House renovation can reap huge rewards. Spot a property with potential and bring it up to date and you can create the home of your dreams. You’ll need to find the right property and see beyond its current flaws. Get things right and you can add value and live in a fabulous home (or have the pleasure of selling a transformed house).
How to find a property to renovate
The best way to find an affordable property is to look for a fixer-upper in a location that you would like to live in. Properties ripe for renovation are often described as ‘in need of modernisation’ in the listing details. This can mean anything from a new kitchen and some cosmetic fixes to having to remove the tree that is growing in the lounge.
Location is (nearly) everything
The old saying goes that you should look for the worst house on the best street, and it is great advice for anyone looking for a renovation bargain. No matter how amazing you make the property, it can only be as good as the area it is in, so check local amenities, schools and provision of green space.
Look up the ceiling value for the area
Check the ceiling price of the area your potential home is in. This will give you an idea of the maximum value of the home you are looking at, so you know what your return on investment will be. Just ensure you look at a like-for-like house – obviously, a five-bedroom property will fetch more than a three!
What do the neighbours’ homes look like?
Will your planned changes be in keeping with the rest of the street? Have they made improvements to their homes that would work on yours? Finally, are the homes well maintained, showing that everyone takes pride in their properties?
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