Abandoned properties: How to make money with them?
In the property market, there are several ways to earn money, although the main methods are the sale and rental of properties, there is a third option that has become a trend in recent years: the repair and sale of properties in a state of abandonment or disrepair.
In the UK there are about 25,000 properties in a state of abandonment, most of these properties are in poor condition and require hard work to convert them back into valuable assets. However, once they have been repaired and put back in the property market, it is possible to obtain quite significant gains.
Next, we will explain how the abandoned property business works.
Future Investment
A large percentage of properties in a state of abandonment still belong to someone, however, in most cases it is someone who is not able to pay to remodel the property, or who has decided not to inhabit it for any specific reason. Normally its price is much lower than common property, this is because the sellers are aware of all the money that must be invested to repair the property.
A study conducted in the city of London determined that 87% of these properties are sold for less than a quarter of their value, a true offer for all those smart investors. Although these properties normally present damage to the structure, walls, ceilings or floors, sometimes it is possible to find almost intact properties, which require little or almost no repair. This translates into a greater economic benefit after the sale.
The trend of “buying, repairing and selling” has been increasing in recent years and has become an excellent alternative for those who wish to start in the business of buying and selling properties.
What do you need to sell an abandoned property?
Even before buying an abandoned property, you must request a property survey, only an expert can advise you about the state of the property you intend to acquire. Although it is normal for the property to be damaged, there will be damages that can be repaired and others that seriously affect the physical integrity of the property, so it would be better not to buy properties that present damages that are too difficult to repair.
Once you have the results of the property survey, it is necessary to make the repairs that are specified in the property survey. A certified contractor is the best option to perform this job safely and professionally. This is very important; hiring a true professional can save you a lot of problems with your investment. At HICH we have an extensive database with the best UK contractors; we put at your disposal our website so you can contact these professionals and avoid any risk related to scammers and unscrupulous contractors.
In HICH we are experts in property surveys, we offer a high-quality service and with the most revolutionary techniques on the market. Our new generation reports offer a more detailed analysis than any other competition property survey. The experience and quality of our services have made us the number one property survey company in the UK. Request our services here!
Remember that your well-being and that of your property is our priority.
