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Buying a house to renovate, fixer-upper guide

Tips for buying a house to renovate, Property fixer-upper advice, House refurb design guide

Buying a House to Renovate Tips

28 March 2024

Buying a house to renovate

Buying a fixer-upper is a great opportunity for you to design the home of your dreams or flip it for a higher price once it’s completed. However, there is no denying that buying a house to renovate comes with a lot of responsibility and financial pressure.

On top of the housing price, you can expect to pay between £82,900 and £164,300 when renovating a new property. To keep the price down and make the most of what you spend, there needs to be some serious planning involved. Here are some tips on how you can successfully buy a house to renovate it.

Tips for Buying a House to Renovate Guide – Fixer-uppers

Do Your Research on the Property

Not many of us are experts on property renovations, so make sure you do your research on a property before and after you view it. The last thing you want is to uncover problems once you’ve already signed on the dotted line.

You need to check that the building is structurally sound and whether the property has had any additions or alterations. Also knowing when the building was constructed can advise you on any future work that needs to happen outside of the exterior. All that is checked by a surveyor, and it is an advised practice to make sure you really know the condition of the property before making any decision.

If you’re a first-time buyer, you might not know what to ask. Helpful resources like a house-viewing checklist can help you cover your bases so you’re not left with any surprises.

Consider Your Costs

Buying a new home and renovations are expensive so you need to work out exactly how much it is going to cost you.

The fees associated with buying a property include your deposit, legal fees, valuation fees, and surveyors fee – all alongside the major upfront costs. One cost you shouldn’t forget to factor in is conveyancing costs. You can use a conveyancing calculator to estimate how much you can expect to pay.

When it comes to renovating, you need to consider whether the cost of your fixer-upper reflects the level of work needed. Perform some rough calculations on how much materials and manpower will cost to bring your vision to life.

Think About The Timeframe

Buying and renovating a property is a lengthy process. Closing the deal on a property can take up to 12 weeks, but renovations after that have a timeframe of anywhere from 16 weeks and beyond. That is provided you don’t hit any speed bumps along the way.

Taking some time to work out a realistic timeframe before you commit to anything will help save you potential stress further down the road. Seek advice from experienced tradesmen to get a rough estimation of how long your plans will take to achieve. You should also factor in some wiggle room in the event of unexpected jobs and other demands on your time.

Comments on this guide to Tips for Buying a House to Renovate article are welcome.

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