MyHammer Newsroom UK > Guest Post > Guest Post – Five Things to Think About When Renovating A Property

Guest Post

Autor: | Mittwoch, 30. Oktober 2013 | Kommentare

Renovating a property is an increasingly popular option for property investors around the world. With foreclosed homes more common on the market now post-global financial crisis, there are a greater number of opportunities for investors to buy cheap, do up and sell on at a profit.

Where do you start, though? And, if you have already decided that renovating a property is for you, what should you be wary of?

Based on customer experiences, TheMoveChannel.com present five things to think about when renovating a property.

Quality
This is the most immediate, and most important, step in selecting a renovation property. What kind of state is the property in? If it is in a severe state of disrepair, the work involved may not be worth the investment. Be sure to inspect the home carefully to determine the amount of repairs necessary – and check for any unseen problems with the property. New flooring is one thing. Discovering wood rot halfway through a job is another.

Cost
This is directly connected to the quality of the home: consult with experts to determine the total cost of all the repairs and compare that to the asking price and estimated selling (or rental) price. Be prepared for tough negotiations to secure the property at a lower rate if the margins are not big enough. Also ensure that you hire professional builders who will not cause further problems down the line to minimise your outgoings.

Funding
This is the step that people often forget about until it is too late. Before you choose a house, look into your available funding options: do you have your own stash of cash ready to invest, or will you be securing a loan to carry out the renovations? Once you know how much your project will cost, you are then in an informed position to choose the best source of funds and avoid any potential financial difficulty.

Location
As well as the quality of the home you are renovating, the location is vital. A renovated home in the middle of nowhere may be a spectacular piece of real estate design, but will anyone want to live there? Think about your property’s location – and pick one that is in a desirable area, close to important landmarks (be that a beach or a city) and has strong appeal to your target demographic.

Timing
Timing is the secret between success and failure in the renovations sector. A well renovated home launched on the market when no one is looking to buy will struggle to find a new owner, while a property bought at a market peak will cost too much to begin with. When the market slows down, or collapses, is the ideal time to buy: when prices are at their lowers. Look on the internet, in person and contact estate agencies and banks to find the best possible deals.

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About Dan Johnson – TheMoveChannel.com is one of the leading international property websites, having launched in 2000 and been one of the first sites to specialise in listings for people buying outside their own country. Estate agents, property developers, investment brokers and individual owners can list property for sale on the site, with the current database available to view using a nice interface and some neat tools. As well as listing property for sale, there are daily news and features that let readers keep up with what is going on in property markets worldwide, plus helpful guides to buying property in different countries
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MyHammer is not responsible for the contents or reliability of any other websites to which we provide a link and do not necessarily endorse the views expressed within them.

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