The polar opposite of a brand new modern home - a 'fixer-upper', certainly has its advantages and as increasing numbers of buyers are looking for property that offers 'plenty of square footage to the Pound and potential for growth in excess of the norm', Stacks Property search has some advice for potential bargain hunters.
Linda Jeffcoat, from Stacks Property Search, has this advice:
Spotting weaknesses that can be fixed
Badly laid out property that can be re-configured. Surgical examination of floor plans is a good starting point.
Ugly property that can be given a facelift. Changing windows, painting, cladding, and planting climbing plants can make a dramatic difference. The ugly duckling on the street is a great choice.
Property that suffers from its position close to a road – big improvements can be made in terms of looks and noise by good screening, and change of approach.
Plot too small for the size of property. Study plans to see if adjacent land can be purchased for dramatic increase in value of the property.
Identifying planning potential can pay dividends:
Property with a nearby outhouse that can be joined up by a link-extension – planners look favourably on this.
If you find a small property sitting on a large plot, it may be worth having discussions with a planning consultant to discuss ways, beyond simply extending the property, of exploiting the surplus land. Planners are in a relatively benign mood, and you may find you can develop the plot significantly.
The smallest house on the street is another good choice. If all the neighbours have added an extension, this is a great opportunity to add value in a tried and tested manner.
Eco-potential
Finally, don’t dismiss property that has an atrocious EPC, leaky windows, and is generally under-insulated. These weaknesses should be taken into consideration in the valuation, and dramatic improvements can be made in the efficiency of an old building. For example, fitting renewable energy generation such as hot water solar, roof-mounted PV panels, and ground/air source heat pumps will bring a property straight into the 21st Century. Even draught excluding/proofing, and upgrading heating systems will make a significant difference.”
