Starting to invest in property in need of renovation

When starting to invest in property in need of renovation you could look for badly maintained or run down properties that need a lot improvement. These homes are much cheaper to purchase but they will take some time and experience to improve. You can also focus on homes that need less work, such as cleaning up, painting, and in some cases new flooring. You do not want to buy something too run down, as it could cost a lot of money to renovate.

If you are a DIY expert and are experienced enough to fix most of the repairs yourself, you can save a lot of money. On the other hand, if you need to hire someone, you should always ensure that the individual or company is qualified accordingly and has a good reputation. People or companies recommended by friends, family or acquaintances are the ones to seriously consider. Ask them for 2 or 3 further references and check out the work they have done.

You should always arrange for a survey to be carried out by a Chartered Building Surveyor prior to the purchase of any property. This will enable you to assess the nature of any defects and if the property is worth investing in. The result of the survey could even help you to re-negotiate the purchase price in your favour.

If you decide to stay in the property renovation business, you will learn a lot over the years. You will work with a team of professionals you can trust. After you have successfully renovated and resold several properties, you will begin to feel more confident with buying homes that need repair. All it takes is time and practice - and you will be buying homes that the average investor would not think twice about. This can be a huge advantage when you are looking for homes to buy and resell, as there will be less competition to worry about. You will also be able to negotiate lower purchase prices, simply because you will be able to use the cost of the repairs to your advantage.

Once you are experienced in renovating properties, even those with structural problems, you will have a huge advantage in the market. You will be able to buy virtually any home, including those that other investors choose to ignore. Doing so can be very profitable, especially when properties are in sought-after areas. After you have done the repairs, you will be able to resell the home for a much higher price than what you paid for.

When you start looking for properties in need of renovation, you should always take your time and buy the right homes. You may not have the money, time, experience, or support to buy the bigger houses at first, which means that there will not be much room for mistakes. Once you have purchased and resold a few smaller homes, you will eventually be able to work your way up to the bigger properties which is where the big profits will come into play.

Always keep in mind that when you first start out, you will need to patient. You cannot expect profits to come overnight, especially if you make a few costly mistakes. Once you have been experienced for a few years and have several properties to your credit, you will be ready to tackle anything. At that point you will make a lot of money in a career that is truly exciting!

Laurent Stadelmann
Managing Director

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