Last month we decided we were going to do a bit of investing into the property market. One of our contacts within the industry managed to source us a fantastic deal on a derelict rural townhouse in Gloucestershire consisting of four bedrooms for just under £100k. The property had several structural issues as well as suffering from years of neglect and lying derelict. However , this did not put us off. After initially sorting the electricity issues with the help of an electrician in Glasgow from Home Rewire , we decided to do further work on the property and eventually sell it.
Doing Checks
One of the biggest tasks we had to undertake prior to doing this project was doing checks on the property. Checks on a property are vital to ensure that it there are not hidden issues and to ensure that you know exactly what kind of deal you are walking into. We did not identify any issues that were stated by the estate agent selling the property, although some of the photos did make the property look considerably better than it was after setting foot in it.
From our experience , one of the best things that you can do when you are looking to sell a property is to do some further checks on the property. Doing your own checks with someone who has a good knowledge of property and property repair is a good way to ensure that you can get a fair and affordable deal. Like selling any item it is very important that you take care and use due caution when looking to complete a sale with someone.
Finding The Best Deal
If like us you are interested in investing in property , it is important that you can find the best deal for yourself. One of the techniques we found worked well for finding the best deal was negotiating with the estate agent/seller. It is important to be tactful when doing this and explaining roughly what your budget is and what you like about the property as well as what you dislike.
Sometimes this can lead to a slight movement on the price or alternatively even an extra offer thrown in e.g free repair work or a small partial refurbishment providing that you are happy and willing to take on the property in the current condition that it is in.
Doing a check of the properties history online is another great way in which you can get further useful information about the property and how much it might be worth.
Overall Findings And Outcome
So after we sourced and finally began work on the property there were a number of changes which we decided to make. We essentially overhauled the floors , walls rooms , windows and many other areas of the property. We managed to do this within a 15k budget and eventually sold the house for over 250k. We would highly recommend checking out some videos online about the property market as there are a lot of great ideas tips online about succeeding in the property market.
