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FEATURED ...
| How to Profit from Property Restoration |
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| How to Profit from Property Restoration |
FIND THE BEST LOCATION
Nestled at the foot of The Basilica of St. John and in view of the Byzantine Castle, St.John's cottage was in the perfect location. The cottage is adjacent to the Old Village where house prices are rising rapidly and a few minutes from Selçuk Town Centre. After first viewing, it was clear this was an investment opportunity not to be missed.
MAKE A PLAN
Have a clear idea from the beginning what your purpose is for your property.
Do you plan to buy-restore-sell? If so, how much of a return are you looking for? Who do you think will buy your property? What do you think would be the unique selling features of your property? How much can you realistically expect to receive from the sale of your restored property?
Do you plan to buy-restore-rent? What is the rental market like in your area?What are typical averages of local and holiday rental rates? What features in your property will appeal to the holiday market?
In ten years, St. John's Cottage will realize 60% of its original costs aside from the appreciation on the property.
STICK TO YOUR BUDGET
Decide at the very beginning how much money you want to spend buying and renovating the property...then stick to it!!
St John's Cottage had a maximum of £25,000 to spend on buying, renovating and furnishing the cottage. The intention was to keep it for five to ten years and have it as a holiday let.
Our survey of the property had shown it was structurally sound. No major building works were required which made it suitable for restoration rather a partial or complete rebuild which would be considerably more expensive.
We provided a written quotation for the work that was required ensuring it was within the budget. This included: Rewiring, New Plumbing, New Double Glazed Windows, New Kitchen, New Bathroom, New Ceramic throughout the house, Ceramic Roof Terrace, New Hot Water System, Plastering and Painting.
For the furniture and fixtures and fittings we bought standard but durable items that would stand up to the wear and tear of holiday lettings but at the same time provide a warm Turkish welcome.
For £25,000 St John's Cottage has been fully restored and furnished. The cottage has appreciated 30% in its first year.
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