One of the most lucrative sideline businesses that you could get into is the property industry. There are a number of great ways of earning some decent sums of money through buying, selling, or renting a property. One of the best ways is buying to renovate.
Often, when a property is in a state of disrepair, it will sell for considerably less than its market value. With mortgages being granted dependent on a successful survey, where there is a risk of failure, estate agents may opt to place the property on the market via auction.
By attending an auction, if you have the funds available, you could grab yourself the type of bargain that will help you earn lots of money. And once you own a suitable project home, the next stage is to get on with renovating it.
Planning Your Project
You will need to plan your project from the start. Get a survey done immediately. This will let you know the areas of concern and will help you prioritize your workload. You may need to get the help of an architect if you plan on making any changes to the layout of the property. This may be particularly useful if you plan on splitting a home into flats or adding an extension.
Adding Value To The Property
Look for ways to add value to your property. You can do this through extending. Before you waste time on applying for planning permission, though, you should consider any existing space that is not habitable, such as attics or basements. If you can convert these spaces into extra rooms, then you will immediately add a great deal of value to the building.
Set A Budget
Speak with a company such as North Texas Property Management to see what the potential for rental earnings, or resale would be. That way, you will have an idea of the type of profits you are aiming at. This will help you set your budget.
You need to be strict with managing your spending. That said though, having a contingency of around fifteen percent of your budget is vital for when things overrun, or go wrong with the project.
Do It Yourself Vs., Contractors
You may be tempted to do all of the work yourself. If you are a skilled trades person, this is probably not a problem. However, if you have limited experience of a project of this size, it may become overwhelming. You may also find that you create more problems for yourself if you need to bring in a professional to fix your mistakes.
Bring in qualified contractors to complete anything of a complex nature. Get a few quotes before you hire them, and check out any reviews or recommendations from people who may have used them previously.
Agree on a full plan of the work to be carried out, and get all of your quotations in writing. You don’t want a job to cost more than you agreed to.
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