If you are a DIY-lover and have some spare money in the bank, you might be considering investing in a property, to do up and then sell. While property investment is a great market to get into, as it has an amazing income potential, you do need to know what you are doing.
Yes, being a DIY expert helps, but you also need to know and understand everything that is involved. Doing up a property isn’t an easy task, it’ll take time, money and a lot of effort.
So you need to make sure that you are up to the challenge.
Once you have worked out whether property developing is for you, the next step is to get an idea of what you need to do. To help you do that, we have put together some simple tips below, that you should find useful.
First things first, set yourself a budget
Just like with any DIY project, the first thing that you need to do is set yourself a budget. This should not only include how much you want to spend on buying the property but also how much you can afford to spend doing it up.
Don’t choose a property that’s too big
Once you have set yourself a budget, the next thing that you need to do is choose the perfect property. If this is your first time renovating a property to sell, it’s best not to opt for a house that’s too big. Ideally, you want to invest in a house that has no more than two bedrooms, so that the project doesn’t become too much of a challenge.
Get some professional help
If you don’t know what you need to look out for when viewing houses, it’s a good idea to get some professional help. While you want to do as much as you can yourself, what you don’t want is to have to deal with issues like damp and woodworm. So getting some professional help is crucial, to ensure that the house is in a good condition.
If you have a look online, you can find lots of home inspectors who can inspect the property. One of the best sites to use for finding property inspectors is www.sacinspect.com, so make sure to take a look on here.
Contact a designer
Once you have had the house inspected and have been given the all clear, the next step is to think about the design options. Before you buy, it’s important consider what you could do with the property so that you know whether it’s worth the investment.
You might be a DIY expert, but that doesn’t mean that you know about design. If you are stuck for ideas, get in touch with a local designer and ask them to view the property. While they are there, ask them if they think the property has potential and what they would do with it. This should give you an idea of whether it’s worth the investment, and how easy it would be to do it up and sell it.
If you are a DIY lover, doing up a house and then selling it is the perfect project for you. It’s also a great way to make some extra money, but it’s important to realize that it’s a big commitment. So before you make the decision to buy, you need to ensure that you think the idea through properly.
If you want something done, do it yourself; other wise it’ll never get done. Learn to do it if you don’t know and never despair until you finish what has to be done.