Paul Georgian Owner

The Buy2Let Shop Limited

The Buy2Let Shop Limited is a property investment company based in London UK and deals with investors at novice/beginner level or advanced property investors. We offer professional services to vendors looking to sell their home to investors looking to build their portfolio.
The Buy2Let Shop Limited South Tower, 26 Elmfield Road Bromley BR1 1WA
020 3837 3300
22 March 2016
22 March 2016,
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Buying a house at auction is one of the most effective ways at securing a bargain – welcome news for property investors across the country. House auctions often feature properties that need significant structural or cosmetic improvement to bring them to standard – but it’s precisely this that makes them such an appealing prospect. Renovate the property cleverly, with an eye on profit, and you could make an excellent return.

If you’re considering buying a house at auction, and aren’t sure how to approach a renovation project, here’s a few tips to help you.

House Auction Properties – Getting a Great Return Through Renovation

  1. Understand planning rules. Extensions and conversions are likely to require some form of planning permission, and it’s important to establish what’s needed before you invest in your property. Here’s some useful guidance on the government website.

 

  1. Invest in an architect. Unless you’re skilled at designing building improvements yourself, it’s worth investing a little extra money on a professional architect. In addition to creating useable plans for your construction team to use, an architect will also offer innovative ideas to further increase the value of the property.

 

  1. Make ingenious use of space. Often, it’s the creative, space-saving ideas that give a property a much-needed edge. For example, an under-stairs cupboard can be transformed into a small study area, or a downstairs broom closet could be converted into a small toilet or shower room.

 

  1. Maximise living space. Generally speaking, when people view a property, they make living space a priority. Small lounge areas and pokey dining rooms can deter people from buying – so when investing in property at auction, think about how you can utilise the living space to best advantage. For example, does the property have a garage you could convert? Could you extend the property to create a bigger living area?

 

  1. Assess costs. When investing in property in the UK, it’s always important to keep costs as a firm priority. Find out what you can reasonably expect to sell the house or apartment for after improvements, then work out how much it will cost you to bring the property up to standard. If there’s a good profit to be made, then it’s worth doing.

 

  1. Establish a budget. Likewise, it’s also vital to establish a maximum budget for the project and stick to it – to ensure you get a good return on your investment. Also, it’s a wise idea to keep an eye on the market, to check house prices don’t start dropping in the area. If they do, you may have to adjust your budget accordingly.

 

  1. Rethink the layout. Remember, with a house, nothing is set in stone. Stairs can be moved, room configurations can be altered and the entire property can be transformed, sometimes for less money than you might imagine.

 

Help Buying a House at Auction

If you’re keen to seek out property investment opportunities at auction, speak to The Buy2Let Shop today. We’re a team of specialist property investment agents in London, with years of experience helping investors find the perfect house at auction – with a view to generating great returns.

If you’d like to find out how we can assist at your next property auction, or want more details about any of the properties on our books, simply get in touch via The Buy2Let Shop’s website today.

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