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Can you afford to bring your empty property back into use? Mon, 23 Jun 2014 16:43

The Dream House Buyer team receives a lot of enquiries from those looking to sell a house with a problem that may be preventing it from attracting a buyer on the open market. One issue is when a property has been empty for a while, as it can then be a magnet for vandalism and become progressively dilapidated, making it so much harder to market.

 

It has been suggested from studies that it costs around £10,000 to renovate the average empty home. To decide whether this would be a good or bad investment, consider your property's current worth, and how much it could command if it was renovated. Would it cost more or less than the above figure to renovate it, and what level of rent would it then bring in? Ask local estate agents and a surveyor for the best-informed advice.

 

The current housing market is another factor. You may wait until market conditions are more favourable, but bear in mind that you'll make no money at all from an empty property. Also consider how much security of rental income you would have if you renovated the property to become a landlord. Work on the property may depend on borrowing money, and you will then probably need consistent rental income to repay the loan. You don't want to suffer void periods that will result in you defaulting on your loan repayments.

 

To give you greater rental security, ask your local council about leasing packages with guaranteed rent. Never underestimate the amount of work that being a landlord entails. That's why you may opt to lease your property or use a managing agent, which should minimise day-to-day stress. Nonetheless, when done right, renting out your empty property can be very profitable.

 

Before you get too ambitious about the redevelopment of your property, check with the local authority whether you are likely to get planning consent or building control consent for your plans. This could save a lot of time, money and stress.

 

Possible options for funding the renovation of your empty property include local authority grants, heritage grants and energy efficiency grants. However, these may be scarce at the present time, and you may come to the sad conclusion that the house just isn't viable at this moment in time. Remember that Dream House Buyer specialises in the purchase of all manner of empty and dilapidated properties, and can take yours off your hands so that you can move on with your life. 



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