Six Tips When Renovating a Property for Profit

Renovating a property can be exciting, but it can also be a daunting task. Renovation involves organisation and hard work, and if the aim is to make a profit, this adds an extra level of stress. Follow our tips to make the process easier.

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Tip 1: Do Your Research

Before you jump into any project, do your research. This includes looking at the housing market in different areas.

Tip 2: Find a Reliable Conveyancer

If you are planning to buy, renovate and sell, you are in a need of a reliable conveyancer. A reputable company will be able to able to provide information on buying a house and will ensure the process is as quick and smooth as possible.

Tip 2: Mortgage Options

Speak to your financial advisor or mortgage advisor, who can provide information on buying a house to renovate for profit and will be able to advise on suitable mortgage or loan options.

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Tip 3: Budget and Contingency

When you need to make a profit, the most important thing to consider is the budget. It is vital to know exactly what needs to be done to the property and what it will realistically cost. You should also have a contingency fund to ensure you are covered for those extra costs that inevitably crop up.

Tip 4: Plan Timescales

Before starting, plan a timescale for the project. Certain jobs must be undertaken in a specific order, and you will need to consider this in order to book tradespeople and ensure you are prepared for costs such as loan repayments, council tax, etc for the timescale of the project.

Tip 5: Plan What You Can Realistically Manage Yourself

It may save money to do some of the work yourself, but it is important to be realistic about what you can achieve. Firstly, if you are trying to fit the DIY in around a full-time job, it may take longer and cost more in loan repayments than paying for a professional. Also, the finish when selling a house for profit must be excellent as it must appeal to buyers.

Tip 6: Market It Right

Once you’ve done the hard work of the renovation, all that is left is to market the property and ensure you achieve the price you want. Make sure you present the house well and find a great estate agent.

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