Property Renovation
The concept of property renovation is becoming more and more popular. For many people seeking a dream home in the sun carries along mental images of a home with character history and of course large and wellestablished gardens surrounding the property where of course renovation is a new revolution a new plan or frontier to conquer.
Older properties that are accessible for sale may often come with several benefits such as the property may be located within a peaceful scenic village setting but still very close to urban facilities and convenience. And the property may already be well established with flowering gardens enriched with mature fruits vegetable gardens grape vines even evergreen and other trees.
The place size and condition of the lot on which the property is built add greatly to the property value but unfortunately many properties available for sale have long been neglected just crying to get renovated. So for proprietors who have plenty of time energy patience and commitment property renovation offers immense opportunities with sleeves rolled up and good old fashioned elbow grease or subcontractors.
Properties in need of renovation are frequently for sale well bellow their true market value because they generally need a lot of work inside and / or outside. The location of renovation property directly within a nice area can add greatly to its final market value as this renovated value will be far more than the old value before remodeling. In short resale properties of these types mean great investment potential.
Another advantage of many renovation projects is the amount of land that comes with it. For instance it may be very possible to develop the estate further and expand the property renovation which can alternately add more buildings a pool and other facilities and outbuildings to the lot a great future business potential.
Before you consider property renovation take into account a few important points:
Check how long the property has been on the market either for rent lease or for sale. Basically if the property has been in the market for at least several months only then you should consider renovating it.
In older property buying you should be prepared for anything. You can renovate with new construction or simply by just refurbishing older structures like falling walls creating renewed property that can be sold at much greater profit than it was before.
Depending upon the property under consideration you should consult with the home remodeling and renovation specialists like roofers timber and damp are like after a hurricane specialists and electricians. Of course the less they charge for quality renovation work on your projects the better you and your wallet will benefit.
The extent of renovation often depends upon the date of the establishment of the property. In other words how many days it is been vacant and run down? Today everything needs to be modern and more high tech so you need to renovate it according to today’s power and other utility and system’s standards to spec. Of course you can leave this job up to architects and other specialists and planning department heads or for another time when it will be affordable to you.
When you have made your mind to renovate a property keep in mind a popular phrase “It cost twice as much as it thought it would.” Then manage your budget and build in some contingency.
Property renovation is probably the best way to go if you want to own lavish homes at reasonable prices. Plus it is an option to be considered if you wish to hold multiple properties as it can even give you a reasonable break from property taxes.
Other ideas to think about with regards to property renovation are first if have inherited some property it is best to renovate it in case you want to put it up for sale in the real estate market. And you may even want to renovate your own home just to make look good. Go for it!
About the writer:nbsp;nbsp;Barry Cunningham is one half of the BB Crew who are the hosts of Real Estate Radio USA. Real Estate Radio USA is an opinionated and provocativetalk radio show about promulgating wealth through real estate investing.Real Estate Radio USA is broadcast daily live worldwide at 4PM6PM. Check out the Real Estate Radio USA Blogzine
Physical Due Diligence – The LAST Step Before You Buy
Now we come to the fourth and last part of our Investortours’ Due Diligence Process the Physical Inspection of the Property. That’s right … we save the inspection of the physical aspects of the property until the very end.
Most inexperienced Commercial Investors will make the mistake of diving right in to the property inspection. We realize it is so tempting to get out there and inspect the property … and the issues are obvious and simple to figure out. However we suggest you first check Due Diligence steps IIII. Market : Financial : Tenant
Don’t even bother to look at the buildings until all three previous steps in the Due Diligence process are complete … here’s why.
If the Market is tanking …
If the Financials won’t give you the ROI your investors seek …
If the Property is saddled with a load of bad Tenants …
It doesn’t matter if it is the Taj Mahal itself … Don’t Buy It. NEVER EVER fall in love with a Property’s condition or amenities. How it looks does not determine its performance as an INVESTMENT..
The property’s physical beauty and flawless construction will be overwhelmed from the start. It will not PERFORM for you or your investors. The Market Financial or Tenant challenges will cripple performance every day you are an owner.
However once you have assured yourself:
The local Market is in the right phase for this Asset Type Asset Class and your Business Plan …
The Financial Analysis shows a reasonable chance of hitting your Return On Investment targets …
The Tenants appear to be good enough to form a stable income base under your management …
Inspect away … and let’s make sure the structure of the Property is sound before you buy. With Physical Due Diligence as the LAST step you will have all the bases covered.
Just remember you don’t have to do the inspecting yourself. Rule 1 Applies: “Commercial Property Investing is a Team Sport” especially in Due Diligence.
When you have a quality Local Property Manager on your Team they will not only do a full walk through of the property giving you a unit by unit breakdown of needed repairs and expense projections they will also do a Lease Audit verify the Seller’s tenant screening procedures and here’s the best part …
They will do all of this at NO CHARGE to you.
Think about that for a moment. It costs you nothing up front to get this kind of detailed reporting from an experienced Property Manager who is completely familiar with the Local Market. They provide the service because it gets them a head start on taking over the daytoday management of the property. This is one of the cleanest win:win partnerships in business.
Recap:Resist the urge to dive right in to Physical Due Diligence … save it until last … AFTER you have checked the Market the Financials and the Tenants.
Use your Team to get the job done on time and under budget.
To your investing success.
About the writer: Find fantastic deals in Arizona communities: Gilbert Homes for Sale and Glendale Houses for Sale and Gold Canyon AZ Homes.
Pays De La Loire
The French region Pays de la Loire is located in western France along the Atlantic Ocean. It is full of events all year long and full of places of interest. The castles in the Loire Valley are officially in the rgion Centre not in Pays de la Loire but it is not a long way to go there.
Begin by visiting Laval a beautiful medieval city Gurande a small walled town which is well known for its salt flats. Baug and its 15th century castle the 17th century apothecary of the Hotel Dieu are also of great interest.
The Cote d’Amour and the Jade Coast offer several fine sand beaches and caves to explore and they host the cities of La Baule Le Pouliguen Le Croisic Pornic and Pornichet.
La Baule is a seaside resort with expensive hotels and an 8 kms fine sand beach.
Le Croisic is more interesting and touristy with its fishing port at the end of the peninsula and its splendid old villas. The city used to be a worldwide supplier of salt.
Those who love snooping around in flea markets will be pleased as lots of towns organize such events. Saint Calais Bouchemaine Saint Corneille Olonne sur Mer and Benet flea markets for exemple all have more than 140 stalls.
There are lovely properties in the region. They are usually stone built such as this property reference 11184.
The island of Noirmoutier is also a great place of interest. There are two ways to reach it: the traditional “Passage du Gois” and the new bridge. At high tide the old Passage is completely submerged. The town of NoirmoutierenIle is a traditional port for the island and has a 12th century castle and church. Another fishing port on the island is in Herbaudire where you can enjoy lots of water activities. The traditional low buildings with whitewashed frontages are typical of the island. Noirmoutier provides a great deal of France’s table salt.
Events:
The Muse de la Vigne et du Vin dAnjou in SaintLambertduLattay provides twenty events in the vineyards all year long! These events take you to a different vineyard each time. This enables visitors to see the work on the vines during the different seasons and enjoy tastings with the winegrowers.
Nantes’ annual Celtomania festival focuses on Scotland Ireland Wales and Brittany. In celebration of this mysterious Iron Age folk this event provides exhibitions readings music and theatre shows all across the city. Musicians performe traditional but also contemporary sounds with of course a Celtic influence!
The Grape harvest celebration in the Chateau de Saumur has an organic market where you can try freshly squeezed grape fruit.
In Evron the French capital of quality beef the “Meat Festival” is an agricultural show with livestock judging exhibitions of local farmhouse produce and evening events. You will of course be able to taste local beef and Brits can compare it with Yorkshire puds!
About the writer: Matthieu Cany is Director of Sextant Pays de la Loire Property