Home > Getting Started > Finding the Perfect Property to Renovate

Finding the Perfect Property to Renovate

By: Rachel Collier - Updated: 30 Apr 2010 | comments*Discuss
 
Renovate Property Buying Property

So you’ve decided to take on a renovation project, but what sort of property should you look for? It can be difficult to identify what to snap up and what to leave well alone. Our guide to finding the perfect property to renovate will help you to avoid some common pitfalls and safeguard your investment.

To buy, or Not to Buy?

One of the first things to check when you see a property that you think might be ripe for renovation is how long it’s been on the market. If it’s been hanging around on an estate agent’s books for a while there’s probably a good reason. The property renovation market has taken off in recent years, so as a general rule good prospects with profit potential are snapped up quickly. If profit isn’t your main motivator, however, you could find just what you’re looking for and grab yourself a bargain amongst those properties that other investors have left alone.

Location, Location, Location

It’s also a good idea to interrogate your estate agent about the local property market. There’s no point sinking your hard-earned cash into a renovation project in an area where no-one wants to live. You’re much better off buying in a buoyant, sought after area.

Be Prepared

This is a tip for everyone from the first time renovator to the seasoned property developer: know what you’re buying. Have a good look at potential purchases, inside and out if you can. The last thing you want to do is throw your money away on a place that’s outside the scope of your budget or ability. Seek advice from the experts, particularly in areas where you don’t have experience. Gathering a few estimates and opinions from tradesmen before you buy will ensure you go into the project with your eyes open, and avoid unforeseen problems.

A Wise Move

Make sure you buy according to your level of experience, so don’t go for a gutted shell if you’ve previously never ventured beyond repainting a bedroom. It’s great to set yourself a challenge, but remember that your renovation project is something that needs to fit around your lifestyle and existing commitments. If you already work in a busy, demanding job, do you really want to spend all your precious free time renovating? Start small and work your way up. You might develop a real taste for property developing, in which case there will be lots of opportunity to make more ambitious plans.

Financial Matters

It can be easy to get carried away when you buy any property, whether to renovate or to make your home. It goes without saying that setting a budget and incorporating a contingency fund is critical, and it’s equally critical that you stick to it. We’ve all heard stories of over-ambitious property developers who’ve had to remortgage their own homes or used credit cards to manage avoidable extra costs. The idea is to make money, not spiral towards financial ruin.

Finding the perfect property to renovate isn’t difficult, but it’s an easy thing to misjudge. Once you’ve secured the right property for the right price you’ll be well on your way to a really satisfying, exciting new venture.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • Holland&holland
    Re: Getting a Renovation Grant
    Were in the process of placing an offer on a very large welsh property. Built in the 1700s by a very well known architect. Its in a…
    26 April 2019
  • Junick
    Re: Getting a Renovation Grant
    I own a cottage that we bought as a garage/store. It has no electric or water to the property but it was owned at one time by the…
    4 April 2019
  • Art
    Re: Adding A Porch
    Just bought new house need to build porch.. please contact on 07445430526
    3 April 2019
  • Ang
    Re: Getting a Renovation Grant
    Hi We are buying a semi detached stone cottage built around 1814. It is not habitable . Are there any grants we can apply for ,…
    1 February 2019
  • Sheza
    Re: Renovating a Pond
    Hi I have a raised pond on my decking and I’m thinking of ways in how I could add to it so it’s bigger but I’m currently struggling in how I…
    26 January 2019
  • Dav
    Re: Adding A Porch
    Hi I've build a porch to the front of my home, it a detached house with a garage that comes out 600mm passed the front of my house which is included…
    13 January 2019
  • Mitch
    Re: Getting a Renovation Grant
    @Vicky - you won't get a grant for this sort of revovation. No one is going to pay you to renovate your own home, sorry. Not these…
    17 September 2018
  • Dan
    Re: Adding A Porch
    Hi I’m thinking of building a porch on the front of my house and I was wondering if I can join it to my next door neighbors house because I’m in a…
    16 September 2018
  • Vicky
    Re: Getting a Renovation Grant
    Hi I am looking for funding to reinstate a farm house that is over 100 years old and has been derelict for 30years. Do you know who I…
    15 September 2018
  • woody56
    Re: Adding A Porch
    I am looking at building a porch within the 3 metres guidelines so not needing planning permission. It will have approx 750mm brick base with…
    8 August 2018