Derelict Property For Sale
If you are considering buying a derelict property for sale to renovate, either to live in or sell on for a profit, you will find that there is a wide choice of abandoned buildings available, which include, houses, cottages, farms, barns, churches and public buildings all in various stages of neglect. Many empty houses are still livable, but there are many which are in need of a complete renovation with no electricity or plumbing fixtures which have been empty for years. In the UK alone there are over one million properties which are empty and abandoned, although not all of these are for sale and it can sometimes be a lengthy process finding a derelict property to buy.
Finding A Derelict Property For Sale
It can often be difficult to find an empty property unless you happen upon it by chance. If you know the area where you would like to buy an abandoned building, one of the best methods is to walk the streets and ask local residents if they are aware of any empty or disused properties. Local estate agents may also have some derelict property for sale on their books and the internet now has many good property websites dealing with empty or abandoned properties.
If you are looking for a neglected house to buy and renovate it is worth contacting the local authority as they will have lists of all empty properties in the area. Many local authorities now also have schemes in place to encourage people to buy derelict houses to renovate in a bid to improve surrounding neighbourhoods. One example of this is Stoke-on-Trent, which has over four thousand buildings in various degrees of neglect. The council is selling many of these houses at low prices and offering a low interest rate loan as an incentive to encourage more people to renovate these houses. Buying a derelict house can be a very good investment, and often is now the only way many first time buyers can get a step on the property ladder.
Buying a Derelict Property
If you do manage to find an abandoned building which you would like to buy, you will then need to find out who the owner is. The Land Registry will be able to supply you with details off ownership, if it is either council owned, housing association or privately owned. The next step is to contact the owner and ask him or her if they are willing to sell. Don't be surprised if they refuse to sell, as many abandoned properties can stand empty for years with various complicated reasons why the owner won't sell. Often there may be a legal dispute over ownership which could go on for years, so be prepared to except that you may not be able to buy your dream house.
If you are lucky enough to find a property where the owner is willing to sell, you will then need to agree on a price. Before buying the property it is important to make realistic plans on how much time and money you will need to renovate the property. You will need to decide on a detailed plan for all work needed to be done, then get estimates from tradesman such as plumbers, electricians and roofers before committing. Always remember that your main goal when purchasing a derelict property to renovate is that the final finished building should fetch a higher price than what you have spent.
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