DB Roberts are no strangers to the TV series, Home Under the Hammer, and it was lovely to Kevin on this week’s show – explaining the benefits of good sized bedrooms, a lovely fitted kitchen – and of course – the ‘big plus of having a downstairs toilet’.
The property in question was bought for £92,000 and after considerable hard work and an investment of £10,860, did the property purchase pay off?
Well the good news is Kevin suggested a marketing price of £115 - £120,000, which means a nice return for the father and son investors.
So no drama here, but is it always this easy? We have a few Top Tips for anyone considering investing in a property – for the purposes of selling on:
- Avoid listed houses or those in conservation areas
- Ask our opinion of the likely value of the finished project, but remember that the market can fall
- Avoid quirky designs and interiors as these will limit your sales market
- Keep your project in context – a street of three-bedroom homes at £100,000 each will not be where buyers will look for a five-bedroom house at £250,000
- Structural work rather than cosmetic changes are key. Loft conversions, digging out cellars and building extensions are the real value-adding winners – but it costs to do it properly. Make sure you know what consents you need – before you start!
- If there is space for a garden or an off-street parking space without diminishing the look of your home, get permission for one. Successive surveys show garages and off road parking improve value and saleability
- Don’t over-specify: taps from builders’ merchants are cheaper than designer ones
- However, pick the best kitchen you can afford while keeping your outlay in proportion to the home’s value
- Buyers prefer neat, well maintained gardens that they can change when they move in, rather than over-elaborate or landscaped areas
- Start marketing before completion as a buyer may want to add their own touch