More and more people are turning to real estate to make money. And why not? It’s now a full-time career for a lot of people. Neglected and abandoned houses can be bought pretty cheaply, so if you have the time and money to renovate them, you can make a profit when it comes to selling them.
It’s a vital public service too! Yes, most people do it for the money, but what would happen to these properties if no one were willing to get them back in good shape and on the market? The sad reality is that they’d just be left to go to ruin. So, why not give property renovation a try? There’s a lot of money in it if you get it right.
Buy at Auction
A lot of properties that have problems with them end up being sold at auction. This is why auctions are such great places to find bargains and cheap properties. If you’re just starting out, you probably don’t have the capital to buy a property the conventional way anyway.
There are a lot of other advantages of buying at auction too. Firstly, you won’t be involved in a property chain. Once the hammer goes down on the auction, the property will be yours and the keys will be handed over. That means you can get straight to work on the property.
Plan Your Spending Carefully
When you’re starting to renovate a property for the first time, the margins are often pretty tight. That’s why your spending needs to be planned out carefully well in advance. If you end up spending too much, you’re not going to make as much money as you could have done otherwise.
Doing thorough research is important before you can plan your spending. You need to know what’s wrong with the property and what work needs to be done. Plan how much that will cost in labour and materials and add in your decorating costs, then you’ll have your spending plan. Add that total to how much you paid for the property, and you’ll know how much you need to sell it for.
Make All the Necessary Repairs
Once the property is yours and you have the keys to the house, you’ll have to start making the repairs. Your spending plan should dictate how much you spend on each task. But unforeseen expenses do occur, so keep that in mind.
When all the big repair jobs are out of the way, double check for hidden problems. Get a pest control expert in if the property has been left with no one living in it for a while. Then you can get on with decorating.
Decorate and Tailor the Design to Your Target Buyer
After making sure all the big problems are corrected, doing the decorating will probably come as a welcome change. Make sure you’re keeping things relatively neutral and not imposing your own tastes and personality onto the property too much though. Remember, you’re selling the property, not living in it. It should appeal to your target home buyer or renter.
Renovating property is a lot of hard work, but it can also be a lot more fun than an ordinary office job! Give it a go if you think you’ve got what it takes.
