For most new or experienced developers buying a cheap home and then renovating it to a high standard brings in substantial profits. However, in order to make a successful initial purchase, you should consider a number of factors when viewing potential projects.

Be Proactive

The estate agent’s job is to sell; don’t expect them to give you a comprehensive guide to the house. However, you can ask them how long the property has been on the market. Good deals shift in no time, with professional developers keen to turn each new project as quickly as possible. If it has been on sale for a number of months, there may be a costly problem that is putting off other buyers.

Location Location Location

The most important aspect of any home is often said to be its location, buying a cheaper rundown property in a desirable area could be a money spinner. From a renovation perspective, the structural integrity of a house is far more important than the interior. However, average buyers can be put off by homes that are badly presented, most sellers would declutter before viewings, but with renovation projects, this is rarely the case. Turn this to your advantage by snapping up a less than immaculate property, and then simply employ the services of Anyjunk to clear the refuse before you start work.

Warning Signs

No home is perfect, especially those being sold as renovation projects. However, there are some tell-tale signs that may suggest more serious work is needed. Damp can indicate a plumbing leak, so check for mould or discoloured areas under baths and sinks, as well as on the inside walls. Also check ceilings and the loft space, if rain is getting in a new roof maybe required.

Any problem with masonry could add significant expense; sizeable cracks, missing plaster or uneven floors will require repairs or replacing. However, unseen work like asbestos insulation or chimney flues can also present a risk. Never attempt to remove asbestos yourself; there is a government webpage that explains who to contact for help, there are specialists who can remove and dispose of this hazardous material safely.

Call the Experts

Some properties may not have been lived in or maintained for a number of years, so before you commit to buying, get a professional opinion. You may need builders, plumbers and electricians, and they will be key to the completion of your project. Only choose legitimate, recommended tradesmen, and take them to view the property. They will warn you of any major spends that you may have overlooked, like faulty wiring or outdated plumbing, and give you a rough estimate of costs. Similarly, when you need to declutter the property, Anyjunk are happy to give free estimates for the removal of waste.

Get your Paperwork in Order

Find out from the local council what the planning requirements are, if the property is a listed building you could be looking at extensive time and budget increases. When you have established what will be required, check your finances. Make sure you have a quote to cover every aspect of the job, and also the materials required for the tasks you will be attempting yourself. Go back for a second and third viewing to make sure you haven’t missed anything, be sure to take a notepad and consider each room in turn.