Many ways to make money from property

HOW TO SPECULATE TO ACCUMULATE IN THE PROPERTY MARKET!

A guide to making money from the property market. There are many ways to make a healthy profit and the key is in sourcing the right property. The right property will come from one of the following categories.

1. Corner property

2. Old, not modernised, original features for renovation

3. Extra large garden

4. Potential for division

5. Repossessions

6. Bungalows

7. Unusual or unique buildings

8. Location, up and coming areas

Here are the ways from each of these categories, that the bigger profits are held.

Corner properties

 There are three different ways to make a good profit for an average investment in corner properties.

  The first is finding the right corner property that is perfect putting up a new build house at the side. When you start looking into it, there are no end of properties that lend themselves to this. You will need to learn the planning requirements and what makes a corner plot. Plans need drawing up and permission to build applied for. Land for the new plot has to be separated via a solicitor. Once permission is granted the plot can be sold off , giving you a massive profit for very little work. A profit of at least £30,000 will be achieved.

Corner properties quite often make good property splits. Large Victorian three storey houses convert into three apartments or two houses if on the corner of two separate streets. If it is done well and again sourcing the right property in an up and coming area , then a healthy profit will be made.

Two storey extensions are another way to make the most out of a corner property. A three bed can be turned into a five bed with extra living space to balance, creating a sought after larger family home. If you choose an exclusive area excellent profits will be made.

Old not modernised, original features

There are still a few untouched, Victorian properties, usually where an elderly person has passed away and has never touched the original features. These properties are sold below market value for the area and a good deal can be negotiated. There are a few rules to adhere to. Check under the carpets for original floorboards, if they are there then belt sanding and varnishing is required. All original features need to be shown off and brought back to their former glory. Any window panels need stripping and waxing. Strip all the walls back to the plaster, if they need skimming with plaster, do it. Give all the walls a few coats of rich cream emulsion. Putting in a good kitchen and bathroom you will be sure to make a healthy profit.

Extra large gardens

Firstly, can you build another house or maybe multiple houses, in the garden.

If you think there is potential talk to the planning office. Planning approved you can either sell the land on, or self-build. Huge profits to be gained. The other way to make smaller profits is to extend or if the garden is large and unkempt, by landscaping and transforming the garden into (different rooms).

Properties with potential for division

Large houses with big gardens are great for this purpose. You must look at the property with a business eye and see how many units you can make. You may need planning to extend a kitchen or get what you need to maximise profits, don`t be afraid of getting an architect involved if you think you have the right property. Again, speaking to planning is essential. Whereas a ten bed property is too big for most, 3, three bed properties are far more desirable.

Repossessions

Estate agents, auctions or by advertising, you can pick up these properties.

The best prices are by hard negotiating from your own advertising. Bargains can be picked up from any of these three sources and in this recession there are a lot of these properties around.

Bungalows

Up and around is my rule on a bungalow. It is often possible to go into the roof space, sometimes raising the roof a little, to create two dormer roof bedrooms.

With detached bungalows it is possible to get planning to create an all around extension. Doubling the size of the property. Always best in an exclusive area where bungalows are sought after. Quieter areas are best. Again big profits are achievable.

Unusual or unique buildings

  Churches, mills, barns, schools and windmills are all great buildings to do something with. Again an architect can design a really impressive conversion. Churches, because of the size can give you multi – units. Planning is necessary for this, the end results in units of unique quality. All features need to be retained. Great resale value.

Locations that are up and coming

Just simply by buying in an area that is going to be improved greatly by regeneration or simply an area that has the right feel, without doing a thing, just renting it out for a year, can make a tidy profit. It is all about knowing the areas well.Knowing what the council planners intend, research is the key to this one.

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