The property market has always had it’s up & downs but there is always money to made from renovating properties and then selling them on for a profit. Below we have listed 8 tips which will surely help you become a successful property developer!
Know your limits
It’s important to keep within your limits and not take up a renovation project which may push you too far. It is much better to start with something small like a property that just needs decorative work so you can get a feel for it and understand how much time you need to put into a renovation to make it a success. After this if you feel you’re ready for a bigger challenge take up a project that requires more work!
This is especially important for newer people who are looking to get into property renovation.
Do your research
First off you need to make sure the property you want to renovate will net you some kind of profit when the time comes to sell it on. To achieve this you should try and purchase the property at the lowest price possible.
Check out the auction house and look at the properties for sale. Then visit websites like Rightmove & Zoopla and search for similar properties in the area you want to purchase a property and see how much they are going for. This will give you an idea of how much you need to pay for a property to make a profit.
Set a budget & stick with it
People often make the mistake of under valuing the cost of everything so they end up spending twice as much as they had originally expected. If possible you should try and visit the property beforehand and jot down all the work that needs doing. This will give you the information you need to make a rough estimate of how much everything will cost.
Anyone who has done property renovation in the past will tell that unexpected things can happen which will require you to spend extra time fixing things up. This comes as part of the job unfortunately so it is a good idea to get into the mentality that you may need to spend more hours than you initially allocated renovating a property.
Furthermore some tasks just take longer to complete, a good example of this is painting. Older properties have much larger walls which require more time to paint.
Call in the professionals for the tougher jobs
Yes it will cost you more but sometimes you just have to do it. The last thing you want is to cause irreparable damage to a property or spend extra money fixing something that was not initially broken.
Keep it simple
If you’re a fan a bright and vibrant colours thats fine but keep them colors in your own property – not one you want to sell on or rent.
You should opt for neutral light colors. When decorating think of the walls as a blank canvas for the new owners to put their mark on. Everyone has their own tastes so going for something too flashy may put off a lot of potential buyers or renters.
Make sure the garden looks good
Simply put, first impressions matter.
At the very least you should make sure your front garden is neat and tidy. Any grass should be cut and there should not be any mess in and around the garden.
If it suits your budget you can take it a step further by planting some nice flowers or by hiring a gardener to make your garden stand out from the rest of the neighbourhood.
Pick the right estate agent
If you plan to sell the property by yourself then you won’t need to worry too much about this but even then you can approach estate agents to get an initial valuation for free as most offer this service for no cost.
Estate agents will always seem more enthusiastic when they are probing and trying to get you to sign up your property with them. Sadly, once you do this many lose interest and it feels like you’re heading in the wrong direction.
To combat this, do some initial research and ask people about estate agents who they’ve used. Also, you yourself need to be proactive and keep ontop of your agent to ensure they are doing everything they can to sell your property.