A Place In The Sun presenter Lucy Alexander has shared six crucial tips for property hunters looking to find a ‘hidden gem’. Research has found that there are 1.55m residential homes worth £531bn that are registered as abandoned across England and Wales. Lucy aims to shed light on these properties and encourage people to see their potential. Her tips include finding out if the property has an owner, checking the energy usage, determining if the property is listed, sticking to your budget, calculating renovation costs, and checking planning permission.
Lucy suggests that the first step in identifying a potential hidden gem is to find out if the abandoned property has an owner. This can be done by speaking to neighbors, checking property deeds, and subscribing to auction updates. It is important to reach out to the owner to make a formal offer. Additionally, it is crucial to check the energy usage of the property to avoid unexpected costs. Ensuring that you are on the best energy tariff for the property is essential for budgeting purposes.
Another important factor to consider is whether the property is listed. If it is listed, consent must be obtained before making any major changes. Lucy recommends checking The National Heritage List for England to confirm the property’s status. It is also important to stick to your budget and explore different mortgage options. Bridging loans may be helpful for quick financing while waiting for other funds to come in.
Buyers should also calculate the costs of renovation and engage with local authorities. Renovating a derelict property can be costly, and careful budgeting is necessary. Working closely with local councils for special planning permissions is recommended. Lastly, it is crucial to check the planning permission on the property before beginning any renovations. Working with the local council on a pre-planning application can help garner support and avoid delays or refusal.
By following these tips, property hunters can better navigate the housing market and potentially uncover a hidden gem. Lucy’s expertise and advice aim to empower individuals to see the potential in abandoned properties and transform them into their dream homes. It is important to conduct thorough research, budget effectively, and engage with relevant authorities to ensure a successful renovation project.
