What are the pit falls and benefits on purchasing a property like this to renovate and sell on?
Asked on Mar 22 2013,
General in Sutton Coldfield |
There are both positives and negatives when it comes to buying something you want to renovate to sell on at a profit.
The major benefit, of course, comes from the fact that houses which need renovating can often be bought for a price far lower than their market value when they are up to scratch, allowing you to make a tidy return on your investment.
However, as you point out, there are potential negatives that you have to take care to look out for. An example of this can be with the fluctuating prices in the market. You don't want to have spent time and money only for values to fall, leaving you without a profit.
You will also want to make sure that any home is in the state you think it is, as nasty surprises like damp and other problems can be hidden, dragging down the value later, so make sure to have it thoroughly surveyed.
Answered on Mar 27 2013,
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