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UNIQUE VIEWS + UP VOTES - DOWN VOTES + COMMENTS = HEAT INDEX
This article will give you some solid pointers to help out you budding property renovators. We will be looking at how to make a good deal when buying property for the purpose of renovating and cashing out with a fast turnaround and maximum profit.
Property Auctions For The Best Deals
One of the best places to buy a property to do up for profit is at the auction. When you have raised the money to spend outright on a property the auction is often your best bet. Most properties that get sold through auction houses are likely to be bargains if you can catch them at the right time and are a savvy investor. Here is a great list of Auction sites in the UK.
If you are a first time buyer it is important to do the background research into the whole process before you start which can include actually going to the auction houses to see what is involved from start to finish before actually bidding on a property to start with. Make sure you have a property which is structurally sound to begin with (vital) that way you know you have a good foundation to begin with the rest will follow. Footings and settlement cracks should be the best place to start with and can explain what is going on with the movement of walls, footings, foundations and other structurally important issues.
Once you have purchased your property (having taken into account the above) then the work begins to renovate shore up and transform the shell into a home you would want to live in. Once you begin the refit some of the key aspects are firstly the aesthetic look of the property from the outside. If a buyer is looking to purchase any property the first impressions are the most vital initially as if they are put off at the onset you will lose the sale period.
Once the structural integrity is established (so no cracks are visible from the outside) the property should be painted as to improve the look and feel of the place from the outside. Some of the most obvious changes on the inside are the kitchen and bathroom, together with the interior decorations, flooring, and lino (if relevant) all are first in line to be replaced.
Windows should also be looked at as if they are wooden sash windows it is better to restore these if possible depending on the conditions but if you have PVC units installed then these to can be treated with PVC cleaners to turn them into units that look like new. Acetone or (T-cut) can be used to eliminate that yellow or dirty look to the exterior (and interior) plastic surfaces.
Loans and Turnaround Times
With regards to funding a bridging loan is a good way to finance a refurbishment, here is a great calculator you can use, as you have secured the property so it can be used as collateral on such a loan but it can be used for a swift turnaround of capital which could then be used to re-invest in another property if you wished.
From a property development point of view, if you have managed to buy the property at a low price and performed some if not all of the alterations mentioned you should be set to sell the property for a good profit. For reference, it is good to evaluate other properties in your street to help you calculate the best selling price you can get.
Buying and selling properties can be both profitable and exiting if you can get the balance right in the first place as well as a good way to build a more substantial portfolio. Some of the best property developers are former tradesmen so if you have a background in the construction industry then this will help you along the way to becoming a successful property developer on step at a time.
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