Unusual property for sale that needs modernising, renovating or refurb

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Unusual property for sale that needs modernising, renovation or refurbishment!

Homes and property that needs refurbishing/modernising or renovating are great for homebuyers on a tight budget. If you plan your development well, you could save/make thousands of pounds and get a great, freshly modernised property in the process. There are plenty of things to look out for when buying a house in need of renovation. Make sure your mortgage will allow you to buy the house, get a full survey completed and make sure you are insure for an empty home whilst you do the work.

Renovation Properties can be great investments for Buy To Let - Don't Forget:
Landlord Insurance - Essential If you are renting out a property

Property Renovation/in need of modernisation

Property that needs modernising is generally a much easier task, as your main jobs will include taking out the old carpets, painting the walls/ceilings and probably replacing bathroom suite/kitchen with no structural/hardcore DIY.

What to look out for when buying a property in need of renovation or modernisation

  • Building Regulations: When you do certain DIY jobs in a property, often major alterations such as moving a bathroom from the bottom floor to the top floor, would require building regulations approval, check it out before you do it Click Here To Visit The Government's Planning Advice Website

  • Structural Survey: This is even more important if you are buying a house that needs full renovation. A structural survey will help identify if there are any major faults in the property such as subsidence or major structural damage. Although expensive (usually 1000's), it could save you more in the long run.

  • House Prices: If you are looking to renovate/modernise a house and then sell on for a profit, make sure you have researched the prices in the local area and specifically the street you are considering buying on. You should take into account the following costs:

    • House purchase price + purchase costs (survey, solicitors fees and estate agent fees)
    • Mortgage costs and buildings insurance while you are renovating the property
    • Your time
    • Costs of the building regulations, materials, equipment and contractors

    So for instance:
    Purchase Price: 100,000, similar properties sell for 130,000
    10,000 worth of work to do, but don't forget to add on:

    • Approx 1000 solicitors fees for buying and selling
    • Approx 1000 Estate Agent fees when selling (omit this if you sell privately or rent)
    • Approx 500 Mortgage fee
    • If the work takes 6 months, 6 x estimate mortgage repayment of approx 400
    • council tax and bills at approx 150 per month

    The final bill will be more like 15,800

    What to include when selling a property that needs renovating or modernising:

    • Condition: Make sure you give a good description of the condition so buyers are aware. It is important to list as much as you know about the property as anything hidden is highly likely to come out further in the sales process and waste time.

    • Potential: Highlight the potential for the property renovation, include plans if you have planning permission or outline planning permission to give the potential buyer an idea of what the property could look like. Include information like the size of garden, construction materials (such as original wooden floors, beams, thatched roof etc), period of the property, area and room sizes.

    • Photos: Add as many photos as you can to provide as much insight into the property as possible.

    To list your property for sale in need of renovation/modernising, add it to our specific 'Property Needs Renovation' or 'Property Needs Modernising' Sections and Add a property to renovate - CLICK HERE

 

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