Are you looking for a home that you can fix up and sell fast, lease or occupy or are you expecting to find a great deal on a home that you can turn into a rental property? It is critical to have a plan mapped out and ready to go when it comes to renovating. In light of the rising cost of living, it could be a good idea to look for run-down or deserted homes that can be rebuilt into livable spaces and either rented out, leased out or sold to generate some revenue. This would be a fantastic investment.
First things first, you’ll need to locate a suitable property, but it’s not as simple as it appears to be. If you’ve attempted it before, you know how difficult it is. There is a lot of work involved in the process. First, find a home within your price range, then figure out the amount of money you’ll need to spend to make the necessary improvements before determining how much money you’ll make when you’re done with the project. But how exactly do you go about locating the perfect house for a renovation?
Stick around to find out!
- Put on Your Detective Glasses
To know which homes are empty and require some renovation, you need to have boots on the ground. Investigate the areas that interest you to see if there are any unoccupied homes or businesses that need some TLC and might be purchased cheaply.
To find out who the original owners are, you can try various methods, including asking around, slipping letters through the doors or going to the local land registration office for assistance. If you successfully track down the owners of the homes, you can arrange private sales with them. This will save the sellers the money that would have been spent on estate agent fees while also slashing a bit off the asking price yourself.
- Make Use of Property Listing Websites
If you have a tight schedule and no time to take strolls and drive around neighbourhoods, you can make the internet your friend. With this method, you may easily identify potential remodelling projects without leaving your house. There are countless websites and portals that specialise in home and property listings. Find the most reliable one and get going.
There will be hundreds, if not thousands, of properties to choose from after you begin your search. Some of the online property portals you can use during your property search are Rightmove, Yopa and Zoopla. Other criteria you can use to filter and find your preferred property to renovate are prices – cheapest or size in terms of bedrooms.
- Property Auctions are a Great Place to Find Bargains
If you’re looking for great deals on home improvements, one of the best places to look is at local property auctions, where you can often find some real gems. Instead of selling on the open market, owners of dilapidated buildings frequently turn to auctions. This is because an online property portal is more likely to result in a better selling price and greater interest from prospective buyers.
It is important to keep your composure during an auction to avoid being carried away by the excitement. Do some research in advance to know how buying via online property auction works.
- Use a Property Sourcing Company
This is another option that would be great for someone searching for a home to renovate. Yes, property sourcing companies make money on the deals they source, so I understand your scepticism. However, this is a minor cost for helping you avoid the tedious process of scouring through neighbourhoods searching for a home to renovate.
Property sourcing companies possess hundreds of deals every year that don’t make it to the open market. Therefore, they have numerous properties for you to choose from. With such a vast pool to choose from, I’m sure you wouldn’t fail to find a property that interests you.
Conclusion
In light of the rising cost of living, it could be a good idea to look for run-down or deserted homes that can be rebuilt into livable spaces. It’s not as simple as it appears, but there is a lot of work involved in finding the right property. If you’re looking for the perfect house for renovation:
- Put on your detective glasses and take a drive or a casual walk around neighbourhoods you are interested in.
- Make use of property listing websites
- Look through property auctions
- Consult a property sourcing company
