Once we establish your investment goals, we will start looking at suitable properties; taking into consideration the location, your budget and type of investment.
We won’t just look as far as our own portfolio, we will look at other agents and their properties. Once we find a property, or even if we find more than one, we will view it on your behalf.
We will return to you to give our thoughts and if it ticks the boxes, we’ll escort you on a viewing to talk through the pros and cons of each property.
At this point, you can take over or, we can start the negotiation process with the purchase of the property, liaising and organising surveys and solicitors.
Again, after the point of completion we can hand back the reins to you or we can help you further:
- Property project – we can start project managing, sourcing contractors, overseeing and organising when certain trades are going to the property.
- Sell it on – we can help you find a buyer.
- Rent it out – we can help you find the right tenant and manage the property if required.
I want a Project but not sure what type…
You may be considering a refurbishment project but may not fully appreciate the extent of a project.
We have experience of advising on the size of the project that you should be looking for in relation to your budget and timescales. In the meantime, below is some examples of different projects and timescales.
Small Scale Refurbishment
These projects tend to be for properties bought on the open market which need a little refresh, such as a new kitchen or bathroom fitting before it can be rented out.
These types of projects can take, on average, 4 weeks to complete so you have to keep in mind any void periods.
Large Scale Refurbishments
These projects tend to be for properties bought on the open market as well as auction and tend to involve laying roofs, moving walls, revamping the whole internal property e.g. fitting a new kitchen, bathroom, carpets, windows etc.
These types of projects can take, on average, 8 – 10 weeks to complete; again you have to keep in mind that in this time you won’t be earning anything on the property in terms of rent.
This generally relates to properties being converted from commercial to residential (or more unlikely, residential to commercial).
These projects tend to vary in scale depending on the size of the (commercial) property.
In terms of time scales, if we were to say a building being converted into four flats, we would estimate a time scale of around 12 weeks.
This project is usually when an investor wants to build one or more properties on a piece of land. Again, depending on the size of land the timescales can vary; at least 6-8 months as a minimum.
I want to Buy a Property to Rent
If you are looking for a straightforward property to buy and rent out, there are a few things to consider to ensure that you buy the right type of property, regardless of whether it is residential or commercial. These are some general points to consider:
- Your purchase budget
- Any initial investment to bring the property up to a reasonable level to rent out
- Type of tenant you wish to attract
- Any ongoing maintenance costs e.g. a commercial property may require a cleaner to come in on a weekly basis.