There are many properties in Lewisham that are literally falling to pieces and this is great news for all of the local builders as there’s plenty of work to go round. It couldn’t be a better time to be a builder in this local area and of course with the house prices and general area improving there’s so much money moving in there’s so much opportunity.
Lewisham has so many Victorian properties and as a result of the neglect and lack of money in the area for the last 3 or 4 decades it’s meant that some of these properties are have fallen into a state of disrepair but the good news is with property prices and a surge in families moving into the area were seeing the complete reversal of this now. In fact finding a property that needing renovation is getting more and more difficult but there are some bargain still to be had sub £600,000.
One great idea at the moment is to buy property for investment that’s in a state of disrepair and have a local builder fix it and hopefully you should make a tidy profit even with the costly second home stamp duty that’s been put in place to try to curb this kind of investment. Buying a place for £600,000 and then spending an extra £150,000 can we view the property nearly worth in the region of £850 to £900,000. Granted there’s a fair bit of tax involved and also you have the stamp duty but they still a healthy profit to be made by giving someone a high quality home that’s ready to move into. There are plenty of willing buyers volunteering their money to move into these high-end properties that are ready to go in Lewisham.
One of the really important things to look out when you’re buying a Victorian property in Lewisham is that has there been much movement structurally in the property and will the new purchaser of be able to loan against the property. Will the bank deem the property structurally good enough for a mortgage. If the answer is yes then that’s brilliant you are ready to go. Don’t worry you don’t have to work this out yourself it’s really easy you just get yourself a structural engineer or surveyor and they’ll give you a full report which will actually cover you legally and mean that you can ensure yourself against any potential issues in the future.
One of the most expensive things to fix on Victorian properties is the sash windows. That’s because they are constructed of high quality timber and it takes a master craftsman to fix. repair, or replace them. These beautiful windows were hand made and crafted over 100 years ago and same techniques and now applied even today. The only difference between now and then is the actually some of them are double glazed rather than just single glazed. Further to that some sash windows can now actually be triple glazed but we’re going way too off Topic.
Another critical part of the property is a central heating system. Whilst you’ve got the house gutted do make sure to take advantage and re plumb and install a new central heating system. With the cost of fuel rising and people expecting efficient properties you really must make sure that you get your central heating right.
The other thing to pay attention to is the quality of the kitchen and bathrooms. You really want to spend a little bit of money here because people spending nearly £1000000 on a property really expect to be able to live in comfort. Really don’t want them to think that you’ve checked out and bought a B&Q bathroom when something far more bespoke would actually add value of the market the property better when it comes to sale.
All in all it’s a great time to be a builder in Lewisham and the we hope that you consider the area for investment and living in the future. If you need any more information I’ve been absolutely glad to volunteer it so please don’t hesitate to contact me if you think I’ve missed something.