| Finding a property for sale that is in need of | | | | looking for a renovation project and the budget |
| renovation can be a hard task, but finding the | | | | you have to buy a place. Don't get put off by the |
| right property at the right price is the most | | | | lack of property available, or by the agents trying |
| essential part of property development. | | | | to sell you something that is clearly unsuitable for |
| Remember that at the end of the day you are | | | | you. You should telephone all the agents regularly |
| looking to make a profit, and that will come if you | | | | as right property could come onto the market at |
| buy the right property, so before you spend | | | | any time. The internet is also a place where you |
| months working hard on a project, it is worth | | | | can find properties for sale, there are lots of |
| spending your time finding the right opportunity. | | | | websites with properties for sale you can trawl |
| Auctions have become a popular way to sell | | | | through, or there are specialist websites that list |
| properties that aren't in pristine condition. Most | | | | properties for sale that are in need of renovation. |
| properties that sell at auction have something | | | | Once you have found the right property you |
| wrong with them - either it is obviously in need of | | | | need to agree a price. Think carefully about how |
| some renovation, or there is some legal issue that | | | | much the house could be sold for once the work |
| needs to be dealt with. However, finding | | | | is completed, how much you will need to spend |
| properties at auction isn't for everyone. You need | | | | on doing the work, how long it will take and how |
| to do all the groundwork before hand - have your | | | | much you will need to spend in fees and financing. |
| conveyancing done, and arrange your finance, | | | | As a general rule of thumb, double the amount |
| which can include paying for a valuation. If you get | | | | you think you need to spend and double the |
| outbid at the auction, then the money spent on | | | | amount of time you think it's going to take. This |
| investigating a property has gone. If there are | | | | may give you a closer figure to the final budget |
| several properties that you miss out on, this can | | | | than your original figures, and if you end up |
| build up to a substantial amount of money spent | | | | spending less then that can only be a good thing |
| without getting anything in return. Using the more | | | | to your profit. Once you have calculated all your |
| traditional method of buying a property using an | | | | costs, and factored in the profit you are looking |
| estate agent can take longer, but doesn't have | | | | for, then you have a fair idea about how much |
| the same pitfalls as buying at auction. You need | | | | you can spend on a particular property. House |
| to go through the phone book and find all the | | | | hunting can be a tedious task, but using the |
| estate agents in the area you are interested in, | | | | Internet from the comfort of your home can |
| and then telephone them all. Explain you are | | | | help you find your ideal renovation project. |