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Buying and renovating a house can be a rewarding process as well as possibly a great investment allowing you to purchase more for your money. But buying a house to fix up should not be taken lightly and should be considered carefully before taking a plunge. Here is our quick guide to buying a fixer up with some helpful hints, tips and advice.
When buying the property it is important to ask the right questions
When looking at properties don`t be shy asking the seller about the property, what is the central heating system, any problems with the electrics, how old are the windows. When looking through the property take note of the renovations your property will need. If you are looking at older properties these often have more underlying issues not immediately visible at first glance.
Common Issues To Look Out For Structure
- The structure of your property can be a costly fix, look for cracks in the wall, is also worth having a structural survey by a professional (this will often be required to get a mortgage on the property) Roof
- Check for broken or missing roof tiles, look for leaks and water damage
- Check that the electrics meet standards and has the proper certifications, ask if has any power issues.
- Check for leaks and check the water pressure, turn on the taps to see how they run, many homes have problems with water pressure causing slow running water
- Check the boiler and heating system, if the property has an older boiler, this may need replacing as modern boilers can be much more efficient
Doors & Windows
- Check for leaks around the doors and windows, evaluate what condition they are in. New windows and doors can make a big impact on your property, find out what the cost of replacing the windows and doors would be
Consider the location of the property
No matter what improvements and renovations you make to the property, you will not be able to move it location, look at neighbours, transport and traffic, factories and industry in the area. The internet also allows you to view average house prices in the area with many websites providing free tools to check.
Get expert advice
Before going through with the purchase of the property get a professional surveyor to carry out a check on the property, this should hopefully show up any structural problems or other problems. When you have a list of renovations needed get quotes from professionals for carrying out the work.
Is the property worth the money, sweat and tears
Once you have the purchase price and the costs of fixing up the property, along with your market research of property values in the area, you will be in a position to evaluate whether it is worth buying the property, ensure you have the enough money also make sure you have additional funds as you will often have cost overruns or find new problems that need fixing.
Get a Mortgage
Depending on the state of the property, finding a mortgage may be more difficult, many mortgage providers require you to have certain things working in the property such as running water etc. When taking out the mortgage consider the interest charged, this will obviously affect your profit if you are looking at buying a property to sell or rent. Ensure you have enough money, as if you require further finance or encounter problems this can result in extra fees and charges.
Getting a lot for your money
It is amazing how much you can do for little money and a bit of hard work, new decorating for your home and cleaning up the garden can have a huge impact on people first impressions of the home.
Find Qualified Tradesmen
If you have bought a fixer upper then Approved Trader can help you find qualified tradesmen to carry out renovations and improvements for your property, need new windows, the property needs re-wiring, needs a replacement boiler, need a builder to carry out structural work on the property. Complete our simple online enquiry form and get multiple free quotes to compare from tradesmen in your local area