It is the New Year, so why not take action and purchase that development property that you have been mulling over? Buying property for investment purposes needs to be a carefully considered decision and you should take on board all the advice on offer from qualified experts.
Below you will find a list of steps to follow through chronologically in order to get the most out of your investment and enjoy a profitable project in the long run.
Firstly, when you locate a property that interests you, find out how long it has been on the market. Properties that have lingered for a while will more than likely not be a winning investment.
Make sure that you are not throwing your money into a bottomless pit. Old houses can be full of surprises, including having wallpaper that is literally holding up the walls! So, make lots of visits before making a decision, taking along qualified tradesmen is a great way of checking out what you are buying.
Don’t bite off more than you can chew! If this is your first attempt at renovation then set realistic goals. Why not go for a property that needs cosmetically updating to modernize it, as opposed to taking on a structural wreck!
Try and calculate you funding as accurately as possible. This admittedly can be difficult, but set a budget and then put aside approximately 15% extra on top of that for unexpected additions. There will be some!
The project must be managed from inception through to completion, and it must be managed well. Acquire all of your quotations well in advance in order to calculate your expenditure as accurately as possible. Do not rely too heavily on predicted timescales for completion of works, these will more than likely prove to be inaccurate. Be prepared to accept that things will be delayed and run behind schedule. Finally, you must be prepared to abandon the heirs and graces and live in a builder’s yard for a period of time; this is the only way to get things done!
It is very advisable to call in the experts if you are thinking of undertaking a renovation or extension project. Visit http://www.aridesign.co.uk/ to find out more about the leading architects in Leicester, Leicestershire and Coventry. ARI Design offers a wide range of services from CAD drawings to complete extensions. View our online gallery to see some of our projects to date.
James Brack regularly writes online articles for a variety of subjects relating to fire safety, property investment, electronics and more. James Brack is head of Search Engine Optimisation at Dreamscape Design.
