Renovating Older Properties
Parmdeep Vadesha
September 03, 2008
Property investors who are looking to profit from developing older properties into money making properties can take a cue from successful property developer Mike Bloxam. He is one investor who learned early on how to take advantage of the UK housing market by cashing in on renovating older properties.
Reports state that there is a growing interest in older properties from people who favour older homes due to reasons such as character, location and storage space. Many buyers reportedly prefer older homes over new builds, with an emphasis on parking spaces and large garden areas, factors that are usually non-existent in new builds.
According to experts, buying older properties present the following significant advantages for property investors:
Greater possibilities. For some, the selling points of a traditional property include ´personality´ by way of lofty ceilings, thicker walls and creative features. The additional effort required for renovation is usually compensated by mature gardens, conversion opportunities and reputable communities.
Negotiable price. Normally, one can negotiate the price, specifically on properties that need major renovation work or where supply exceeds demand. For properties with fixed prices, buyers can find out how long the property has been sitting on the market and put their negotiation skills to use.
Greater flexibility. Older properties allow greater variation. For growing families, unconverted attics should not be disregarded. Many older homes are generally convertible so buyers who are looking for space should consider properties that may appear primarily small but have room for future conversions.
Experts have these words of advice for property investors who are planning to purchase and renovate older properties:
Have a building survey conducted first. A professional can help spot any unseen structural problems and help buyers avoid paying a fortune to repair things at a later date.
Check building renovations thoroughly. Aside from helping buyers get this done precisely and efficiently, an expert can be valuable since many major repairs will need planning permission and approval from the local authority building regulations department.
Calculate the full amount of repairs on top of the initial costs. Determine if the property is still worth refurbishing.
Property developing can be tremendously worthwhile, both financially and personally, as can be demonstrated in the case of development tycoon Mike Bloxam, whose last two deals earned £167,642.00 and £93,000.00 in profit. While it may be a difficult task for others, some find that it is an opportunity that can provide financial security.
Reports state that there is a growing interest in older properties from people who favour older homes due to reasons such as character, location and storage space. Many buyers reportedly prefer older homes over new builds, with an emphasis on parking spaces and large garden areas, factors that are usually non-existent in new builds.
According to experts, buying older properties present the following significant advantages for property investors:
Greater possibilities. For some, the selling points of a traditional property include ´personality´ by way of lofty ceilings, thicker walls and creative features. The additional effort required for renovation is usually compensated by mature gardens, conversion opportunities and reputable communities.
Negotiable price. Normally, one can negotiate the price, specifically on properties that need major renovation work or where supply exceeds demand. For properties with fixed prices, buyers can find out how long the property has been sitting on the market and put their negotiation skills to use.
Greater flexibility. Older properties allow greater variation. For growing families, unconverted attics should not be disregarded. Many older homes are generally convertible so buyers who are looking for space should consider properties that may appear primarily small but have room for future conversions.
Experts have these words of advice for property investors who are planning to purchase and renovate older properties:
Have a building survey conducted first. A professional can help spot any unseen structural problems and help buyers avoid paying a fortune to repair things at a later date.
Check building renovations thoroughly. Aside from helping buyers get this done precisely and efficiently, an expert can be valuable since many major repairs will need planning permission and approval from the local authority building regulations department.
Calculate the full amount of repairs on top of the initial costs. Determine if the property is still worth refurbishing.
Property developing can be tremendously worthwhile, both financially and personally, as can be demonstrated in the case of development tycoon Mike Bloxam, whose last two deals earned £167,642.00 and £93,000.00 in profit. While it may be a difficult task for others, some find that it is an opportunity that can provide financial security.
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