Finished property or one you can work on?

[totallyproperty]

The worldwide real estate market is full of properties which need work doing although some are perfect for their prospective buyers. In a perfect world would you like to buy a property which requires no further attention or one which requires some work and allows you to put your own individual stamp on?

 

[Ericrowwen]

I will focus on the area where it is.

 

[mikee]

Finished property, every time...

 

[marya.mrtin]

yes , definately every people looking for finished property.

 

[nicoleallenB]

It depends. if you feel like saving it, then, work for it. But, if not, give it up then and sell.

 

[dannyderek]

nice post , thanks for sharing with us

 

[raceryzf]

if you want to work on it then go for that. or you can sell it.

 

[Barny]

For me, this would depend on what the plan is for it.

If it was to be my own residential property then I'd probably want something that needed as little work as possible but I'd still be able to put my own mark on it to personalise it for us.

If I was buying as an investment property then depending on my funds, I'd like to buy something that needs some work and therefore able to buy it for a low price, give it a full makeover and then sell it on for a reasonable profit and then invest the profit in another project.

Or, if I was looking for a new BTL property then I'd look for something that needs very little work, maybe a bit of brightening up here and there, but mainly something that will will have a minimal turnaround from my purchase to going on the rental market.

 

[robohs]

Yes I will do some work and definitely get more benefits from it by putting more efforts to it.

 

[AdityaRaghav]

Yes ...am sure that i will work on it till i gain benefits out of it.

 

[Jane Britan]

Yea,everyone is looking for finished properties.

 

[Michelle Barringer]

Buying a renovation project will increase its values immediately - so offer capital growth and rental yield in one property - worth considering

 

[Jane Britan]

Yea,I totally agree with you. I will surely look forward to buy renovation project.

 

[totallyproperty]

If buying a property that needs renovating, it helps if you have the skill set to be able to do the work yourself, because if not, your labour costs will high (far higher than the materials usually).

 

[Ricky Bhurji]

I think both strategies have their strengths and weaknesses according to where the market is in its cycle, for instance;

In a boom market- "off-plan" purchases tend to work well - I have met customers who have made £30,000-£50,000 (dependent on location) within 18 months.

In a cooling market- purchasing property where you can add value either through renovation, or extension can be lucrative and will hedge you against falling into negative equity.

If anybody is interested in seeing some examples from start to finish, i'd be most happy to share them.

Many thanks
Ricky Bhurji

 

[JeremyMathews]

Finished properties have their disadvantages as well...

 

[Nicholas Wallwork]

Finished properties have their disadvantages as well...

Can you elaborate on your experience please Jeremy?

I have seen issues with New Build quality, poor customer service from larger developers, warrant problems e.t.c...

What have you experienced or what advice can you give to look out for please?

 

[sergerybrin]

Its just depends on consumer needs.Finished property is best and definitely every one wants that.There are lots of different persons and their needs are too different to buy the apartment.If you have your savings then you can buy easily with the help of agent otherwise put efforts to buy this and do work hardly!!