Avoid Spending Money on Renovations and Refurbishments
Sunday 9th March 2025
Saturday morning, while some people are having a well-deserved lie-in, I use the time to gather my thoughts after a busy week and think about the next, school rugby fixtures permitting. I get up at 0600 hrs, which for me is a lie-in, then straight to the office at the top of the house.
Many of our clients are from overseas. Yesterday, I spent the day viewing auction properties with a South African, and we also joined up with an Irish client for one particular lot that requires a full hit. New enquiries last week came from Liverpool, Manchester, London, Europe, Israel, and the US. This pattern is not unusual. You can see from the photograph that I beamed into Lagos, Nigeria, for a Q&A about UK real estate, property auctions and distressed assets a couple of weeks ago.
The interest in UK property is truly global and supports prices through thick and thin. In turbulent times (like now), real estate is a safe-haven asset, particularly in countries like the UK. The big cities, including London, Liverpool, and Manchester, top the list of our enquiries, but the same can be said of any UK real estate that rents above the average. In the NW, the average is 7.1%, so you want to be well into double digits to ensure value.
You want to buy genuine below-market value properties or distressed assets with built-in equity and avoid spending money on renovations/refurbishments where you don't have to. Always think how long it would take to 'payback' the new kitchen you've put in, where the old one would do. This is a fundamental point that many new investors miss. Don't spend money you don't have to, and the returns will look after themselves.
