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Landlords increasingly turning to pre-let property development

Investing in property has proven to be one of the most reliable long-term investments someone can make, west London estate agents concur. Yields have remained healthy and attractive in west London for all types of investors, from 'accidental landlords' who may have inherited a property and those who decide to rent out their home if they have been unable to sell, to career landlords who earn an income from buy-to-let and portfolio investors. While some buy-to-let investors prefer newly built property for sale in west London, trading on the low maintenance, high style appeal when finding tenants, there is a growing band of investors who are taking a two-step approach in order to maximise profits - taking on the development of a property before making the transition to landlord. Not only is there value being added to the property's worth, the improved condition of the property should attract a better calibre of tenant willing to pay more rent, while reducing costly maintenance issues at the same time. The idea is based on adding value before a let even begins - finding flats and houses for sale in west London that are either unmodernised, in a state of disrepair or could be successfully extended to offer more accommodation. Winkworth estate agents - with 11 offices across west London - has been helping landlords and property developers locate and buy properties that are suitable for renovation and extension for many years. Once refurbishment work is complete, our lettings team find suitable, pre-qualified tenants to occupy the property, and our professional property management team run the let and protect the asset. If you are thinking of investing in property and are looking for a suitable house or flat for sale in west London to become a buy-to-let project, Winkworth has some helpful advice: Decide what level of refurbishment and building work you can undertake - most home improvements and renovations will add value but there is a sliding scale of commitment and cost. Property for sale in west London that merely needs a cosmetic update will provide a cheap and quick project but the value added will be minimal. When you start converting lofts and extending a property to create extra bedrooms and bathrooms, the rewards will be greater but the project will become more complex, expensive and time consuming. It's wise to also think about financing any refurbishment - whether the funds will be cash or will come from a loan or remortgage. Consult Winkworth about house prices - adding value to a property is all about buying at the right price and executing a high-quality refurbishment within budget. If a property is bought at the wrong price for its condition, the margin for adding value could be narrowed. At the other end of the project, investors should be aware of the ceiling price for properties in west London. A lavish refurbishment may not recoup costs in the long run, so it's best to be guided by a property professional. Think about target tenants - Winkworth is encouraging landlords to offer properties that are fit for purpose as part of a wider drive to improve rental standards. A refurbishment project should result in a better class of rental accommodation, while allowing investors to tailor the decor and interior to certain groups of tenants - students or families, for instance. Offering the 'perfect fit' of rental accommodation can often result in higher rents being achieved. Buy the right property - if you are thinking of extending a property to create more living space to rent out, it's wise to think about any planning permission needed. Some flats and houses for sale in west London will be sold with planning permission already granted. It's worth consulting with Winkworth and local planners if you are considering a purchase based on the ability to extend. When it comes to a property's condition, unoccupied and derelict dwellings sometimes offer the best appreciation prospects but we advise a full survey to identify the size and scale of the works needed to bring the property back to habitable condition. Winkworth can call upon its sales, lettings and property management teams to offer a complete package for property investors interested in redevelopment. Contact us today for more information.

Investing in property has proven to be one of the most reliable long-term investments someone can make, west London estate agents concur. Yields have remained healthy and attractive in west London for all types of investors, from 'accidental landlords' who may have inherited a property and those who decide to rent out their home if they have been unable to sell, to career landlords who earn an income from buy-to-let and portfolio investors.

While some buy-to-let investors prefer newly built property for sale in west London, trading on the low maintenance, high style appeal when finding tenants, there is a growing band of investors who are taking a two-step approach in order to maximise profits - taking on the development of a property before making the transition to landlord. Not only is there value being added to the property's worth, the improved condition of the property should attract a better calibre of tenant willing to pay more rent, while reducing costly maintenance issues at the same time.

The idea is based on adding value before a let even begins - finding flats and houses for sale in west London that are either unmodernised, in a state of disrepair or could be successfully extended to offer more accommodation. Winkworth estate agents - with 11 offices across west London - has been helping landlords and property developers locate and buy properties that are suitable for renovation and extension for many years. Once refurbishment work is complete, our lettings team find suitable, pre-qualified tenants to occupy the property, and our professional property management team run the let and protect the asset.

If you are thinking of investing in property and are looking for a suitable house or flat for sale in west London to become a buy-to-let project, Winkworth has some helpful advice:

Decide what level of refurbishment and building work you can undertake - most home improvements and renovations will add value but there is a sliding scale of commitment and cost. Property for sale in west London that merely needs a cosmetic update will provide a cheap and quick project but the value added will be minimal. When you start converting lofts and extending a property to create extra bedrooms and bathrooms, the rewards will be greater but the project will become more complex, expensive and time consuming. It's wise to also think about financing any refurbishment - whether the funds will be cash or will come from a loan or remortgage.

Consult Winkworth about house prices - adding value to a property is all about buying at the right price and executing a high-quality refurbishment within budget. If a property is bought at the wrong price for its condition, the margin for adding value could be narrowed. At the other end of the project, investors should be aware of the ceiling price for properties in west London. A lavish refurbishment may not recoup costs in the long run, so it's best to be guided by a property professional.

Think about target tenants - Winkworth is encouraging landlords to offer properties that are fit for purpose as part of a wider drive to improve rental standards. A refurbishment project should result in a better class of rental accommodation, while allowing investors to tailor the decor and interior to certain groups of tenants - students or families, for instance. Offering the 'perfect fit' of rental accommodation can often result in higher rents being achieved.

Buy the right property - if you are thinking of extending a property to create more living space to rent out, it's wise to think about any planning permission needed. Some flats and houses for sale in west London will be sold with planning permission already granted. It's worth consulting with Winkworth and local planners if you are considering a purchase based on the ability to extend. When it comes to a property's condition, unoccupied and derelict dwellings sometimes offer the best appreciation prospects but we advise a full survey to identify the size and scale of the works needed to bring the property back to habitable condition.

Winkworth can call upon its sales, lettings and property management teams to offer a complete package for property investors interested in redevelopment. Contact us today for more information.

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