaces.co.uk or 01753 306729