Buying Property For Renovation
Buying a property to renovate has numerous long-term advantages, which we’re sure you are already aware of. But it can also be lengthy process in terms of where to start and what you need to consider. Here are some points that you need to think about when deciding on the next steps.
Finances and Budget
Finance is the main point that you will need to consider. Your overall budget will determine the location of the property, what kind of property you can buy and the extent of the renovation you can carry out. It will also dictate every stage of the planning process. Establishing how much you have to spend is essential before you part with any of your money.
If you are considering taking out a loan it’s wise to do your research and find out which one will offer you the best interest rates. Once you know how much you can borrow this will also enable you to look around at the market and see which type of properties would be a good fit. Sometimes house prices in specific areas can fluctuate quite considerably, which is also worth researching and bearing in mind.
What’s the End Goal?
Why are you looking to renovate a property? Is it to live in yourself, to rent out after the renovation or to sell immediately in order to make profit? How long-term would you like it to be? How much are you hoping to make from it? By answering all the questions in relation to your goals, this will help you to set a budget, avoid going into debt generate a clear idea of what type of property you need to search for.
Finding a Property
Once you have your budget and end goals established you can then commence your search! Our site will help you do this and our aim is to provide all the information on the properties listed using language that is clear and understandable.
It’s also worth bearing in mind that as property renovation has become more popular in recent years, many people just like you are searching for the perfect property to get working on. You should also be aware that patience is part of the process and being open to as many options as possible (within your budget and needs of course) will serve you well. Finding a house through good old-fashioned word of mouth is also something that can be of benefit — so make sure you ask around within your network!
Next Steps
Once you have found a property that you’re interested in, the next stage is to carry out a survey. For example, some houses may appear to be a ‘bargain’ but upon fine inspection by experts, there might be far more structural work needed which will then increase the amount of time and money you spend on the renovation.
It’s also important to find out if the property is already fitted with electricity and has plumbing. If not, these installations need to be accounted for in your budget.
