As a Home owner, property owner or investor, what can you do during these uncertain times?
As Britain enters the most serious phase yet in its fight to tackle the coronavirus crisis, the traditional “spring selling season” in the housing market has been all but forgotten. The Government lockdown means house viewings, surveyor visit’s and completion dates have seen a huge drop in to a pretty dark period! But were not here to talk about the doom and gloom, there is enough of that in the world at the moment. We are here to talk about what you can do at this time, if you are a home owner, a land lord, a land owner or have property which you aren’t too sure what you should do with it. These dark times in the sector could make these decisions even more imposing! But we plan to bring you into the light on all this.
During this time when everything has pretty much slowed down to a holt, it’s the perfect time to take a look on to the property you own. You may see something that in your usual fast paced life you missed. If you are a home owner.. You could review your house to see what it was that made you fall in love with it in the first place. Even improve these areas. Make your living area more open plan, bring more light into the kitchen area with some bi folding doors to open up across the garden for those family barbeques. And how do you fund this? You could release some equity in the house to make these improvement’s, in some cases a home improvement, renovation, extension etc could return you twice the cost. So if you budgeted for a £30,000 alteration or remodelling to your home, it could potentially increase the value of your home by £60,000 and also sky rocket the desirability!
Does your property has any out buildings, large garage, a workshop or a large garden? This could be a gold mine for you. You could either apply for planning permission on the dwelling/land, once you have achieved this you could market the parcel of land as a development plot. A developer could come along and buy the project at the correct money and then sell it on. But do you want a developer which you have no control over the working hours, the noise or storage areas and timescales to spend 12 months building next to your home? Probably not. So you could find your self a trusted contractor like Furlow Construction (us :D). Instruct them to carry out the works and you make some hefty profits or a very good rental yield! You may even get a taste for it. Even re finance the completed house and use the funds to purchase development land or a property to renovate and flip on the market.
If your in love with your home and you have other properties perhaps a portfolio of rental houses occupied by tenants? There’s several roots you could take with this? Either make some small improvements to each house to increase your rental yield. Or look to a big plan, weigh up the equity you have in these houses, look at development land or buildings with potential planning permission or change of use. Speak to a finance partner of ours to see if you can make the jump from say 5 houses spread across different counties to owning a block of 8-10 apartments returning you a much higher rental yield, sometimes upto 3% more than houses. How much could this potentially cost? The same equity you have in your 5 houses, completing a development like this you could potentially increase your number of properties and also increase your equity in the investment by up to 30%. It’s about exploring the options and maximising the potential of what you already have.
Here at Furlow Construction we specialise in the above, we are a principal construction contractor (carrying out instructed works on behalf of developers or home owners) And we also purchase land, buildings, homes or anything we can develop. We are portfolio builders, developers and property investment advisors. Whatever assets you have from your own home up to a property portfolio over 500+ assets. If you already have a clear vision of what you want do achieve and you just need a reliable construction partner to bring your projects in within budget. Or if you want us to review and see what we believe could be achieved, A member of our team would be happy to review any plans and advise some guideline costings to meet your budget.
If you already have a construction partner in mind for an upcoming project, We would be happy to review the costings to see if we could reduce your construction costs in some cases that we see of up to 30%! It would be our pleasure to become your construction partner, a partner you can trust, a partner with your best interests at heart.
We would love for you to get in touch using the “contact us” form below or get an email sent to us at contact@furlowconstruction.com
Interested in what else we offer, or to take a look at some of our previous projects? Take a look through our residential, commercial and What We Do areas with the links below.
