The place to bag a property in need of renovation: Greenock, Scotland
There was a time when flipping properties made great theme for TV shows: visually and financially, turning old properties into picture perfect homes made for great television. In the meantime, many caught up to the fact that a property with potential can be valuable the difference in the final price achieved is no longer as dramatic as it used to be.
Add to that the fact that less and less properties that need dramatic upgrades are available out there – and we can explain why an entire TV genre disappeared over time.
However, latest research from Zoopla suggests that if you are looking for a property in need of renovation, Scotland, namely Greenock, might be a good place to start. Out of the whole of UK, Scotland has the most properties in need of update on the market, with Greenock taking 4th place ( £144,060 average property price and 2.46% of properties requiring work).
Why invest in a property that needs upgrading?
Firstly, it will make for a more affordable purchase.
With the wide variety of affordable mortgages available at the moment, it might be more tempting to just go for the beautiful upgraded home and save yourself the trouble. And while that is definitely the way forward for some, if you want a bargain, go for the unloved property that needs some work. Usually picture perfect homes get a lot of interest and because of competition amongst buyers, will achieve a premium.
If you are facing budget constraints, going for a property in need of a renovation might be more affordable. If you are handy you might be able to save further money by doing some of the upgrades yourself, over time.
Secondly, all the upgrades will turn into value increase for the property.
The best news is, the property market in the UK is set to grow in the long term. So your newly renovated home will sell faster and better when you are ready for a move on the property ladder. In other words, all the hard work put in upgrading the property will mean more added value to your initial investment.
Need further inspiration? Check this unique investment opportunity
A fantastic example of a property in need of renovation that will bring a lot of added value once upgraded is Park Road, Paisley.
Offering this superb development or investment opportunity to the market. This spacious Victorian upper conversion has accommodation over two levels and is situated in a most highly desirable residential area of Paisley, within a locale of uniquely designed period mansion houses.
The property sits on approximately 0.9 acres of garden ground, some of which has outline planning consent for 12 residential apartments.
For more details on Park Road, contact Caledonia Property Paisley on 0141 648 0888.