Cheap vs Expensive: Should You Buy a Cheap or Expensive House As an Investment?
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Which is the better investment, a cheap house or one that’s of higher value? Kev answers this question as well as talks through his most recent refurbishment and gives tips for anyone looking to do the same.
KEY TAKEAWAYS
Kitchens and bathrooms are where you make value. You don’t have to spend a fortune to add value. Don’t change a boiler just because it’s old as long as it’s safe and it works you can just keep it. Finish the cupboards in the same way as everywhere else, it makes a big difference to tenants, at little cost to you. If you look at areas on a scale of 1 being the worst and 10 being the best, Kev advises looking at areas 2, 3 and 4 to get the highest return on a long-term rental. Cheaper areas will you give you more income month to month but you will get more capital long-term from a property in a more expensive area.BEST MOMENTS
‘The kitchens and bathrooms are where you need to spend a bit extra’
‘What this country needs is more good landlords providing quality accommodation for people’
‘The upside of a cheaper area is you’ll make more monthly money, the downside is you don’t get as much capital growth’
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
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