Property renovation is widely accepted to be a very worthwhile and often lucrative thing to do. Whether you renovate your own home or buy a second property that needs renovation, the process will invariably add value your asset.
There are many things you can do to add value to any property, but it
is generally accepted that the most valuable are listed in order of
- New kitchen
- Garden makeover
- New bathroom
- Property extension
- Loft or cellar conversion
- Addition of conservatory
- Creation of home office
So how do you find a second property that needs renovation that you can work on and then sell on at a profit? Firstly you can scan your local estate agents or, even better, use a website such as RightMove in the U.K. which features properties from virtually all estate agents. You can narrow your search by price and area, which is useful because properties needing a bit of work are of course often cheaper.
There are a few other useful websites out there that can help you find a property to renovate in your area. In the U.K. one of the most useful is renovationprojects.uk which offers a free service whereby the website will email you a weekly list of property needing renovation geographically arranged into different areas of the country.
Of course, you will need some spare cash to be able firstly to buy a property and then to do the required work, but if you can do most of the renovation work yourself then you should be able to make a good profit on the property when you eventually sell it.