There’s something to be said for looking at derelict property for sale. Often, neglected properties need a complete overhaul, and that includes demolition and a full rebuild. The interesting aspect is the fact that (generally) when you knock a building down, you can raise another one in its place.
There can be high value and a great ROI with this method of house buying. For a start you’re looking at a piece of land that effectively possesses the right to rebuild (always check first, never assume), and land being what it is it’s rarely sold at less than premium prices.
In effect, a plot of land that plays host to a derelict property already has permission for that building; therefore it’s likely that you’ll be granted permission to rebuild over the same footprint. Securing planning permission is often a subjective experience and for that reason alone, your chances of securing it are far higher when you’re reclaiming land that’s already been built upon.
Of course the old chestnut caveat emptor must be taken into consideration; converting from commercial to residential property can become an issue. A house that was formerly a home will be easier to reestablish, whereas going from an old mill to apartment block may be more far more difficult.
Finding Derelict Property For Sale
If you were looking for overseas derelict property for sale you’d find something within a matter of minutes. However in the UK we seem to do things a little different. You will need to check through different estate agents and property auction web sites as to how they list their for sale portfolios.
As an example you may well find renovation properties for sale that are less about being renovated and more about being demolished. Similarly check out land for sale, as plots of land can also throw up derelict places and dilapidated buildings. Give the lower end of the housing market a close inspection.
Sometimes, houses for sale at the bare bones level show up as derelict, and it’s certainly worth trawling through the lists using a low-price filter to sift out the hidden gems.
Derelict Barns For Sale
Usually derelict barns for sale will come under farming and agricultural listings, and these are a highly popular and effective method of middle ground investment for high return. Barns are often huge in terms of size and a full rebuild/conversion often creates a stunningly beautiful home.
Again there are always caveats so don’t rush in having found one and dream of sitting under stunning exposed beams and toasting yourself on a gorgeous open fire. Local authorities differ from area to area and what may work in one may well receive a refusal in another. Do your homework first.
Derelict Property – Things To Consider
There are things to consider before you go ahead and start looking for a derelict property. Top of your list should be the research. Make some general enquiries in relation to what may or may not be likely in relation to planning applications. Can you extend the original footprint? If it’s single story can you build above height?
What about access? This is a common downfall with rural plots; derelict farms often possess rights of way (to the public), make sure you’re aware of what they are and where they are. Beyond the above you’ll need to factor in an architect, engineering, demolition works and builders.
Who’s going to be the project manager? How will you set your budget and stick to it? In real terms most of the aforementioned can, in some way, be attributed to buying a house through the normal route. Many people extend their property post-sale, so architects and builders are required. However, done right, a well-thought out plan can come to fruition.
A derelict property can become your dream home and there’s nothing more satisfying than knowing that the place that you now call home is something that you’ve built from the ground up. Having experienced such a venture a few years ago, I can speak from experience. The highs and lows really are worth it once it all comes together.