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Let's come up with a comprehensive list! Here are some obvious ones:1. Add a loft conversion.2. Add a conservatory.3. Extend the property to create more bedrooms and living space.4. Replace the kitchens and bathrooms.5. Add some eco credentials.6. Build a garage.7. Build a home office over the garage or as a separate structure.8. Replace the flooring.9. Restore original features (if appropriate).10. Replace the windows.What else can the tribe come up with?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Hi there One tip Pull up the carpets when viewing props to buy - when the estate agent is not looking TWICE I have done this during viewings in flats to discover that beneath the grubby and hideous swirled carpets there was beautiful original 1960s solid wood parquet flooring throughout worth £6-10K or more to install - stunning when cleaned and polished but the useless numpty estage agent had not thought to check and the vendor had not mentioned it... Good way to add value - spot things others have missed!Another time I bought a flat where the agent had not bothered to mention the fact that the garage that came with the property was 50% larger than normal - with electricity and automatic door - the only one in the block to have this as it turned out - in an area where parking is at a premium.Sometimes adding value is just opening your eyes... cheers Doug
Hi Rich I know, it is a bit of a basic point for a professional like you... But many buyers don't do simple things like lifting carpets - so the investor has an advantage over FTBs. It reminds me of an example in 2006 where I was at a viewing of a run-down property with 2 FTBs. They spent all of 30 seconds viewing the property before storming out the door with the remarks that the prop needed "a lot of work". How rude to the poor estate agent. Yes it did need work - but they did not think about the profit potential for the prop if renovated and improved in a top location.Now I own the flat - it is fully renovated and beautiful - and my ever grateful flatmate pays the mortgage for me on my 2nd home so it costs me nothing. Just pays to have that bit of vision...as I am sure you know.... cheers DougRichard Greenland said:Doug I always lift the carpets! Apart from the good stuff it can reveal problems I need to know about. I’ve had similar experiences, I’ve bought houses with all of the things listed in my last post hidden underneath filthy old carpet.
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
I have a client who buys BMV, and sells on immediately with no work at all. (He is the chap I mentioned in another thread that seems to sell mostly to amateur developers who don't cost out the work required and selling price correctly!).He is quite an amusing character, and chuckls at all the property programmes where amateur developers develop a beautiful new property ... then are informed they have just lost £20k.It all boils down to 'making your profit when you buy'.I can;t speak from any real experience, as we only ever do the normal stuff ... re-wire, replaster, kitchen and bathroom replaced, tidy up exterior etc. Its actually quite boring. I do like watching the palaces that are created on Property Ladder et al ... but few seem to make money because they can't seem to cost works accurately, predict the selling price, or manage the schedule.There is good money to be earned from developing, but investors need to have the funds to survive the (inevitable) early mistakes.Stephen Fay ACATel: 01253 350 123Email: email@example.comWeb: fyldetaxaccountants.co.uk