Written by Lewis Ridley
Updated over a week ago
If you’re looking for a new investment property, opting for a property in need of renovation is a good way to make a solid return on investment.
But how do you go about finding renovation properties?
This guide will walk you through the different ways you can find properties in need of renovation quickly. This way, you’ll have more time to work on them and profit.
If you’re looking for a cheap, rundown property, auctions are a good place to start looking.
Auctions are renowned for offering properties in need of renovation for great prices. You simply turn up, take a look at what’s on offer, and start bidding.
You need to know how auctions work and what you need to prepare for. As soon as the hammer comes down, you are under a legal obligation to buy that property.
We have a bunch of guides on our site on how to buy at auction, we suggest you check them out to clue yourself up.
• How to get a mortgage on an auction property
• How accurate are auction guide prices?
If you’re looking for a savvy and unique way to find renovation properties, looking on Facebook Marketplace and Gumtree can yield good results.
These platforms tend to list properties from private sellers who don’t want to go through an estate agent or auction. They’re often hidden and harder to find, so you can sometimes discover killer deals no one else knows about.
Additionally, because the individuals selling on Gumtree or Facebook are private sellers, you can sometimes strike creative deals.
Of course, the quickest way to find properties in need of renovation is through third party data platforms, like Property Market Intel. With advanced filters, you can find renovation projects in seconds.
We know this is a shameless plug, but we do offer the most comprehensive platform for finding unique deals others can’t see.
You can then save searches, perform your due diligence, and close in on once-in-a-lifetime deals.
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To find renovation projects that aren’t even on the radar, experimenting with off-market mail drops.
Mail drops involves sending letters to homes in a specified area that look rundown or unmodernised. The letter essential ask if the owner would be interested in selling.
The great thing about mail drops is they bypass estate agents and go straight to the vendor. So, you can score great deals and help the seller by reducing their selling fees.
We have an off-market mail drop tool that allows you to target areas with absolute precision. To learn more, check it out here.
One way to find properties that need refurbishing is through your local council.
A lot of people don’t know this, but local councils often have lists of properties in need of refurbishment. They have these schemes to encourage developers to come in and renovate derelict and abandoned houses.
They’ll even sometimes offer loans for the work that are repaid when the property is sold or remortgaged. You’ll be both offering a service to the council and earning a profit whilst you do so.
To see if your council offer a renovation scheme, give them a call.
Similar to letter campaigns, if you’ve seen a rundown property in your area and want to know if it’s for sale, you can check the local registry and see who owns it.
From here, you can get in contact and see if they’d be willing to sell. Get in contact with a letter or if you have their number, call them.
By going straight to the vendor, you can get yourself a good deal as well.
The last and most common/boring of the tips is, of course, estate agents.
If you have credibility and good authority in your local property market, you could get in contact with estate agents and ask if they have any properties on their books that need renovation.
The trouble with estate agents is their tendency to play the role of gatekeeper. You might have to show you have the funds and, if you’re investor, you might have to have a good reputation before they do business with you.
They can still provide plenty of property options. Just be aware you’ll have greater power and flexibility if you’re going direct-to-vendor.
If you’re looking for a property in need of renovation, the tips above should provide you with plenty of options.
There are, of course, ways you can speed the hunting process up. The easiest way is by using Property Market Intel’s platform. With tons of filters and an easy-to-use UI, you’ll find a new renovation project in no time.
To learn more about renovation properties, see our Knowledge Centre for more.
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