When searching for a new home, do you scroll past properties that look a little worse for wear? You know the ones, where the carpet hasn’t been changed since the 70s and the floral wallpaper is curling off the walls?
Lots of buyers look for newly renovated or new-build homes due to fear of the doer-upper. If that sounds like you, we’re here to tell you that you’re potentially missing out.
Older, unloved properties may look scary, but they’re often hiding bags of potential.
Here’s what to consider when buying a doer-upper.
1) Costs and budgets
Dilapidated or older properties tend to come onto the market at a lower price than their newly renovated competition. With new homes, you’re paying for the time and money someone else has put into it. While with doer-uppers, you’ve got something relatively untouched and ready for updating.
Of course, you must factor in build costs, decoration, plumbing, electrics, etc. But in many cases, these can work out at less than a new-build, especially if you do some of the work yourself.
Buying an unloved property without doing your research is a fool’s game. Get yourself online and look at similar homes in the area; ask the agent as many questions as you can to get to grips with the property. Is there potential to extend? Does the property have permitted development rights? What do the other properties on the street look like? There are no silly questions when you’re thinking about a renovation project.
3) Add value
When buying a doer-upper, you can feel smug in the knowledge that any updates you do will add value. For example, many older flats or houses don’t have a central heating system, which would put a lot of buyers off. By installing one, changing the old windows, and investing in insulation, you’re not only energy-proofing, but you’re also saving money in the long run. Also, if you decide to sell, you’ll be able to command a higher purchase price.
4) Make your mark
It’s great moving into a shiny new home with a flawless kitchen and high-spec bathroom, but imagine creating your own space. There’s nothing like seeing your design ideas come to life and a renovation project allows you to do just that.
If you’re looking for a renovation project, get in touch with us at Greyfox. We’ll help you find your dream home.