There are a lot of things to consider before purchasing property: location of the property, amount of investment, identifying renovations, permits required, hidden costs, risks involved, and the insurance to cover these risks.
You may also have to consider whether the renovation is a do-it-yourself project or if it requires the guidance of an experienced contractor. Buying the property at the right price and location ensures that value gets added in the long run.
Real estate agents also advise prospective home buyers to go for location over size, as even the worst property in the best street could prove to be a winner once the necessary alterations and additions are made. However, getting a property in a prominent location is not always easy if your budget is limited or if there is competition between several potential buyers for the same property.
Air and noise pollution
With many homeowners in the UK struggling to sell their properties, it is clearly a buyer’s market out there. Properties that are exposed to different types of pollution may fall outside the purview of some buyers – this is worth considering if you are planning on investing. The new owners may need to renovate the home by improving the indoor air quality. For example, efficient ventilation systems may need to be installed along with soundproof windows depending on the property’s location. The air ventilation systems will work to expel contaminants from the living space and provide a healthy environment for everyone, while sound-proof the building will ensure that residents are able to concentrate on work without distractions, or retire in peace.
Bad neighbourhood worthy of investment
A mediocre neighbourhood or location does not mean that one should shy away from investing in it. Chances are that the location could be in the midst of a transition and may have a lot of potential.
Evaluate the location by considering factors such as: the quality of other similar homes on the street, proximity to schools, basic transportation, proximity to hospitals and malls, and of course, noise levels. Also, consider if businesses in and around the area have expressed an interest in investing in that area, and whether or not the neighbourhood has a substantial percentage of working residents as indicators of economic status and buying power. Once you have ascertained the benefits that the location has to offer, the decision to buy or not becomes much easier to make.
Buying a run-down property in a dynamic neighbourhood with rising prospects of significant local investment, and renovating it to resell later, could result in a ton of profit for buyers.
Basements
Properties located in clogged neighbourhoods may not provide you with sufficient opportunities to extend your home above ground level. Building a basement is an innovative and frugal way to increase living space.
Recent times have witnessed an increase in the demand for more usable space within homes, and properties with well-planned basements are sure to appeal to a wide range of buyers, especially those with growing families. Decorative solutions, 3D basement conversions, structural waterproofing and other renovations will boost the value of your property, with the completed basement adding to the overall square footage.
Any addition or renovation to your property must be planned and executed carefully. Hire an experienced contractor if you are not sure on how to proceed with the project. A successful renovation project, irrespective of the location, not only adds value to your home but also enables you to successfully identify and attract multiple potential buyers.
(Photo by tombream07)