3 Questions You Want to Ask Yourself before Investing in a BMV Property
Although it's normally not wise to become emotionally involved when investing in a below market value property, it generally pays off to ask yourself 3 personal questions. And then to answer them honestly
1) Would I like to live at this location?
For a BMV property to be a good investment the location needs to be okay. It does not have to be ideal, though of course that would be just great. Before answering think not only of the street where the property is located and its proximity to transport hubs, but also of the surrounding streets and the neighbourhood. Check especially whether the street is quiet, the nearby properties are in a good condition, and whether there are shops, restaurants, and other similar establishments nearby
Is the below market value property in good condition?
Again, you do not need a BMV property in an ideal condition to make a profitable investment. Just make sure it does not require consolidating, and that people can live in it safely. What you particularly want to avoid are structural problems. Note that quite a lot of below market value properties in the UK, especially houses, are in a less than perfect state. You will want to choose a property whose condition is at least decent or calculate in the prices of renovating.
Can I increase the value of the property quickly and easily?
Sometimes it is quite easy to boost the value of your BMV property with only small to moderate expenses from your own pocket. The simplest and usually cheapest way to increase the value of a below market value property is through a cosmetic makeover. Additionally, you can consider adding one more bedroom, especially if you are looking forward to renting the property.Before you get to ask yourself these questions make sure you compare below market value properties prior to investing. You will find that if you pick the right BMV property for your investment the answers to the above questions will be much more positive so Ask the Experts to source great BMV investment opportunities for you today.
For more information on a Below Market Value property investment please fill in the form below.