Taking on a ‘fixer upper’ property requires a lot of patience, money and of course time, but no matter what your aim is for doing so, it can be a worthy endeavour.
With a project of this size, it’s worth evaluating its required budget and the timescale of changes. Here are the pros and cons of buying a renovation project.
The biggest pro to buying a renovation project is the value you can add to it with the changes you make. Bringing a house up to date is an instant game-changer, especially if the focus is on bathrooms and kitchens – areas in which buyers tend to pay the most attention to (when or if you eventually plan to sell it).
Another pro is that buying a renovation project will allow you to customise and design it the way you want. Putting a personal touch on a property is a dream for a lot of buyers and is a big reason why people make these kinds of purchases.
When the renovations begin, you may find it difficult sticking to your budget, especially if it’s a tight one; you may end up having to spend money on things you hadn’t previously taken into account, such as re-plastering or damp proofing. You may also encounter financial struggles if you need to pay off the mortgage or paying for a rental accommodation whilst the works are being carried out.
Budgets can be difficult to stick to without the right research and preparation, so bear this in mind.
Spend with care
Unfortunately there’s no rule stating that for every £1 you spend on a property you’ll get back double. It’s not about how much you spend, but where and how you spend it, so don’t spend money where it isn’t necessary; aim to strike a balance between yours and a buyer’s demands. If take care with your budget, you have a better chance of seeing a more positive return on investment.
There’s an abundance of tradesmen out there, but how do you find the right one?
Locating a trusted tradesman – who you know can carry out the job properly – is difficult and can often decide the success of a project.
Word of mouth is important so listening to the advice of trusted friends and family is an option, but whilst we do advise being careful with your budget, we don’t recommend always going with the cheapest option as it isn’t always the best.
Make use of comparison websites which can offer you an array of options; in one of our recent blogs we explain how to find the best tradesmen online.
Were there any other pros or cons we missed? Let us know on Twitter @haart_uk!