Renovating an old house for buy to let
If you intend to buy a property in need of renovation for your next Buy To Let then you should read on.
The problem with looking at buying a property for renovation is that a great deal of knowledge is required, knowledge derived from experience. If your next Buy To Let is to be your first fully blown renovation project then you are highly unlikely to have the ‘hands on’ experience to distinguish between an improvement and a structural defect. For example, knowledge is needed to decide whether a crack in the wall can be fixed easily or requires major structural rebuild such as underpinning.
Accurately assessing your proposed Buy To Let property purchase for its structural condition is vital if you are going to ascertain whether the purchase price reflects market value. You need to be fully aware of the costs associated with renovating the Buy To Let property. A lot of Buy To Let landlords obtain good advice from builders. A builder who has fitted a kitchen or bathroom to one of your buy to let properties might be a good person to ask, but make sure he has carried out substantial structural work in the past i.e. don’t ask a builder who specialises in fitting kitchens! When you are sure that your builder friend has the relevant experience then take him on an exploratory viewing to the proposed renovation project.
Another source of relevant knowledge is a Property Surveyor or Mortgage Valuer; if you apply regularly for Buy To Let Mortgages you may have a particular Surveyor who you could approach for help. Ask the Surveyor to accompany you on your exploratory visit to the renovation project. Property Surveyors and Mortgage Valuers have a great level of knowledge and whilst they are not structural engineers they can often see the tell tale signs of major structural defects.
Buy To Let Tips for Renovation
Land Registry Online contains a database of properties bought and sold in the UK since 2002. £2 will buy you a record of a property containing useful information such as the purchase price paid (the purchase price paid will only be shown if the property has changed hands at anytime from 2002).
Whilst overgrown gardens and old windows are not in themselves a reason to consider a house or a flat as a fully blown Buy To Let renovation project it does provide an invitation to investigate.
Some renovation projects are located in areas that seem to have a maximum property price. Extensions and renovations may not add significant value to your proposed Buy To Let property purchase if property in the local area has a maximum achievable selling price (otherwise known as a ceiling value). The tell tale sign is an area where all the houses are very similar in size and design.
Whilst most houses will benefit from the local council’s permitted development rules, i.e. your permitted developments rights, this does not provide automatic rights to any proposed extension. It is important to get an indication from the local planners as to the planning requirements for the proposed extension. However, in the first instance, you need to know whether neighbouring properties have been renovated/extended in a similar manner to your proposal.
As we all know age creates wear and tear so older properties generally provide more opportunity for renovation. Edwardian and Victorian property located in busy areas are prime renovation hot spots but make sure that any renovations are in keeping with the character of the building. Don’t change half the front elevation with Edwardian Decal if the property is Victorian and has strong Victorian features (vice versa)
When making initial viewings on a number of properties take your digital camera and not your surveyor or builder friend. A surveyor or builder will expect to be paid for their time. It is best to take pictures of potential structural defects and then visit your surveyor or builder to take a few moments of their time. A few glances at the pictures will determine whether the property is worthy of a second visit. If a second visit to the property has been recommended then this is the time to invite the surveyor or builder along.
Determine whether the repairs will be major repairs that could make the project a financial disaster. Such major repairs can include underpinning work due to subsidence (unless the subsidence is long standing and the risk of further movement is low then expect the companies offering Buy To Let Mortgages and Landlord Insurance to decline your application). Replacement of the whole roof, a collapsed over site slab or leaning/bowing walls could be very costly.
Don’t forget that upgrading the insulation and windows can create a comfortable home that is warm in the winter and cool in the summer.
Property in need of remodelling and not renovation may provide better Buy To Let profit. Older properties tend to be modelled on smaller rooms, which in today’s life is totally impractical. Today’s Buy To Let property needs to appear spacious and practical for the faster way of life.
Whilst Buy To Let properties in need of only cosmetic improvement such as; changing flooring, updating kitchens and bathrooms, upgrading fixtures and fittings, painting walls and ceilings, laying gardens to turf, changing switches and sockets can add value in excess of their costs you do need to be aware that programmes such as Property Ladder and other TV renovation programmes have made the competition for such properties fierce, thus in some circumstances pushing up Purchase Prices artificially.
Buy To Let property places
We have no data but have certainly had enquiries from landlords wanting to buy to let in TAMWORTH
We have no data but have certainly had enquiries from landlords wanting to buy to let in WALLINGFORD
We have no data but have certainly had enquiries from landlords wanting to buy to let in WINDLESHAM
Buy To Let data is not available in ARISAIG
Buy To Let data is not available in BECCLES
Buy To Let data is not available in BRADFORDONAVON
Buy To Let data is not available in CALSTOCK
Buy To Let Property data is not available in COATBRIDGE
Buy To Let Property data is not available in DENNY
Buy To Let Property data is not available in ERSKINE
Buy To Let Property data is not available in GOSPORT
Buy To Let Property data is not available in HIGHPEAK
Buying property can be difficult at times, given the competition from other landlords. Do your homework in ISLEOFSCALPAY
Good idea to investigate property in LEATHERHEAD
Some of the best areas are not always the obvious areas for buy to let in LONDON
Property investments are scarce in some areas of MILFORDHAVEN
New build property can be found in NORTHWALSHAM
Lenders in Buy To Let will normally lend on a number of different types of property. Rental income must be good when choosing a property in PORTSMOUTH
It is always an uphill struggle, so make sure you see a lot of property before buying in SAFFRONWALDEN
We have no data but have certainly had enquiries from landlords wanting to buy to let in SOUTHSHIELDS
We have no data but have certainly had enquiries from landlords wanting to buy to let in TAIN
We have no data but have certainly had enquiries from landlords wanting to buy to let in WAKEFIELD
We have no data but have certainly had enquiries from landlords wanting to buy to let in WINCHELSEA
Buy To Let data is not available in APPLEBYINWESTMORLAND
Buy To Let data is not available in BEAMINSTER
Buy To Let data is not available in BOWSTREET
Buy To Let data is not available in CALEDON
Buy To Let Property data is not available in CLOGHER
Buy To Let Property data is not available in DEAL
Buy To Let Property data is not available in ENNISKILLEN
Buy To Let Property data is not available in GOODWICK
Buy To Let Property data is not available in HESSLE
Buying property for let can be good in ISLEOFMAN
Houses and flats can be good investments. Lookout for both in LAUDER
Some of the best areas are not always the obvious areas for buy to let in LOCHGELLY
Property investments are scarce in some areas of MEXBOROUGH
New build property can be found in NORTHFERRIBY
