Many people, when buying a house at auction, search for ‘doer-uppers’ – buy-to-let properties for sale that can be transformed into appealing, rentable houses. Improving a property not only boosts rental income potential, it can also increase the value of the home, meaning more profit in the form of capital growth.
However, if you’re new to renovation, the prospect of improving a house might be quite daunting. Here’s some insight and guidance about the renovation process.
Property Seminar Tips: Undertaking the Perfect Renovation Project
- Learn more about it! There are plenty of renovation-related property seminars across the country, not to mention countless publications and related material, both online and off. Set yourself the task of reading up on how to improve a property – it’ll give you valuable insight into how it all works.
- Work with professionals. Unless you’re a qualified builder, plumber and electrician, we strongly recommend hiring professionals to assist with your renovation. In fact, the relationship should start before you even buy the property. If you’re buying a house at auction, ask a few builders to visit it prior to the auction day, so they can give you an idea on the costs involved with bringing it to standard. And when you hire a construction company, ask them to provide a written agreement, detailing how much it’ll be, and how long the job will take.
- Consider the options. When browsing the property auction catalogues, look for houses that offer good potential for significant improvement – e.g. houses with attic space that’s ideal for conversion, or a home with room for an extension or conservatory. These types of major improvement can add serious value – sometimes as much as tens of thousands of pounds.
- Do your calculations. Before committing to anything, it’s vital to work out a) how much the improvement will cost you, and b) how much profit you can expect to make as a result. With buy-to-let properties for sale, you’ll also need to factor in other associated costs, such as letting agency fees, specialist mortgage fees and insurance.
- Focus on key areas. Generally speaking, tenants are more forgiving about dated bedrooms than they are about living spaces, kitchens and bathrooms. If your budget is limited, focus on the key areas; making sure that the kitchen and bathroom aren’t dated (or worse still, grimy), and that the living area is as clean, light and pleasant to be in as possible.
- Little details make the difference. When renovating, remember that the devil really is in the detail. Get the lighting right, for example, and you’ll instantly make the house feel far more expensive and luxurious.
The Buy2Let Shop Limited
Property auctions are a great place to find a bargain house, or a ‘doer-upper’ that’s ripe for renovation. If you’re interested in buying a house at auction, remember that The Buy2Let Shop are on hand to support you through the process, and ensure you get the best possible deal.
We also have a range of properties on our books, which are priced competitively to sell, and which aren’t available to the general public. For more information, simply visit The Buy2Let Shop website today.