If you want to buy a property then buying a dated one could be a good idea. The main reason for this is because it allows you to not only put your own stamp on it, but it also opens up the door to making a lot of profit later down the line. If you are on the fence about buying a property like this or if you want some help deciding if it’s a good investment for you or not then take a look below.
Buy for the Right Price
One of the first things you need to do is make sure that you are buying for the right price. You may find that you end up facing a lot of competition for properties like this and that you end up in a bidding war sometimes. If you want to avoid issues like this then you need to make sure that you are never overspending when you simply don’t need to. It may be that you end up working out how much you are going to be spending on renovations and that you also take the time to understand the work you can do yourself, and the work that is impossible for you to get done without help. If you can do this, then you will soon find that it is easier for you to get the result you need.
Widen your Search
You also need to take the time to widen your search. If you take on an older home, you may be able to buy in an area that would otherwise be out of your reach from a financial perspective. Widen your area when looking for a property and make sure that you weigh up the best locations to suit your needs. If you are looking to make a long-term profit from a flip property, then you need to consider if you’re able to get the extra money back. By doing this, you will be able to plan your property search and this can work in your favor.
Get Involved
If you have basic DIY experience, then you can get involved so you can save money. One of the best things you can do is roll up your sleeves and get stuck in. With that said, you should always be aware of what you can realistically do, and what you should get done by a professional. If you try to tackle your gas and electric yourself then this will lead to major issues down the line, and you may even find that you have to hire someone to check over the work that you have done too, which is probably the last thing you need. Gas and electrical work should always be carried out by someone who is licensed, and it should also be carried out by a professional where possible. Work such as painting, decorating and even installing cabinets however can be done yourself, and this is a great way for you to save money. Tiling and grouting are also possible options, so be sure to keep that in mind. Of course, it’s a good idea for you to ensure that you have the right tools before embarking on jobs like this too. You can usually find power tools online for an affordable price, so keep that in mind.
Stay on your Budget
Stay on a budget if you can. One of the biggest mistakes people make is overspending, so try and avoid this if you can. The key to staying close to your budget lies in your preparation. You need to be clear on what it is you intend to do and how much of the work you plan to do yourself. If you can do this then you will soon find that it becomes possible for you to add a buffer. By doing this, you will find that you can handle any unexpected costs before they start to impact your budget.
Consider Auction
Another thing you may want to do is consider looking at auctions. The great thing about buying a property at an auction is that it allows you to save a considerable amount of money and it also gives you an idea of what’s coming on the market. You can also buy through an online event too. This is a great way for you to pick up a bargain, but you should take note that properties sold through an auction tend to require a different approach and you may find that the transactions end up being faster too. You need to be able to prepare for things like this, as it could make a major difference to your overall financial picture.
Get a Survey
Another thing you need to do is get a survey done. By getting a survey done, you will find it easier to find out if there are any structural issues with the property. Sometimes you can’t always see things like this with the naked eye too. Of course, if possible, when you have all of the information you need, you can then decide if you want to go ahead with the purchase. Although a survey will cost you, and you will lose out on your money if you decide not to buy, it can help you avoid major pitfalls later down the line.
Planning Permission
If you want to undertake work on a dated property or if you know that you need to get some structural work done then you need to take into account the cost of this. Planning permission can vary, so if you find a property you are very keen to buy, it could be worth making sure that you can get the work done to it. So you can flip it. Some work may be done without you having to seek planning approval, but either way, it’s a good idea for you to make sure that this is the case. Some work has to be done in line with the original property too, so you may have to keep certain features.
