Are you looking for your next buy to let and considering whether to buy something that is newly refurbished or in need of some work?
I come across this question a lot. I have found over the past year or so in the property market in Liverpool that buying a property that needs a refurb doesn’t always save you that much money. By the time you factor in the cost of the refurb, the void period whilst the refurb is completed and covering bills for this period also there maybe not much in it as an alternative to buying a readymade property that you can rent out from day 1.
With this in mind I have also some benefits of doing a full rip out and refurb yourself or having somebody do it more likely. With this option you will hopefully add some value to the property and maybe create a little equity at least. You also have the knowledge that it is all new and shouldn’t cost you anything for at least a few years. It is done properly as you will get a good team in to complete it and therefore peace of mind.
I’m not saying there are no properties around that can be bought which you can add value to but Liverpool being a very hot market prices get pushed up a lot of the time. Always look out for properties that have issues which may put some other buyers off.