Renovating a house is a great way to get a property that you want, and is also a good way to invest in property in the long term. A house that you renovate can gain value significantly, and buying something that is in need of a bit of love is a good way to obtain a property that is going to increase significantly in value.
However, before you rush out and buy the first tumbledown cottage that you see, there are a lot of things to consider so that you can go into it with your eyes open and have a good idea of what to expect.
Renovating a property can be incredibly rewarding, both personally and financially, but it is certainly not something for everyone. Here are some of the things to consider doing…
Be aware of what you are buying – When buying a property that is in need of renovation, the amount of work and the type of work that needs to be done can vary hugely. Finding the right project for your budget and needs can take time, so don’t just buy the first one that comes along.
Find the right people to take with you who will not only be able to do a lot of the work for you but can also advise you on what work needs doing – look in your local area for construction companies Manchester for example to find companies like this https://www.piggottandwhitfield.co.uk/building-services
Consider the Costs of the Work – Although renovating a property can indeed add value, you will need to speculate to accumulate as they say – in other words, you will need to spend money on the property first. Work out what your budget is. You can get mortgages that are specially created for this type of work, so this is something worth looking into before you buy so you have a good idea of what is available to you.
Find out the Timescale – Another thing that you will want to have a good idea of is how long it will take. You don’t want to go into it expecting it to be done in a year, only for it to be dragging on eighteen months later!