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How DO I find the perfect property?

How DO I find the perfect property?

First time home owners dream of getting onto the property ladder. Of course, the house in question must be picture perfect – the kind of house you can move into in the morning and invite friends over for sundowners that very same day!

While that dream holds appeal, remember that if the property needs absolutely zero work to make it liveable, it means there is no money in the deal.

If you want to make money by investing in property, you have to find something that requires work. If the property really is perfect in every way, how can you possibly increase its value?

Think of it like this: if most people walk into the house and fall in love with it, it is not worth buying.

Yes, I know it is a hassle and hard work and it takes time and effort and money. Which is exactly why most people simply don’t have an appetite for doing renovations of any kind on a house. If that’s you – stop reading. I can assure you property is not a get rich quickly scheme. It is a get rich slowly over time scheme.

If you’d rather do what is easy, you will never be rich.

When I say that, people say gasp in horror and exclaim “You are so harsh Tanya!” Maybe I am. Rather know what you are letting yourself into BEFORE you begin because when it gets tough – and it will – you need to be clear on why you wanted to start investing in property in the first place.

However, if you can see the massive opportunity afforded to people who are prepared to do more than the average person, congratulations, keep reading!

The value of a house is largely determined by face value. Let’s start with the bigger picture.

  • Is the property free standing or it is in a complex or block of flats?

  • Is it modern or old fashioned?

  • Does the living area flow nicely or is there a bedroom directly off the kitchen?

  • Is the kitchen/lounge/dining room open plan or is it composed of tiny boxy rooms that feel dark and cramped?

  • What about the garden?

  • Is there one?

  • If yes, is it large, perhaps offering an opportunity to build another house/cottage/unit or is there no development space available at all?

The point of all these questions is to get you to start looking at property differently, to train your eye to spot the opportunity.

Now we’ll zoom in a little closer. The two areas people concentrate on when looking for a new home are the kitchen and the bathroom. If the kitchen is old, dark and badly planned with rusty appliances, most people will turn up their noses and walk (or run!) away! Little do they know it is possible to revamp a kitchen cost effectively. Don’t be put off by the massive price tag attached to converting a kitchen to YOUR dream kitchen. When playing in the Buy To Let market, you are not building your dream home, you are creating an average home for average people earning average salaries to live in.