3rd May 2018
Buying a house that needs work can be a great opportunity, as long as it’s what you really want. A study revealed that 48% of Britons would prefer to move into a property immediately, without having to do any renovation or replacement work. But for some people, doing up a property is something that excites them. We’re looking at the advantages and things to consider when it comes to fixer uppers.
The Advantages
- The sale price could be considerably lower, because of the work that needs to be done.
- There will be less competition for the property, as not everyone wants to fix somewhere up or have the money to do so.
- There’s the potential to resell the property for profit once you’ve finished work on it.
- You’ll gain lots of repair knowledge for maintaining the property and any future properties you work on.
- It could be a more cost effective route into your dream neighbourhood, by buying a cheaper property in an expensive area that you can spend time doing up.
- You can pick exactly what you want for everything. From decor to floor plans to Smart Home Solutions, you’ve got more freedom to create the property you want to live in and personalise it to your taste.
Important Things to Consider
- How much can you DIY? It’s important not to overestimate what you’re capable of or it’ll end up costing. You’ll need to ensure you estimate budgets, time, and how many people you’ll need to get involved. Contractors? Friends and family? You might need to hire people to do the things you can’t.
- You may need to use a contractor who can give you real estimates on what the changes you want to make will cost.
- Will you be able to get planning consent? Make sure you know this before you make an offer.
- Will the property be habitable while the work is being done? If you can’t live there then you’ll need to factor in how you will make that work and what it will cost you. If the kitchen or bathroom need doing, it’ll have an impact on you living there. Plus, the noise and dust from builders isn’t ideal!
Fixer upper or not, if you’re looking to buy a new property why not contact Maslen Estate Agents. As Brighton & Hove’s leading independent estate agent, we’ll be with you every step of the way.