When you start looking at properties for sale, do you consider the ones that are in a bit of a state and that could do with an overhaul? For some people, fixer-upper homes are a great way to make buying a property more affordable.
Homes & Property recently revealed that many more first-time buyers are taking this approach, with one estate agent estimating that around 20 per cent of auction properties that are termed ‘wrecks’ are now bought by first-time buyers who will be owner-occupiers.
In the past, only developers or investors would have considered properties in a poor state of repair, Ian Kitson, director of Cheffins estate agents said.
Before you race off to your nearest auction though, you need to do some research and understand what you’re getting yourself into.
For instance, a home that’s fundamentally structurally sound and that needs cosmetic touches is going to be an easier renovation than one that needs a lot more work doing to it.
When you start looking at these kinds of properties, you also need to calculate roughly how much you’ll need to spend to get it into a good state of repair. The news provider advises sourcing quotes from builders ahead of making a purchase, but said that you need to be aware that these will often be optimistic and may not include VAT, so add a little extra.
Once you’ve worked out how much it will cost you to do the work on a property, you can decide whether it’s financially viable on top of the purchase price.
When you start on a renovation project, think carefully about which bits you should tackle first, as well as which will add the most value should you come to sell.
Fitting new double glazing in Worsley could be one of the best investments you make. Craig Fuller, of Stacks Property Search, told the news provider that buyers are increasingly looking for energy-efficient homes.
“Buyers are looking for highly efficient houses, mindful of running costs, so concentrate on an efficient, well-maintained boiler, well-insulated loft, well-maintained windows and keeping the roof in good condition,” he stated.
If one of your aims with a renovation is to add value, you may also want to consider some of the advice offered recently by Estate Agent News. The news provider explained that there are certain features that can add value to a home, such as a new conservatory.
Should you decide to go down this route, make sure that your conservatory is of the highest quality otherwise it will reduce the value of the property. It should be double glazed as a minimum, as this will mean it is usable all year round.
Tidying up the garden is another way to make your home more appealing if you’re planning to sell it. But even if you’re intending to stay in a home for many years, it can still pay to put some work into your outdoor space so that you can make better use of it all year round. Installing decking, for instance, can give you somewhere to sit and enjoy being outside.