I was asked at the start of the week about whether or not it is viable to redevelop the property you live in and keep doing this as an investment strategy. Of course you can, many do it, but there are certain realities you have to face up to and factors you must consider before tackling this approach.
Here are some pointers I can offer:
Buy right- whilst you are going to live in the property for a while do NOT let your heart rule your head. To ensure you maximise your returns your decision to buy a property must be based on the property that offers the best returns and not the one you would like to live in the most- if all goes well you won’t be there very long!
Don’t cut corners- if you are planning to do as much of the work needed yourself as possible make sure you do a good job. Bad workmanship can wipe off almost any value added by your ‘improvements’.
Quality craftsmanship- Some jobs just have to be done by professionals (windows, gas, electrics) but some jobs just should be. These include plastering, carpets and carpentry. Know your limits and know when it is best to invest in a professional job.
Schedule- set yourself a REASONABLE time scale and stick to it! Don’t expect to turn a house round in a month working around a full-time job. It won’t happen and you will just end up exhausted, demoralised and you probably won’t do a good job. Work to a reasonable timescale and maybe even factor in little breaks/celebrations at certain points in the project to help motivate yourself.
Enjoy- I recommend that, before moving on and starting all over again, allow yourself and those living with you to enjoy the space for a while. This can be anything from 1-6 months but rest up…..you’re about to start all over again!
Sell- A good agent is worth their weight in gold- shop around and make sure you are happy with your choice. An agent is also vital as it frees you up to find that next home/investment. I am a firm believer in competition so I also recommend instructing at LEAST 2 agents or an agent this will instruct other agents to help market the property.
If you are thinking about investing in either the property you live in or another property you own do give us a call. We have already completed numerous projects for clients from re-decorating a couple of rooms to completely gutting, re-fitting, decorating and even furnishing them. You can view some case studies on the interiors page of our website. We pride ourselves on being highly competitive in price and the fact that, to date, we have always completed the projects BOTH on time AND on budget. Check out our website or give us a call for a chat on 020 7033 1901.
