There’s a lot of patience involved in taking on a ‘fixer upper’ property, along with money and most importantly – time. But no matter your aims, it can be a worthy endeavour when approached with care.
When taking on a project of this scale, it’s important to evaluate its required budget and the timescale of changes. Here are the pros and cons of purchasing a renovation project.
Buying a renovation project will let you tailor it to your own needs and preferences. Placing a personal touch on a property is a dream for many buyers and is a large reason why they make this kind of purchase.
Another great benefit is the value you can add with any changes you make. Making up to date changes can really pay off, especially if you focus on kitchens and bathrooms, both of which areas that buyers pay heavy attention to on viewings (when/if it comes to a sale).
Once renovations begin, it may become difficult to stick to an agreed budget, especially if it doesn’t offer much room for movement. It could result in needing to spend more money on things you hadn’t originally thought about, like re-plastering and damp proofing. You might also struggle financially if you need to pay off the mortgage or subsidise rental accommodation whilst the work is being carried out. A budget can be hard to follow without doing enough research, so examine this carefully.
And spend with care! There’s no rule dictating that for every £1 you spent, you’ll get back double. It’s not necessarily about how much you spend, but where and how you spend, so don’t buy where it’s not necessary. Try to strike a balance between your own demands and your buyer’s. Taking care of your budget will better your chances of securing a more positive return on investment.