There is no doubt that a buying a house to renovate can be a daunting prospect. Money, time and labour will all need to be poured into any big renovation project, but for those who can commit, the rewards can be great.
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Perhaps this is why a report in the Independent suggests that the number of homeowners choosing to re-model their properties rather than moving has increased five-fold since 2013. People are opting to put their own stamp on their properties by re-modelling, renovating and making home improvements – sometimes small, sometimes very big.
If you are thinking about buying a house to renovate, here are some things to consider.
Plan your budget
Generally speaking, you will save money on a house in need of renovation when you first buy. The house value will be lower, and so will stamp duty. But the renovations themselves can cost thousands depending on the level of work you’re doing. Problems such as damp, woodworm, electrical issues and structural problems may become apparent once you begin works. For this reason, it’s also important to budget a bit beyond what you anticipate.
Use expert help
Homebuyers Report London (https://www.samconveyancing.co.uk/homebuyers-survey/home-buyers-survey-London) suggests that some people don’t bother with a survey on a property. Although it comes with an initial fee, it can save thousands by identifying any serious potential problems that could crop up after the sale is finalised. Enlist professionals to help you decide if the project will be worth it or not. Taking a builder for an informal walk around the property may also help you gauge approximate costs for major works.
Understand the work involved
Sometimes people get carried away with the dream of the end result and forget about the sheer amount of time and work involved in between. Consider your living arrangements while the renovations are being carried out. Will you be living in the property or elsewhere? You may need to factor alternative accommodation costs into your budget. With a project of this magnitude, it’s important to go with your gut but also keep expectations realistic. You may well be living in a building site for a few years before the vision is complete, but if the property and budget are right for you, it might be worth the money, sweat and time involved.