Three ways to use your refurbishment finance
If you've decided that you'd like to get into the refurbishment and conversion of property, but don't know what sort of property you want to buy, take a look at some suggestions below
The conversion and refurbishment of properties is as popular today as it was twenty years ago. From barns to water towers to listed buildings, business-savvy people realise that there is good money to be made from these types of properties. Properties can still be bought for a fraction of the price they will be worth when the work has been completed. You should speak to a specialist in refurbishment finance before you buy anything, but here are some ideas to think about.
Converted Towers
There is a growing trend to convert buildings which may have previously had
a commercial use, such as water towers and windmills, into residential or part-commercial
buildings. If the properties are listed, you should be bear in mind that there
may be additional works which need to be carried out by craftsmen in order to
keep the property within its current specification. If you are interested in
refurbishing unusual buildings it's a good idea to do some thorough research
on the property to find out what the local planning authority will allow and
what the building itself will physically accept. A financial provider will need
to see details of this when you make your application for refurbishment finance.
Nursing Homes
There is an urgent demand for more nursing and care homes, due to longer life
expectancy. Research has predicted that the number of individuals over 60 will
increase by 37% by 2031. Nursing and care home provision will need to expand
to meet this demand. That's why there has never been a better time to buy buildings
and convert them or buy an existing nursing home and refurbish it. Nursing homes
are expensive to buy, partly due to all the nursing equipment that needs to
be bought and partly due to the size of the building, and so you'll probably
need to take out a loan to finance your refurbishment.
Restaurants
If you're thinking of buying and refurbishing a restaurant, it's a good idea
to work in the restaurant for a while to ascertain whether the level of business
claimed can be proven. Refurbishment finance lenders will always need hard evidence
rather than estimation as to the restaurant's profitability.
With all refurbishments it's important to carry out thorough research on the area and the property itself before you buy, so you can be sure that you are making the right decision.
Abbots Finance is an independent finance arranger. Find out how we can help you by calling us now on 0870 2401957.