List Property For Sale Needing Modernisation/Renovation
List property for sale that needs modernising, renovation or refurbishment!
Unusual 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 or 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 or refurbishment. Make sure your mortgage will allow you to buy the house, get a full survey completed and make sure you are insured for an empty home whilst you do the work.
Renovation Properties can be great investments for Buy To Let (BTL) - Don't Forget:
Landlord Insurance - Essential If you are renting out a property
Houses that needs modernising are 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 houses that need renovation or properties needing 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 £1,000+), it could save you more money in the long run.
- House Prices: If you are looking to renovate a property or do up house that needs modernising and then sell it 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 £1,000 solicitors fees for buying and selling
- Approx £1,000 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 a house needing modernisation:
- 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 both the time of the home seller and property buyer.
- Potential: Highlight the potential for the property renovation or house modernisation, 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 modernising or a house that needs full renovation, add it to our specific 'Property Needs Renovation' or 'Property Needs Modernising' Sections and Add a property needs renovation or property needs modernisation - CLICK HERE