Considering a fixer-upper? Here’s what you need to know

Still searching for your perfect home?

A property that needs a bit of fixing up can be a great opportunity – as long as you know what you’re doing.

You’ve found the one. You found that perfect place in a great neighbourhood that needs some love and care, and you’re ready to invest the time and money into renovating it so that it suits your needs.

While we don’t want to discourage you, we want you to be sure that buying a fixer-upper is the right decision for you.

So whether you’re buying for the first time or the 10th, if you’re considering a house that needs renovating, here’s what it takes to make your purchase pay off.

1. Consider how much it will cost

Buying a property in need of some TLC can sometimes be somewhat cheaper than a property that has recently been renovated or needs very few updates.

One thing to remember before you make an offer on a property that requires some attention is this: do your research and prepare. One of the best ways of securing value for money, and preventing hidden surprises, is by seeking a full property survey from an expert, which could save you a lot of money in the long run.

To see how we can help with on-site inspections and home surveys, head here.

2. Location, location, location

When choosing to buy a fixer-upper, you may not be as restricted in the same way as those who have their hearts set on a new build. Whether you’re looking to leave the city and escape to the country or find a mixture of the two, there are often plenty of opportunities to find your ideal project with the varying degrees of attention and work needed.

You may even be lucky enough to find a hidden gem in a location where others might not be looking. The area you choose could well become the next up-and-coming area.

3. Roll up your sleeves

Whatever needs to be done, it’s probably more cost-effective if you pitch in yourself. If you really want to make a fixer-upper work for you, being a bit of ‘do-it-yourselfer’ can help stretch your budget here and there. For example, instead of hiring a handyman, you could hang your kitchen cabinets, do the grouting yourself, or invite your friends over to help you paint walls. With all that being said, it’s probably best to leave the plumbing and anything electrical to the professionals…

4. Grab a bargain

That brings us nicely onto the decorating. Shopping around for interiors can help save you a pretty penny, so you’ll have money to spend elsewhere on the project. Think charity shops, ex-displays and online marketplaces for 'too-good-to-miss' bargains.

It may be a bit more time-consuming, but it’s the perfect chance to find unique items and make the property your own, while saving some money.

5. Consider a property auction

Property auctions have a reputation for being fast, exciting and potentially profitable. You’ll need to be in good financial shape and have the self-control to stick to your budget. There are two different auction methods: the traditional one and the modern method of auctions. Find out more about auctions in our short guide.

Fixer-upper homes can be a great investment, but you need to make sure you have the time (and resources) to tackle the project. If you do, a little bit of love and delicate attention can go a long way towards creating your perfect fixer-upper home.

Get in touch

For advice or further information on what type of property might be right for you, get in touch today.

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