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Thu 11 June 2020
Andrew Granger & Co helps you to decide if a renovation property is right for you?
Most homes that are purchased need some form of work doing to freshen them up or to put your stamp on them but there are varying degrees of work and when do you know if a full renovation property is right for you?
With numerous TV programmes highlighting property renovation it can make refurbishing a home an appealing prospect.
A huge amount of research and effort must go into the buying of a home that requires additional renovation and investment, but the rewards can be worth all the hard work and upheaval.
Here are some key points which may help with deciding if renovating is for you:
Benefits of buying an investment home
– The price! The price of the property will be well below market value because the property needs work on it. It may mean that you can afford a bigger home with your budget.
– By overseeing the renovation, you have free reign on how you wish to layout and finish your home and will have the freedom to put your own stamp on the property.
– If done carefully, and you are patient there is money to be made from the investment and renovation.
– You will need a plan of where you are going to live while the renovation is in process and bear in mind this will probably be for longer than you expected.
– Renovations are often susceptible to issues in budgeting and timing problems that can lead to the project taking longer than initially thought, including hidden issues that only tend to come to light once work starts. A contingency budget is vital.
Renovating a property certainly is not for everyone but a property project to work on can be an exciting experience and bring rewards with it.
As a leading estate agency in Leicestershire if you are unsure whether a project would be too much to take on and if you are likely to get a financial reward at the end of your hard-doing, speak to one of our team who would be glad to offer advice.
Our team of estate agents has experience and knowledge of areas across Leicestershire and can provide you with a detailed overview of what is desired in the area.
You can browse the houses currently for sale in Leicestershire here and get in touch with one of our offices on the contact us page.
