Top Search Tips when Looking For Empty Homes for Sale

Last summer officials in Stoke realised they had a problem with empty homes; a problem so severe they were willing to allow some of these homes be sold for just £1 to anyone willing to renovate them. Stoke is not alone. All over Britain, abandoned and foreclosed properties abound. They make great opportunities for investors looking to build a portfolio of rental properties.

When Stoke first began their program, officials estimated approximately 4,700 empty properties for sale. However, the homes couldn't be sold to just anyone. Restrictions applied then, and still apply today. To help you sort out what's appropriate for investors and what's not, here are the top search tips when looking for empty homes for sale:

  • Residency Requirements - Government-sponsored programs sometimes come with residency requirements, as is the case in Stoke. In other words, a program may require the new owner to both renovate the property and live there for a certain amount of time. Homes with residency requirements are inappropriate for investors.
  • Research - It is always necessary to research property before you invest in it, but the need is even greater when you are searching for empty homes for sale. A vacant property is vacant for a reason. Depending on that reason, you may not want it for your portfolio. So do as much research as you can including talking to neighbours, checking with local officials and, whenever possible, speaking to the current owner directly.
  • Inspection - Empty houses usually come with some need for rehab or renovation. This is not necessarily a bad thing, but you need to know what work is involved before you agree to a purchase. It is unwise to acquire any property without you or your representative inspecting it first.
  • Agent Assistance - There are so many properties for sale that it would be difficult for an investor to do all the legwork on his or her own. That's why agencies like Fruitful Property are such great partners. Take advantage of those agencies. They have the experience and knowledge to find only the most attractive properties for your portfolio.
  • Take a Drive - Investors are often amazed by getting in their cars and simply driving around. There are plenty of empty homes for sale that may not be part of any specific listing. If you find one, you can either have your agent check it out or you can do the legwork yourself. However, never underestimate the power of simply going and looking.
  • Conveyancers - Empty homes for sale sometimes have legal issues associated with them. It's a good idea for any investor to work with a qualified conveyancer in order to minimise legal issues. Adding a ‘go to’ conveyancer to your team, whether on contract or direct hire, is also a smart move.

Building Your Wealth Portfolio

When you invest in properties, you are investing in something that will provide excellent rates of return for years to come. Property investing is therefore one of the best ways to build a portfolio of wealth that will secure your future. Empty homes for sale are just one of the available tools for accomplishing your goals.

Fruitful Property is here to help you build your portfolio by locating the best empty homes for sale. Our commitment to clients is evidenced by the fact that many of our investors have purchased multiple properties through our agency. If you are ready to start building your future wealth, we want to help.

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Nick Hopkinson

by Nick Hopkinson - Property Investment commentator and Fruitful founding director.

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