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Modernising a rundown property 'can be a real opportunity'

Modernising a home can offer great returns Buying a rundown house and fitting double glazing, a new kitchen and bathroom can be a real money-making opportunity it has been claimed.Buying an old property and modernising it with measures such as a new fitted kitchen, double glazing and a new bathroom is one way to make money in a flat housing market, it has been claimed.

A recent article in the Times suggests that unmodernised homes may not look very appealing when they are first viewed, however they offer a real opportunity to make some cash.

It states that as house values have dropped, properties which need a lot of work will have seen their asking prices drop even further than their neighbours.

Speaking to the newspaper, Ed Mead, of the London agent Douglas & Gordon, agreed.

"Undoubtedly, if you want a bargain at the moment, it's best to buy unmodernised. When the market crashes, the first casualty is condition," he said.

Last month, research by Halifax found that green home improvements are perceived to offer the best value for money, followed by home security improvements, redecorating and work to gardens.
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Article Added: 07/08/2009 17:03:28
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