Renovation Property For Sale Liverpool
Tuna Fish Property presently has renovation and refurbishment off-market properties available from £25,000.
Thriving with students, businesses, working professionals and a buzzing culture, Liverpool is a great UK city to invest in, particularly when it comes to buy to let investments.
Soft property prices in Liverpool have created a hotspot for property refurbishment or buy to let investment with a strong return on investment. In fact, property investors are bagging bargains in 2023 more than we've ever seen before.
Plus, with a rising demand for rentals (from both students and working professionals) combined with strong rental prices, the city has a lot to offer property investment companies right now and in the coming years.
Keep reading to learn more about property sourcing in Liverpool and whether you should invest in a property renovation in the city - with our tips on how to find the best property refurbishment in Liverpool.
Renovation Property For Sale Liverpool
1. Buy Well
Purchasing at auction is often one of the best ways to secure a Liverpool property for a good price=https://www.tunafishproperty.co.uk/buy-to-let-liverpool?aid=31324#] with a high return on investment (ROI).
Repossessed Houses for Sale in Liverpool
While many auction properties are sold in a good state due to rising repossession rates, it's possible to find run-down properties or rentals in need of renovation. Tuna Fish Property has access to repossessed houses for sale in Liverpool and other repossessed property
Buying a cheap property at auction with good resale value potential is one of the most popular ways to succeed at property investment in Liverpool.
The best things to look for in a Liverpool investment property are:
• A good location: Close to schools, amenities, train lines and bus stations
• Adequate parking: Including on-road and potential for off-road
• No problematic property restrictions: Like listings or renovation limitations
When considering property refurbishment in Liverpool, it's a good idea to speak to a local estate agent, like Tuna Fish Property. Ask for advice on where to buy in Liverpool and which properties work well for local buyers, landlords and/or tenants.
Property Auctions Liverpool
Before attending an auction, keep in mind the following tips to bag a good deal:
• Research properties in advance: Properties are often listed 4 weeks before the auction, so you need to research thoroughly and act fast. Properties bought on a whim are rarely a good investment.
• Arrange a viewing: Viewings are highly advised for auction properties. Minimal photos are usually available and there's always more to an auction home than meets the eye. Most auction houses are happy to accommodate contractors, so it's worth bringing someone along to review the scope of work.
• Read the legal pack in full: While you'll want to minimise spend before investing, you should still consider instructing a solicitor to review the legal pack. Auction properties tend to be "flogged" at auction for good reason, so you'll want to know exactly what you're signing up for.
• Stand at the back: If attending an in-person property auction in Liverpool (as opposed to a virtual auction) most experienced property investors bag a space at the back of the venue. This enables a clear view of who the bidders are, helping you gauge your next step.
Renovation Property For Sale Liverpool
2. Do the Numbers
How much a property renovation costs severely depends on the state of the property. For a good deal on an investment property at a Liverpool auction, you'll usually encounter major renovation work.
For example, you may need to:
• Install central heating
• Rewire electrics
• Fix structural issues
• Replace a roof
• Control damp issues
• Replace windows/doors
• Remove/install partition walls
• Remodel kitchens/bathrooms
• Relandscape
• Replaster and refinish interiors for a more modern, desirable aesthetic
Naturally, some renovations are more expensive than others (like adding an extension) and it's possible to renovate a property on a considerably lower budget. Tuna Fish Property can help.
When crunching numbers, consider the costs of things like:
• Designer and architecture fees
• Building permits and planning permission applications
• Required amenities - E.g., portaloos
• Labour and materials: E.g., construction, plumbing, electrics, etc.
• Waste removal services: E.g., skip hire, soil removal, concrete disposal, asbestos waste management, etc.
• Fixtures, fittings and appliances: E.g., lights, bathrooms, doors, windows, kitchens, white goods, etc.
• Finishing costs: E.g., plastering, paintwork, furnishings, etc.
• Landscaping costs: E.g., new lawns, shrubbery, etc.
• Additional features: E.g., driveways, dropped kerbs, patios, decking, etc.
Remember, even small costs can add up, especially when it comes to finishing a property, like the cost of paint, painting supplies, flooring, and room decorations.
Don't forget to account for purchasing fees when deciding whether a renovation is worth it. This includes solicitor charges, auction deposits/fees, stamp duty costs, surveys, and any other anticipated costs.
Renovation Property For Sale Liverpool
3. Get Three Quotes
Once you know the extent of the work involved, get multiple quotes to price the job. As a minimum, three quotes are recommended, but it's advisable to request more if there are extreme differences between them.
There are two ways to run a large-scale renovation project. You can hire a company like Tuna Fish Property to manage the entire job or commission companies individually to perform each task.
For example, hiring a plumber for the bathroom and boiler, an electrician for the rewiring, a gardener for the landscaping, etc.
When taking this approach, be sure to get at least three quotes from each contractor you intend to work with.
For large-scale renovation projects, consider commissioning a project manager and/or a single contractor to oversee the work, book specialist contractors, organise supplies/materials, and ensure fluid communication across the job.
Having a single person/company oversee the project guarantees you get the right information and that you only deal with one person for updates. However, having a project manager will add to the bottom line, so get quotes from several companies and request a cost breakdown, if available.
Renovation Property For Sale Liverpool
4. Control Costs
Naturally, you need to control your expenditure when running a property refurbishment to maximise your ROI.
You can control costs by ensuring that you budget properly, understand the full scale of work before purchasing, and commission a good contractor.
Additionally, you should:
• Get a survey before purchasing/bidding: The thousand you spend on a survey can save tens of thousands later down the line
• Don't install extensions unless the ROI is worth it: Speaking to Tuna Fish Property for advice on whether to extend
• Keep fixtures in the same place: Changing the position of electrical outlets and plumbing (like toilets, sinks and baths) is costly and often unnecessary
• Expect the unexpected: Issues always crop up later down the line, so it's recommended to add 10-15% to your budget for contingency spend
• Manage the job yourself: Provided you have the required time and skills, skip the project manager and run the property renovation yourself
• Commission separate contractors: Hiring one company to manage everything costs more than booking individual contractors for the different jobs (e.g., plumbers, electricians, bricklayers, etc.)
Summary
There's a huge opportunity for property investment on buy to lets or residential homes in Liverpool. Once the work is completed, the options for investors are to refinance and let, or sell. The key factors to consider are either the costs of letting agents in Liverpool or selling costs via an estate agents in Liverpool Good property management is also essential to maintain the value of your investment.
When refinancing after renovation, you can re-mortgage the property on its new value, allowing the difference to be used on the next property. Meanwhile, the property can be used as a buy to let. Selling enables investors to pocket the added value and move on to the next property.
Property Investment Liverpool
Considering property investment in Liverpool? Tuna Fish are your local property experts. Get in touch with one of our experts today for a chat about how we can help.
