When I first started to view properties, being a complete newbie, I really didn’t know what to look for. Now, over 200 deals later and a property portfolio that means I am financially free, and having done a ton of renovations, I have a much deeper insight, and can share that learning with you.
Tip 1: preparation - draft spec the refurb from the photos in advance
Tip 2 : preparation - floor plan - can you add value? Remember I made an extra £50k equity
Tip 3 : preparation - get to know the area before going out. Is is rental or owner occupied? Match your strategy to the area
Tip 4 : understand the owner’s situation - this is the deal maker or breaker, and the reason they will sell discounted, because they want speed or certainty. Remember I got a £20k JV profit - none of my money in, because I knew the vendor citation when I was a complete beginner
Tip 5 - onsite, focus on boiler, electrics and general refurb
Tip 6 - on site - filing your photos! Between the front and back door photo
Tip 7 - on site - assessing the property externally and the neighbourhood
Tip 8 - inside the house what to look for first - boiler and electrics
Tip 9 - inside the house other big spenders
Tip 10 - general decoration cost it up - cosmetic - but remember to save where you can!
Conclusion
Don’t feel overwhelmed when you are looking at a house to renovate and you are relatively new to it. It is a step by step process, a lot of it is common sense, you can use videos and images to ask builders for quotes and it is a learning process. You'll get faster at this the more houses you view!
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7 сен 2024
