Who hasn’t been inspired by Kevin McCloud, Sarah Beeny or Kirstie Allsopp and debated the pros and cons of buying a project home? Many fixer-uppers have huge potential and can be one of the best ways to secure a good deal on a property.
Written by Carly O'Brien | 4th October 2018
Buying a home with renovation potential
Some homes will need little more than a lick of paint, others a total restoration, but all of them will require careful consideration of the following points:
1. Location, location, location. If you’re hoping to increase the value of the property and make money when you sell, research the area before you buy. Otherwise you may end up with the most beautifully presented property but if it isn’t in the right school catchment area or within commuting distance to a nearby town then potential buyers will be limited.
2. Renovation verses cosmetic improvements. Minor cosmetic improvements such as painting, replacing windows and refreshing the kitchen may be all you need to do if money and time is limited.
3. Be clear on budget from the get go. Find contractors who can join you at a viewing and work out the cost of all necessary building materials and supplies that fit your design spec. Once you have a realistic quote, add a contingency fund into the budget as a buffer in case any unexpected costs pop up. They probably will.
4. Get a survey. A mortgage lender's valuation report is not the same as a comprehensive home survey. If you're buying a fixer-upper, you'll need to employ a surveyor to act completely on your behalf and give you impartial advice on the property.
5. Be committed. Although you can save money and then make money buying a fixer-upper, issues can arise along the way that can push a project's timeline back at the same time as pushing renovation costs skyward. Carefully consider the pros and cons before you buy and if you decide to go ahead, keep focused and have faith that all that hard work will be worth it in the end.
Did you refurbish your property? We’d love to see your before and after pictures. Find us on Facebook, Twitter and Instagram, and for a selection of Michael Graham town and country properties ready to refurbish, see below