Finding the perfect home often feels like searching for a needle in a haystack. However, Lucy Alexander, the familiar face from “A Place In The Sun,” believes that your ideal property might be hiding in plain sight. As the property market continues to challenge especially first-time buyers, Lucy offers her tips in the Daily Mail to illuminate the potential of overlooked, abandoned properties across England and Wales.
Startling Statistics
Recent research by Together highlights a startling reality: over 1.55 million residential properties, valued at a staggering £531 billion, are currently unoccupied and labeled as ‘abandoned’ in England and Wales alone. These homes represent untapped potential for many aspiring homeowners.
Six Essential Tips
1. Identify the Owner
Before setting your heart on an abandoned gem, it’s crucial to find out who owns the property. Lucy advises potential buyers to engage with neighbors, check property deeds, and subscribe to updates from auctioneers and estate agents. Discovering the owner can lead to making a formal offer and potentially acquiring a valuable property at a lower cost.
2. Assess Energy Costs
Understanding the energy consumption of a property is vital. Lucy suggests contacting the current energy supplier to ensure you’re getting the best possible tariff. This step is particularly important as 34% of people plan to inhabit or rent out their renovated properties, making energy costs a significant factor in budget planning.
3. Check for Listing Status
If the property you’re interested in is listed, you’ll need to apply for consent before making any major renovations. Lucy recommends checking the property’s status on The National Heritage List for England to determine the specific requirements based on its grade.
4. Financial Planning and Mortgages
Staying within budget is paramount. Lucy emphasises the importance of exploring all financial avenues, including specialist lenders or bridging loans. These options can provide the necessary funds while you secure more stable financing, but they come with risks that must be carefully considered.
5. Calculate Renovation Costs
Opting for a derelict property often means substantial renovation costs. Lucy advises potential buyers to have a detailed financial plan and budget in place early in the process. Engaging with local authorities can also provide insights into necessary planning permissions and help streamline the renovation process.
6. Secure Planning Permission
After purchasing your property, securing planning permission is your next critical step. Collaborating closely with the local council and understanding the concerns that may arise with your plans can prevent delays and refusals. This is especially crucial for extensive refurbishments or changes in the property’s use.