Real estate
Real estate

Buying Property for Renovation

While many of us are familiar with buying properties that are already refurbished to a very high standard, or those that are newly built, the concept of buying property with a view to renovation and refurbishment is a little less well known. However, as well as being both potentially lucrative, and enjoyable for those who choose to take part in it, buying properties that require renovation is a good way to get yourself on to the property ladder for the first time - providing you have the budget and time to put in to the renovation.


While many of us are familiar with buying properties that are already refurbished to a very high standard, or those that are newly built, the concept of buying property with a view to renovation and refurbishment is a little less well known. However, as well as being both potentially lucrative, and enjoyable for those who choose to take part in it, buying properties that require renovation is a good way to get yourself on to the property ladder for the first time – providing you have the budget and time to put in to the renovation.

So, today we’re going to talk about why buying property with renovation in mind is a good idea.

Why you should consider buying property for renovation

Finances

Although buying property is never considered cheap, if you can find a property for renovation for a good price, and not have to spend a whole lot on the renovation you can find yourself with a property finished to a good standard for much less than you’d have paid for a property of the same type at market value in a finished state. While this will vary case by case, saving money is generally a likely outcome of buying property to renovate.

Long term profit/Large profit margins 

If you purchase a property outright, without a mortgage, as many do when buying properties at a relatively low price for renovation, then the potential for profit can be absolutely huge. Many take on renovation projects to either sell the properties on with large profit margins, or to rent them out for a longer term return on investment which will eventually become a profit. This is often the driving force behind buying property for renovation purposes, and that’s absolutely fine.

The project itself

For many, renovation of property is something they do for the love of it. Whether that’s a love of interior design, DIY, or massive projects as a whole. If you’re not in it for the money, then you’re in it for the love. Some take on large renovation projects because they need something to do, so it can be thought of as a kind of hobby (albeit quite an expensive hobby!), especially if they’re into up-scaling old furniture and the like as a starting point.

As you can see, providing you can keep initial costs low, and take on at least some of the renovation labour yourself, buying properties for renovation can prove to be a great idea, and a good investment. 

Real Estate, redefined

Here at Domobase, we aim to make the whole process of buying property and finding the properties you love as simple as possible. We connect you with only the very best Real Estate Agents and Landlords to help you find properties you absolutely love. How do we do this? Simply! We ask that you download our app, fill in some details (such as the type of property you’re looking for, and where you’d like to live), and link up your social media profile, and then we pass your details on to up to three first rate industry experts. They will then get in touch with you within a few days and show you some fantastic properties that you’ll absolutely love.


Charlotte is the content creator for Domobase, a freelance content marketer and creative fiction writer. When not scribbling away, she can usually be found with her nose in a book.