When buying a property with the intention of flipping it, it’s important to consider whether the renovations you’re making are worthwhile. As such, here is the ultimate guide on how to spot a property with potential to add value.
Is the property in a desirable location?
Location is one of the most important factors to consider when it comes to determining the value of a property. Sometimes a property with potential is ‘the worst house on the best street’. This is why location is key, as you can’t change a home’s surroundings, but you can certainly improve the home itself.
Does the property offer space for conversion?
A decent-sized loft or basement is something that you should keep an eye out for. These empty spaces offer the opportunity to add another bedroom, bathroom, or living area, making the property more spacious and, in turn, more attractive to buyers when it comes to selling in the future.
Can the layout be improved with minor change?
Try not to dismiss properties that are very segmented in their layout. Often, homes with separate rooms can easily be transformed into an open-plan layout. Keep a close eye out for properties where there is a small kitchen next to a large dining room that could be knocked through or a bathroom next to the main bedroom that could be transformed into an ensuite.
Does the property have the potential to improve its EPC rating?
It’s important to not disregard properties that currently have a low EPC rating. There are many ways you can increase an EPC rating by installing insulation, double or triple-glazed windows, a new heating system, energy-efficient bulbs, and many more. Selling the property in the future with a bad EPC rating will affect the value to potential buyers, so enhancing energy efficiency is a worthwhile investment.
Can all the property’s negatives be fixed?
When viewing a fixer-upper, you need to identify all the negatives so you can understand how simple it would be to solve them. You can provide the property with new windows and a paint job, but you can’t move the property away from a noisy main road. By having this in-depth screening of the property’s negatives, you can identify what changes you can approach efficiently.
How an agent can help
It can often seem that properties with clear project potential are hard to come by, but by enlisting the support of an expert agent, they can help you find the perfect fixer upper. As well as finding your dream home with potential, we can also support the sale of your current home, creating ease throughout your entire property journey.
Ready to start your property journey with Wood & Pilcher? Contact us today for more information
