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| Time to Buy Property to Renovate | October 11, 2009, 12:15 pm | visits: 15 | wordcount: 739
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By Debbie Morgan
Now is a great time to buy property to renovate. Here we look at how to buy property to renovate and what to look for.
House prices are still comparatively low and interest rates are their lowest rates ever. But prices are beginning to creep up - by 0.8% in August according to Halifax. It's a good time to get into the property market so that you can benefit from the eventual upturn.
Interest rates are expected to remain low throughout next year and the economy seems to have reached the trough. More job losses are expected towards the end of this year but employment is expected to improve early next year and there are signs that the global recession is very slowly turning a corner.
So if you are thinking of buying property to renovate this is a good time to buy: buy now whilst the prices are low so that you do not miss out on the upturn (gradual though it is likely to be).
A great site to find property to renovate is renovatealerts.com as they do all the looking for you. You choose the area of where you are looking and renovatealerts.com will send you the properties they find from 1000s of estate agents. This saves you time and effort and makes finding a property to renovate easy.
Know how much work you want to do and what you are hoping to do yourself. Property to renovate can span from a property that just needs redecorating to one that needs major rebuilding.
If you are just into redecorating then you may be able to find a house which has been painted in a dark colour instead of a neutral colour - it can be that simple. As a result the seller could be set to lose thousands because potential buyers are immediately turned off the darkness of the room. So when you look at property look at what has put other people off - is it merely cosmetic or is there a more serious problem lurking?
The property may need a new kitchen or bathroom. Either a new bathroom or kitchen is straight forward. You can choose your bathroom suite or kitchen units from the numerous stores, be it budget or high range, and have them fitted for you. It's slightly messy but each is a project in itself and normally even an old bathroom is good enough for a wash so you can time the work according to your priorities.
Rewiring - this needs to be done by a professional as new requirements are regularly added to the regulations. It is also likely to effect every room is some way so needs to be one of the first jobs to organize. However, if you are having the property rewired you will need to plan the end-layout of the house very carefully so that you know exactly what electrical sockets and lights you require. As with most things, preparation is the key.
Building work - if you thinking of building or knocking down walls you'll need to check with your local building department about the current building regulations and find a recommended builder to carry out the work. It's messy, disruptive and if you are living there be prepared to have your house full of builders for a while - or stay with a friend for a while. The advantage of being there is that you can keep an eye on what is going on and check that the builders know exactly what you want.
Before you start any renovation work budget each job and know how much you have to spend. If you don't, you run the risk of pouring money into the property and possibly not getting it back. You need to be disciplined, realistic and source your materials carefully so that you get the best deal. Always get at least 3 quotes from any tradesman to make sure you are getting a fair price.
Keep the renovation work manageable, keep it to budget and pace yourself according to your other commitments. Renovating property can be stressful and if it is not managed well it can cause you major problems. Providing you take care at every step you can relish in the prospect of making your property just as you want it to be and all within your control.
Once you've renovated your property then either you can plan to sell it when the price is right or enjoy the fresh, new property. Enjoy!
Debbie Morgan writes for the UK Property Search Engine, Wheres My Property and Renovate Alerts, the site that finds property to renovate. Debbie also contributes to Toddler Bedtime Tips.
Source:www.isnare.com | |
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