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Buying And Renovating Tips

Jan 19, 2008
With property prices spiraling out of control, many home buyers have found that the only property they can afford are those needing renovation. Perhaps that's the situation you're in, too. While such a tactic will get you into a home, it still is a decision that must be entered into with eyes wide open.

If you're considering buying and renovating, here's some advice designed to keep your plans on track and within budget.

Create a separate budget

Before you even start looking for property, it's crucial to put together a separate renovation budget. And because you never really know what you're in for, always factor in additional funding to cover those unexpected costs that almost always crop up.

Knowing how much you're able to spend on renovation really helps when it comes time to choose a property. If a home needs major structural work and that's not within your budget, the property may not be right no matter how low the asking price.

Do your research

Always be suspicious of a property with an unusually low asking price, especially if it's been on the market for a while. There's usually a reason for that low price and you need to know what it is. Unless you have a sizable budget and a lot of patience, it's probably best to avoid property requiring extensive renovation.

But that's not always the case, especially if the property is located in a desirable neighborhood. If you can buy a home, make the required renovations and afterwards still sell for a profit, then the property might be worth a closer look.

The bottom line is this: Always know the full extent of the necessary renovations. Once you know what's needed, determine the work you can handle and what you'll need to contract out.

Seek expert advice

If you're unsure the extent of renovation required or the costs associated with a certain type of renovation, you can always obtain quotes from area professionals. Besides obtaining a more accurate estimate of costs upfront, you may gain some "insider's" knowledge which is almost certain to help later on.

Check permitting requirements

Don't forget to check local permitting requirements before considering any type of renovation. Permits can add unexpected costs and time delays; two problems that can drastically alter your budget as well as your renovation plans.

Remember this isn't television!

When you watch those popular "do it yourself" home renovation shows such as Property Ladder you might think the work looks easy. But what you don't see are the many hours of footage that have been edited out. While it appears to take the homeowners just 30 minutes to tear apart the bathroom and put it all back together, in reality that renovation probably took many days and involved many hands. Always make sure you can commit not only the money but also a substantial amount of time to complete the necessary renovations.

Buying and renovating property is full of challenges and isn't right for everyone. But if you're up for a challenge, the results are often well worth the effort.

For up-to-date information on UK property currently available for sale, visit www.propertyflaunt.com.
About the Author
Adam Labno is a UK property investor who has a passion for property and helping home-owners and sellers in providing cost cutting property solutions. Owner of U.K property business' including Property Flaunt, for which this article is marketed for, in bringing full transparency to the UK market.
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