Submitted by: Parmdeep Vadesha
The concept of property renovation is becoming more and more popular. For many people, seeking a dream home in the sun carries along mental images of a home with character, history, and of course large and well-established gardens surrounding the property where, of course, renovation is a new revolution, a new plan or frontier to conquer.
Older properties that are accessible for sale may often come with several benefits such as the property may be located within a peaceful, scenic village setting, but still very close to urban facilities and convenience. And the property may already be well established with flowering gardens, enriched with mature fruits, vegetable gardens, grape vines even evergreen and other trees.
The place, size and condition of the lot on which the property is built add greatly to the property value but unfortunately many properties available for sale have long been neglected, just crying to get renovated. So for proprietors who have plenty of time, energy, patience and commitment, property renovation offers immense opportunities with sleeves rolled up and good old fashioned elbow grease (or subcontractors).
Properties in need of renovation are frequently for sale well bellow their true market value because they generally need a lot of work, inside and / or outside. The location of renovation property directly within a nice area can add greatly to its final market value, as this renovated value will be far more than the old value before remodeling. In short, resale properties of these types mean great investment potential.
Another advantage of many renovation projects is the amount of land that comes with it. For instance, it may be very possible to develop the estate further and expand the property renovation, which can alternately add more buildings, a pool and other facilities and out-buildings to the lot – a great future business potential.
Before you consider property renovation, take into account a few important points:
Check how long the property has been on the market either for rent, lease or for sale. Basically if the property has been in the market for at least several months, only then you should consider renovating it.
In older property buying, you should be prepared for anything. You can renovate with new construction or simply by just refurbishing older structures like falling walls, creating renewed property that can be sold at much greater profit than it was before.
Depending upon the property under consideration, you should consult with the home remodeling and renovation specialists like roofers, timber and damp are (like after a hurricane) specialists and electricians. Of course the less they charge for quality renovation work on your projects, the better you and your wallet will benefit.
The extent of renovation often depends upon the date of the establishment of the property. In other words, how many days it is been vacant and run down? Today everything needs to be modern and more high tech so you need to renovate it according to todays power and other utility and systems standards to spec. Of course you can leave this job up to architects and other specialists and planning department heads or for another time when it will be affordable to you.
When you have made your mind to renovate a property, keep in mind a popular phrase, It cost twice as much as it thought it would. Then manage your budget and build in some contingency.
Property renovation is probably the best way to go if you want to own lavish homes at reasonable prices. Plus it is an option to be considered if you wish to hold multiple properties as it can even give you a reasonable break from property taxes.
Other ideas to think about with regards to property renovation are first, if have inherited some property it is best to renovate it in case you want to put it up for sale in the real estate market. And you may even want to renovate your own home, just to make look good. Go for it!
About the Author: Parmdeep Vadesha is a property investment expert and founder of the largest community of property entrepreneurs on the web who buy below market value properties from distressed homeowners facing repossession, divorce and bankruptcy. He writes a monthly newsletter for 70,000 property investors worldwide –