Interested in buying an older, dilapidated property – or simply one that needs a lot of work done to it – renovating it, then putting it back on the market to sell at a profit? If so, this can be an extremely worthwhile and satisfying property development strategy. Renovating bricks and mortar does, however, take time and often quite a lot of financial investment upfront.
It’s also essential there is no major structural damage or subsidence to the property (such as mine workings). Expert help on this matter is highly recommended. It’s also a strategy that involves a lot of research and a certain amount of schmoozing with a number of estate agents in order to find out about properties before they even reach the open market. Auction houses are another good means of finding renovation properties but it’s important to first check you have the necessary planning permission for your planned renovation prior to bidding.