HOW TO FIND HOUSES THAT NEED RENOVATION (VARIOUS METHODS)
Ellie Dalglish-Hawkins
March 18th, 2021
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Are you looking for a property to renovate to flip for a quick profit, or to get a great deal on a property you want to switch to Buy To Let? The first step to actually doing that is finding a property suitable, and if you’ve tried doing this, you might soon realise it isn’t quite as easy as it seems. You need to find a property that is priced correctly, work out how much it’ll cost to bring it up to scratch and how much you can inevitably sell it for, it’s a lot of work.
It’s hard enough to find a property suitable for renovation initially, let alone find one that would work out financially.
So we’ve put this guide together with some great ideas and tips on how to find the best renovation opportunities, keep reading to find out more!
As we’ve touched on, it’s not quite as easy as it might seem – there are a lot of people out there looking for great deals and they often get snapped up quickly. How do you go about finding them then? There are a few ways that you can do this, but we’ve narrowed it down to three main methods which we are going to discuss in more details for you below.
- Use online property portals like Rightmove
- Sign up for property auctions
- Use a property sourcing company
The first port of call for most want to be investors is using an online property portal, namingly Rightmove, although this can also work for the likes of Zoopla and OnTheMarket. You’ll soon realise that even if you narrow the search area there are hundreds, if not thousands of properties for you to look through – which is far too time-consuming, here are some tips on how to find the best renovation opportunities.
Organising by cheapest first
If the property is run down, the likelihood is that it’s going to be cheap, considerably cheaper than more up to date properties – so by organising the cheapest first, you’re more likely to find the best deals, especially if you narrow the criteria further.
Narrow down the criteria
The next thing you need to do is be strict with your criteria and filtering. First, you want to filter by property type, a lot of the cheaper properties are land, or park homes, so you’ll want to typically filter those out. You also want to filter out new homes, retirement homes and buying schemes. This should help you narrow down your search and remove any properties that aren’t going to see great returns off the bat.
It will be harder to find renovation projects in certain areas
You might need to open your search up to different areas than the place you live in. Although it can be extremely convenient to have a renovation project on your doorstep, it isn’t always possible. You might need to widen your reach a little and search other areas close by to find the best deals.
Set up alerts
On Rightmove specifically, once you have all of your criteria set you can set up alerts for new properties and price drops that meet your requirements and when it does you’ll get an email to notify you, meaning if you’re quick, you can be one of the first to get in touch about it.
One of the most popular ways of finding a real gem when it comes to finding great renovation deals is by visiting property auctions. People who own run-down properties often go to an auction as opposed to the open market, as an auction attracts more investors and is likely to fetch them a higher price and more interest than using an online property portal like Rightmove.
Popular auction companies
We would recommend keeping tabs on as many property auction companies as you possibly can, as different properties will pop up at different ones, and a lot of which is online now. Here are just a few of the popular auctions you should keep tabs on:
- Auction House
- Clive Emson
- Savills
- Countrywide
- Allsop
How to buy a property at auction
Buying from an auction is a great way to grab a bargain and they are rife with renovation opportunities, but before you jump into buying, there are a few things that are different about buying at an auction as compared to a more traditional sale that you need to be aware of.
Before the auction
You want to ensure that you have done all your research before making any bids, you want to consider having a survey beforehand and thoroughly look through the legal pack. Remember you need to be confident that it’s going to be a good purchase before the day itself, bids are final so be ready!
Have finances ready
If you are a cash buyer, this isn’t a worry, but if not you will need to have a mortgage in principle and as soon as the hammer falls you will have to pay 10%. After that you’ll have a month left to pay the remaining 90%, if you don’t do that, you lose the chance at the property and your deposit.
On the day
The main thing on the day of the auction is to keep your cool, it’s easy to run away with bidding and pay far too much for a property – stick to your plan and set a maximum amount before you get there. You also need to make sure that you have everything with you, this will be specified by the auction house, and it’s usually two forms of ID and the 10% deposit.
Remember as well, properties often don’t hit their reserve price, but that doesn’t mean you can’t talk to the seller afterwards – through the auction house, of course.
Do you need to be a cash buyer to buy a house at an auction?
As we’ve touched on, as long as you have everything in place and a mortgage in principle agreed beforehand then you don’t need to be a cash buyer, although you do need to have the money for the deposit.
A third option and we like to think the best option, would of course be to go to property sourcing companies like us. I know what you’re thinking, we’ll take a cut, well yes property sourcing companies do make money on the deal, of course, but we get hundreds of deals every year that won’t hit the open market, there are several more benefits as well, which we’ll get into.
About Us
We’re experienced property specialists, and if you’re looking for a renovation opportunity in a certain area, we can find you one.
We’re part of a group of companies that includes a cash property buyer, who buy properties for below market value. We then pass a significant amount of this discount on to you in return for a quick sale and not having to go on the open market.
How Our Property Sourcing Works
Our process is pretty straight forward and simple, and it doesn’t cost you a penny to view the deals we have that meet your criteria. Here’s how our process works, step by step:
- Get started by filling in a contact form on our site
- We’ll get in touch with you directly, just to chat through what type of property you’re looking for
- After we have your requirements, we’ll see if we have any properties in our inventory that match those
- If not, we’ll add you to a mailing list that will send you all the new deals we have that meet your particular criteria
- If you like the look of any of the properties, get back in touch!
Quite simple right? And it costs you nothing to join the list.
Ellie Dalglish-Hawkins
March 18th, 2021
Share this post
Start your property portfolio today!
Are you looking for a property to renovate to flip for a quick profit, or to get a great deal on a property you want to switch to Buy To Let?
The first step to actually doing that is finding a property suitable, and if you’ve tried doing this, you might soon realise it isn’t quite as easy as it seems.
You need to find a property that is priced correctly, work out how much it’ll cost to bring it up to scratch and how much you can inevitably sell it for, it’s a lot of work.
It’s hard enough to find a property suitable for renovation initially, let alone find one that would work out financially.
So we’ve put this guide together with some great ideas and tips on how to find the best renovation opportunities, keep reading to find out more!
As we’ve touched on, it’s not quite as easy as it might seem – there are a lot of people out there looking for great deals and they often get snapped up quickly. How do you go about finding them then? There are a few ways that you can do this, but we’ve narrowed it down to three main methods which we are going to discuss in more details for you below.
- Use online property portals like Rightmove
- Sign up for property auctions
- Use a property sourcing company
The first port of call for most want to be investors is using an online property portal, namingly Rightmove, although this can also work for the likes of Zoopla and OnTheMarket. You’ll soon realise that even if you narrow the search area there are hundreds, if not thousands of properties for you to look through – which is far too time-consuming, here are some tips on how to find the best renovation opportunities.
Organising by cheapest first
If the property is run down, the likelihood is that it’s going to be cheap, considerably cheaper than more up to date properties – so by organising the cheapest first, you’re more likely to find the best deals, especially if you narrow the criteria further.
Narrow down the criteria
The next thing you need to do is be strict with your criteria and filtering. First, you want to filter by property type, a lot of the cheaper properties are land, or park homes, so you’ll want to typically filter those out. You also want to filter out new homes, retirement homes and buying schemes. This should help you narrow down your search and remove any properties that aren’t going to see great returns off the bat.
It will be harder to find renovation projects in certain areas
You might need to open your search up to different areas than the place you live in. Although it can be extremely convenient to have a renovation project on your doorstep, it isn’t always possible. You might need to widen your reach a little and search other areas close by to find the best deals.
Set up alerts
On Rightmove specifically, once you have all of your criteria set you can set up alerts for new properties and price drops that meet your requirements and when it does you’ll get an email to notify you, meaning if you’re quick, you can be one of the first to get in touch about it.
One of the most popular ways of finding a real gem when it comes to finding great renovation deals is by visiting property auctions. People who own run-down properties often go to an auction as opposed to the open market, as an auction attracts more investors and is likely to fetch them a higher price and more interest than using an online property portal like Rightmove.
Popular auction companies
We would recommend keeping tabs on as many property auction companies as you possibly can, as different properties will pop up at different ones, and a lot of which is online now. Here are just a few of the popular auctions you should keep tabs on:
- Auction House
- Clive Emson
- Savills
- Countrywide
- Allsop
How to buy a property at auction
Buying from an auction is a great way to grab a bargain and they are rife with renovation opportunities, but before you jump into buying, there are a few things that are different about buying at an auction as compared to a more traditional sale that you need to be aware of.
Before the auction
You want to ensure that you have done all your research before making any bids, you want to consider having a survey beforehand and thoroughly look through the legal pack. Remember you need to be confident that it’s going to be a good purchase before the day itself, bids are final so be ready!
Have finances ready
If you are a cash buyer, this isn’t a worry, but if not you will need to have a mortgage in principle and as soon as the hammer falls you will have to pay 10%. After that you’ll have a month left to pay the remaining 90%, if you don’t do that, you lose the chance at the property and your deposit.
On the day
The main thing on the day of the auction is to keep your cool, it’s easy to run away with bidding and pay far too much for a property – stick to your plan and set a maximum amount before you get there. You also need to make sure that you have everything with you, this will be specified by the auction house, and it’s usually two forms of ID and the 10% deposit.
Remember as well, properties often don’t hit their reserve price, but that doesn’t mean you can’t talk to the seller afterwards – through the auction house, of course.
Do you need to be a cash buyer to buy a house at an auction?
As we’ve touched on, as long as you have everything in place and a mortgage in principle agreed beforehand then you don’t need to be a cash buyer, although you do need to have the money for the deposit.
A third option and we like to think the best option, would of course be to go to property sourcing companies like us. I know what you’re thinking, we’ll take a cut, well yes property sourcing companies do make money on the deal, of course, but we get hundreds of deals every year that won’t hit the open market, there are several more benefits as well, which we’ll get into.
About Us
We’re experienced property specialists, and if you’re looking for a renovation opportunity in a certain area, we can find you one.
We’re part of a group of companies that includes a cash property buyer, who buy properties for below market value. We then pass a significant amount of this discount on to you in return for a quick sale and not having to go on the open market.
How Our Property Sourcing Works
Our process is pretty straight forward and simple, and it doesn’t cost you a penny to view the deals we have that meet your criteria. Here’s how our process works, step by step:
- Get started by filling in a contact form on our site
- We’ll get in touch with you directly, just to chat through what type of property you’re looking for
- After we have your requirements, we’ll see if we have any properties in our inventory that match those
- If not, we’ll add you to a mailing list that will send you all the new deals we have that meet your particular criteria
- If you like the look of any of the properties, get back in touch!
Quite simple right? And it costs you nothing to join the list.
Large discounts on property
Completely transparent
Tailored investment opportunities
We’ll handle everything for you
Looking for hassle free property?
We’ve got you! Whatever your motivations as a landlord or property owner are, we can help source and match property with you.
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Here at The Property Sourcing Company, we are led by a roster of industry experts who have over 50 years of combined experience in doing BMV property deals, as well as packaging them up for investors.
Quality sits at the heart of our team, who go the extra mile to tailor our service to you. We pride ourselves in our ability to source you a wide variety of high-yield property investments.
Get in touch and we’ll establish what type of property you’re searching for, before talking you through our current investment opportunities. We’ll also keep you posted as we acquire new deals.
When you buy your investment property through us and we’ll take care of solicitors, surveys – everything – all to ensure you have a stress-free property purchase. It’s just one of the ways we make investment work for you.
Why invest with us?
Simply put, we’ll get you the best possible deal. Our sister company, The Property Buying Company, have been in the property buying industry for years & we have access to all their stock which is at a price point that is ready for investors to buy and make a great return on.
No middlemen, no stress & no hassle. We make investing in property and growing your portfolio as easy as it possibly can be.
