We have all watched the experts on television who are renovating old houses and making huge amounts of money, so it must be true!
If only life were that simple, we would all be carrying out attic conversions, kitchen extensions and general property renovation. But I’m sure that most of us have the common sense to appreciate that to make money renovating property you need to treat it as a business.
First, you have to apply strict criteria to ensure that you buy at the right price in the right location and you can add value to the property, quite often adding kitchen extensions could make all the difference.
Once you have purchased your property you need to apply a strict timetable to ensure the works are completed as soon as possible.
The financials need to professionally organised and all building extension costs taken into account, we would recommend that you always apply a 10% contingency sum for any unexpected works that become apparent when carrying out property renovation.
Another marketing tool we apply is to fix a sign in the window advertising the property, you never know your potential tenant/buyer may live locally and you could even do a deal prior to completion of the property renovation works.
One of our key recommendations when renovating old houses would be to fit carpets, this we believe is the icing on the cake, when your prospective client walks in it just smells right and is well worth the extra cost due to faster completion.
If you are sufficiently good at this you can make a handsome profit and if you are like-minded you could even make a career out of it. Renovating old houses are still available and believe it or believe it not a lot of people are lazy and are quite happy to pay someone a premium to do the work.
Therefore our recommendation is to get out there and find your next property renovation, attic conversion or whatever it is. We have a fabulous opportunity available due to the current financial climate so we all need to make the most of it whilst we can.