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Tips for property investing in Cornwall

If you are the sort of person who likes a challenge, have the time and the available finances, one of the most rewarding things you can do is to buy an old property for a low cost and renovate it up to a standard which will provide you with a handsome return.

Even in popular spots like Cornwall properties can be picked up for a fraction of their market value at auctions but do not leap in with both feet blindly as without expert opinions in the form of surveys you might found you have bitten off more than you can chew.

Don’t let that put you off however as even allowing for expensive expert advice there is good money to be made. Should you so wish, the money you make from your first project can be re-invested into your next property.

Some people have built up quite impressive portfolios by following this simple formula. It is not worth working on narrow profit margins however so doing your homework is vital. Look at similar properties in the area in similar conditions to your intended standards of renovation.

Consider the area, access to local schools if it is to become a family home, access to colleges or universities if it is for student lets and the distance to main roads for commuting. In Cornwall, how close you are to the beach and/or a tourist hotspot is worth considering if you are thinking of having a holiday let.

Allowing for a large margin of error will help you accommodate the inevitable overspends and unforeseen costs you almost certainly encounter.

The kitchen is the beating heart of any home so bringing the kitchen up to a good standard is always a good start. If the property is for letting you might want to limit the reliance on gas appliances such as cookers and instead choose electric as they require less servicing which the landlord (perhaps you) will have to meet the costs of.

Cupboard space is important as well as installing suitable plumbing for washing machines and dishwashers which in this day and age most people come to expect in a newly renovated property.

If the property has fallen into some state of disrepair (which if you have picked it up cheap at an auction it might well be) you will almost certainly want to get a new boiler installed. It is absolutely vital that any work carried out on the heating system is carried out by a registered Corgi registered tradesman, failure to do so is against the law and you will be held liable for any subsequent issues that arise from unauthorised work carried out.

As well as a boiler you will need to budget for piping, radiators, fittings and labour.  Always check references, ask for a quote before work is carried out, check for the correct legal accreditation and agree on what is to be paid before and after any work is carried out.

Spending money on a good boiler and plumbing will save you money in the long run and so will ensuring that the house is fuel efficient in other ways.  Consider insulation, draughty windows and of course investigating any suggestion of damp.  Taking the time to install the correct underlying components and having the work carried out by proper professionals is the best way to see a long term return on your investment.

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