Specialist property investment website –
www.propertysecrets.net
urging investors to capitalise on a forecast house price rise
next Spring*. They say that by buying a property now in need
of renovation, investors have the potential to make huge profits.
Already the UK property market is seeing a change in emphasis
due to the slow down in capital growth - the market is switching
from the off-plan deal, where you can make good capital
gains before even paying a full deposit, to a refurbishment
and renovation market.
Property commentator from the site, Neil Lewis, says: "It
has always been our view that Autumn is the most lucrative
time to buy a property, but with a re-bound in house prices
anticipated in Spring next year, anyone looking to make
serious money should look at buying now and renovating.
"Autumn is always a good time to go shopping for a
property, as there are so many so-called ‘motivated
sellers’. Basically, this means that many properties
still on the market in the Autumn have been on the market
since the Spring. As the Summer is a quiet time for sales
and a bad time to be selling a property you can be pretty
sure that the seller who has been in the market for 6 months
is keen to sell before Winter.
"Also, the benefit of the renovation/refurbishment
route is that you can start with a 20% discount to market
price as you can negotiate hard because no one else wants
the property. Plus, your rental income nearly always makes
your property cash positive. And, finally, you can also
re-finance and take out your initial investment.
"This method makes it the only safe way to make a
‘nothing down investment’".
Lewis adds, however, that while many people think property
development is easy - just buy a run down property, do it
up and sell it on for a profit - this really isn’t
the case.
He says. "While buying and renovating a property now
means you are sitting on a potential goldmine, many novice
property renovators end up making costly and time-consuming
mistakes which can not only delay the project but can blow
the budget".
For example, obstacles that amateur renovators face include:
Until now, for most amateur property renovators, knowing
how to avoid these pitfalls is a case of experience. However,
www.propertysecrets.net
have published a guide to successful property renovation
– Renovation
Secrets - revealing the trade secrets and insider
tricks of managing costs and the project so that any profit
can be maximised from effective renovation.
From the ‘basic‘ issues (eg what to do about squeaky
floorboards; how to negotiate over and above 40% discounts
at trade merchants) up to free software that enables you to
calculate the true cost of your project (over 260 likely expenses),
Renovation
Secrets is invaluable for anyone looking to renovate
a property.
Suitable for Non-DIYers who want to take control and maximise
the profit of their property renovation, and DIYers who
want to go further, the book is available in both hard copy
and electronically and comes complete with a 21-day money
back guarantee.
And the three most common renovation nightmares?
