Property expert David Leake of Housesetc tells us his top tips for buying a renovation property.
If you’ve ever been tempted by the prospect of a property that needs work you’ll know the excitement… and that feeling of trepidation. However, the rewards can be great.
You’ve got to have nerves of steel to get stuck in, it is stressful but you’ll end up with something special and get what you want.
Think about your budget and work out what you can afford. You could effectively save on stamp duty, which gets higher as the cost of the property increases.
But beware, you may need to pay for hidden things you didn’t anticipate, such as damp, woodworm or roof timbers. Work out your budget to the last penny and then add 20%!
Taking along a builder or building surveyor to a viewing will help you.
You can also talk to us about whether your plans for the renovation will add value or make the property less appealing.
Once your offer has been accepted, organise a full building survey from a qualified surveyor. This may highlight issues you need to go back to the seller on.