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Property Turn Offs Are Good News For Property Investors

Property Turn Offs Are Good News For Property Investors

The Top 20 Property Turn-Offs
That Are Good News For Property Investors 

There are a number of obvious things that can put the general public off buying a property including damp, rotten windows and lack of a garden among the list of deal breakers for potential property buyers.

A survey by popular comparison website gocompare.com found that 70% of potential property buyers would not buy a property which had damp patches or stained walls or ceilings, 63% were put off by properties in a poor state of repair and 15% were put off by clutter.

Properties with problems are good news for landlords and property investors, as they have experience of rectifying issues in order to turn a profit and problems mean discounted sale prices, allowing equity to be locked into the deal from the start.

Generally, ordinary home buyers are afraid to spend money on issues that they know nothing about, however landlords and property investors can see beyond the solution and realise potential profit by fixing the issues that put off everyday home buyers.

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Beware Of Serious Maintenance Issues When Purchasing Investment Properties

Beware Of Serious Maintenance Issues When Purchasing Investment Properties

25% of properties for sale in the UK
have serious maintenance issues

New research by Halifax home insurance has revealed that home owners are far from proficient at keeping their property well maintained.

The research found that whilst 28% of home owners claim to be DIY enthusiasts, almost a third of people surveyed said they only had basic skills and knowledge to carry out basic cosmetic improvements, such as painting and decorating, grouting tiles or assembling furniture rather than tackling bigger property maintenance issues such as cleaning gutters and repairing fixtures and fittings or repairing cracks in plaster.

lacking the confidence to undertake even straightforward maintenance which could prevent problems such as damp in the longer term,

The research found that property owners in Aberdeen had the best maintained properties in Scotland, while Peterborough was the top region in England, and Newport came out top in Wales.

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Many UK homeowners traditionally plan to do major DIY projects to their properties during the extended Easter break, in a bid to improve living conditions and also in the hope of increasing the perceived value of their homes.

However, a new survey from HSBC claims that DIY improvements are not worth it anymore as DIY projects were adding less value to a property than they were a year ago.

According to HSBC’s valuation experts, a loft conversion is the safest investment, typically increasing the value of a residential property by £16,152, although the gain is 23% down on 2011.

An extension could add £15,665 (3% down), while a new kitchen may boost the value of a home by £4,577 (19% down).

The only major home improvement work to increase the relative return-on-investment in the past year is a new conservatory, putting on an average £9,420 in value to the property, up 14% on 2011 figures.

The survey also highlights that regional variations need to be considered when tackling home improvements.

For example, a residential property fitted with a new kitchen in London should increase the property’s value by an average of £9,125 (GBP), compared with £4,300 (GBP) in North-East England and £2,333 (GBP) in Scotland.

Paul Cutbill, Valuation’s expert at Countrywide Surveying Services, says: “Whilst sensibly improved and well presented homes will generally be attractive to potential purchasers, rising labour and material costs mean that the gap between the cost of improving and monies realised at the point of any sale has been reduced. Poor quality work and a lack of proper design, usually resulting from inadequate project budgeting and planning, can have a significant negative knock on effect to any added property value”.

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