Why buying a wreck can reap rewards

Why buying a wreck can reap rewards

Landlords have demands on their time which most of us simply do not appreciate. If you own several properties it can be difficult to juggle the finding of new tenants, keeping up with maintenance and cleaning while also keeping on top of your finances and tax. Even for those landlords with a single property, finding the time to look after it while working at another job can be draining on your time and resources.

Even a house wreck can be a great investment.

So, if you have considered buying a run down property, you may have been put off by the inevitable time, money and effort it will take to turn that wreck into the perfect rental vehicle. However there are plenty of ways you can turn someone else’s DIY disaster into your dream investment. All it takes is being clever about the choices you make.

Try to buy your new property at auction and get it for the lowest possible price. You will need some left over money to carry out the required renovation work.

Check the property first and try to find one which needs mainly cosmetic work rather than huge changes – unless you are looking to rent your property out at the luxury end of the market and are willing to invest a little more.

Get in touch with estate agents in your desired area and tell them what you are looking for. They will contact you before anyone else so you can get in quick with a decent offer.

Once acquired, do not waste any time in getting your new house up to scratch. The longer it takes to get the work done, the more money this investment will be draining before tenants can move in.

Get some help from property experts. An interior designer will be able to help you make the right choices for your property in terms of how it looks. Britain's Best Home can provide the right people to take this workload off your hands and provide the right builders, architects, designers and contractors to make it all go smoothly.

Take advantage of companies like Britain's Best Home to help you find the best possible tenants for your property. They will secure the best price so that your investment will be more than worthwhile.

Using your time wisely is so important as a business owner, which is why taking advantage of professionals should always be your number one priority. 

Remember that the key to being successful in property is buying cheap, renovating once and getting in the best tenants.