It’s always important to balance affordability with your needs and lifestyle, and never more so than when you are buying a house. Buying a fixer-upper or a property that needs a lot of work doing to it can save you money on the initial purchase but might come with unexpected costs too. 

In this blog, we look at the pros and cons of buying a property that needs a lot of work doing to it.

Advantages of buying a fixer-upper property

Cost

The main advantage to buying a property in need of repair is that it will be cheaper than one of the same size in the same area. This means you could end up with a larger house than you could otherwise afford. It might even be the best way of getting yourself onto the property ladder.

More choice of area

Lower prices might mean that more postcodes are open to you when you’re looking to buy. This means you could benefit from being nearer work, public transport or good schools. 

Make it your own

If you buy a completely finished property, one of your first jobs will be making it your own. You’ll want your own colour scheme, naturally. The kitchen might look gorgeous but maybe the oven’s in an awkward corner. There are bound to be changes you want to make! But when you renovate your own property, you can create a living space that reflects your personality and meets all your needs. 

Disadvantages of buying a fixer-upper property

Cost (again!)

Depending on the size of the property and the amount of renovation it needs, buying it for a low price could be false economy. Good repairs don’t come cheap, and unless you have exceptional DIY skills, you’ll probably have to pay tradespeople to do some of it. 

Another outgoing to be aware of is the cost of a second property. If the house you buy is not yet habitable, you’ll need to live somewhere else until it is. And if you live in a second property while the renovation is going on, you might need to budget for rent as well. This situation can also be very stressful and put undue pressure on households. 

Underestimating the work involved

It’s important to understand exactly what work is required, and whether it’s cosmetic or essential. If the property has serious problems, you might not be able to get a mortgage. And if you find the work is beyond yourself and your pocket, you might find the property difficult to sell. 

Self-awareness is important too. Ask yourself very honestly if you have the dedication to see the project through, particularly if you have a day job too. Doing up a house involves considerable physical, emotional and financial investment and it’s important to be aware of that before you start.

No one can predict the future

Taking on a project house might seem like a good idea at the time you do it. But life happens. If you changed job, fell seriously ill or had a family crisis, what would you do? 

Buying a project house to renovate yourself can be an amazing experience that saves you money too. But it’s a massive undertaking too – think very carefully before you take the plunge.

Sell property in Guildford

If you’re hoping to sell a property in need of repair, we can help you find the right buyer. Explore our site and get in touch with the Cobbles team today on 01483 457 000 – we’d love to hear from you.