Property investing is a complete minefield. There’s so much more to buying and selling houses than what people realise as it can be all unpredictable. The market has peaks and troughs, one particularly rough patch was during the recession where people simply had no money to buy and sellers were stuck with their homes on the market. When it comes to renovating, you never know exactly what you’re going to find when you start dismantling walls and ceilings and then there are things like ceiling prices and mortgages to understand. Property is a great way to make money, but you need to go into it knowing all of the facts. Here are just a few things you need to consider.
Look At The Area As Well As The House
When a nice house at the right price crops up, it’s easy to want to put in your bid or offer right away. However, it’s not just the property itself you need to be thinking about. Be sure to consider what is the area is like- will this appeal to the tenants or buyers you’re hoping to appeal to? For example, those looking to buy real estate for their family home will want good schools and parks nearby with a low crime rate. Students will be looking for a property close to good nightlife and within easy reach of the college or university. Young professionals will want an easy commute with good transport links. Make sure that the area suits the project you’re working on, you will gain more profit, and the house will sell or let more quickly.
Consider the Garden
Sometimes there’s no need to consider outdoor space. Flats and apartments for example rarely come with this, and so people won’t be expecting a garden when they view the property. But depending on the project and who you’re planning on selling or letting to, it could be a complete dealbreaker. Families will almost always want some form of a garden, so if you’re gearing the project towards families, then this is something to consider. If the garden is already very small, bear in mind how this will be affected if you plan on extending,
Don’t Underestimate The Work
Whenever you’re thinking about purchasing a property, it’s always worth paying to have a survey done. Some houses might look fine but be hiding all kinds of expensive problems- asbestos, bad wiring, a leaking roof, pests and much more. If you’re planning on relocating kitchens or bathrooms, you need to know what the situation is with the plumbing, and even if you’re just planning on doing a cosmetic makeover, you need to know that things like the gas and electrics are safe.You need to be able to find out how much any repairs are likely to be, and how much value they will boost your profits. Come across something unexpected, and you could end up only breaking even when the time comes to sell- or worse, losing money.