Buying a fixer-upper can be a more cost-effective way of getting a foot on the ladder. With house prices still showing no sign of dropping, making compromises can help you get the house of your dreams without the price tag.
Oftentimes, fixer-uppers will be homes that need a lot of cosmetic and structural work to bring them back to a livable condition. They can be found via estate agents or looking at local property auctions where you can grab an even bigger bargain if you’re willing to roll your sleeves up and put in the work.
If you are thinking about taking on a fixer-upper to call your forever home, think about these important points first.
Planning Permission
Before signing on the dotted line, make sure you are able to carry out any work you are planning. Ensure the building isn’t listed; if it is, know the regulations regarding restoration and renovations. The same with requiring general planning permission. While single-storey extensions don’t always need planning permission depending on the size and shape of the addition, double-storey extensions or loft conversions might require some jumping through hoops to meet planners’ approval. Know where you stand before committing to the purchase.
What Work Is Required
Going into this with your eyes open is something you need to do, and a structural survey can help you to see things you might not otherwise have noticed. Having a complete structural survey carried out will alert you of any major structural issues on the property as well as any other oceans that can affect the work you need to do. From here, you can assess your plans carefully and be aware of the scope of the project you are about to embark on, with as few hidden surprises as possible.
Asbestos Removal
The majority of fixer-upper homes are older properties. Asbestos usage wasn’t entirely banned in the UK until 1999, although certain types of asbestos were banned from use in 1985. This means the majority of UK homes could contain asbestos. While not dangerous in its undisturbed form, if you uncover this complex material during renovation work and release particles into the air, you can risk health complications. So get in an expert to uncover any asbestos in the property and then carry out a complete asbestos removal before any work starts.
Funding and Living Arrangements
Lastly, how will you be finding the renovations, and where will you be living while they take place? Could you renovate the major parts of the house to make it liveable, e.g. the kitchen and bathroom, or can you live in one room until you have completed it? If this is your forever home, you need to have a timeline to move in to avoid paying out for two properties or having to rent an additional home to live in while you carry out the work. With regards to financing, you need to be strict with your budget and have a contingency fund to cover any unexpected issues you weren’t aware of. Pay attention to what you are spending and your costs to avoid them spiralling out of control.
Conclusion
A fixer-upper property can help you to save money on the upfront cost of home purchases. However, it can be an expensive endeavour to bring it up to scratch. Knowing what you are getting into and coding due diligence can help you to prepare for the next step of your home-buying journey.
