Buying a property to renovate it then sell it on with increased value—often known as ‘flipping’ property—can be a highly lucrative business. For some, it’s so profitable that it turns from a ‘side hustle’ to a full-time occupation.
However, flipping property is not for the inexperienced or those with insufficient finances. It takes a healthy amount of investment, excellent time management, and good knowledge of property and how renovating property works.
Is property renovation a good investment?
Yes, but not an easy one.
Property renovations are carried out to strict plans, with timings and budgets worked out from the very beginning to minimise the chances of runovers on either. Getting lofty returns from a renovation relies on being able to control the project as much as possible, ensuring it doesn’t run on too long and that the plan covers every bit of necessary work.
Of course, sometimes surprises can’t be helped. It might be that a leak in the roof doesn’t present itself until a rain shower halfway through the renovations.
However, savvy renovators know to inspect the property thoroughly and get a survey if needed, to minimise the chance of nasty surprises later on.
How to renovate property for profit
Renovating a property to sell is all about finding the right balance. You want to purchase a property that’s being held back by its dated features—and thus cheaper to buy—but you don’t want to tie yourself to a property so badly run-down that renovation will be a long and expensive nightmare.
Renovations should also be well targeted and make sense for the property in question. What is most in need of updating, and where can alterations be made to improve the property itself? Can an empty room be turned into a second bathroom? Can a wall be knocked down to turn two small rooms into a bigger one?
Renovating property requires vision to see the potential of a property and unlock it for future buyers. This applies to the context of the property, too, taking note of where it is located and the sorts of people who will be interested in buying it.
For instance, a house situated in a quiet neighbour and with a nearby school will likely be the target of families, so you may want to consider adding a second bedroom, renovating the garden, or updating the kitchen.
Finally, using local traders is always beneficial. For instance, for a property in Salford, it just makes sense to use a specialist in property maintenance in Salford itself.
Mistoria for property renovations
If you’re looking to purchase property, renovate, then sell on, we’re just the people to talk to.
Our extensive knowledge of the property market can give you a readymade cache of knowledge and advice in everything from drafting your plan to selling the property once it’s ready
Mistoria renovations are a leading property renovations company covering Salford, Liverpool, Bolton, Manchester and other areas of the north west.
Please note: Salford have additional HMO license requirements for 3-4 bedroom properties, and Liverpool/Bolton do for five bedrooms and above. Most council houses have a selective license scheme.
To find out more about us and our services, contact us today.