House prices continue to rise but sadly, our income never seems to rise in correlation with increasing property prices! This makes it difficult to get the home of your dreams, but there are a couple of fantastic solutions that could drastically reduce the price of your home.
A popular solution to growing property prices is the option of investing in a rundown property and renovating it yourself. Sometimes, you’ll find properties that are neglected and ignored, resulting in structural damage and messy interiors that will need a lot of love before it looks like the home of your dreams. However, these properties are often sold at much lower prices and when combined with the costs of renovation, it could result in a much cheaper house than you might think.
But is it really worth all the hassle? Let’s take a look at some considerations.
Have you done your research?
One of the first things you should do if you’re considering the option of renovating a rundown property is research. You don’t want to invest in a property and have zero idea of which contractors to call and what areas of the home need to be renovated. You can contact a local contractor such as Refined Exteriors or speak to a friend or family member that has experience with construction and have them view the property with you. The more information you have, the more well-equipped you’ll be for when you need to start the renovations.
Set yourself a budget and stick to it
Much like if you were to buy a full home, you need to set yourself a budget and stick with it so that you don’t run into unexpected costs. The thing with renovating a rundown property is that these unexpected costs are more likely to pop up, so you always need to take your budget into consideration. It’s not uncommon for people to spend far more than they intended to when renovating their home, especially if it’s so rundown that it needs multiple contractors and weeks worth of work.
Are you flexible with your time?
You should also consider the amount of time it takes to actually renovate a rundown property. Unless you’re hiring a comprehensive contracting service that will handle every aspect of the renovation, you’ll likely need to have several companies work together if you want the project to be finished in a short timeframe. Try and schedule your contractors to work one after another or even at the same time so that you can complete the renovations sooner, or make sure that you have plenty of time in your current home before you need to move out.
What will you do with your previous home?
Since renovating property takes a long time, you’ll need to have some idea of where to stay or at least hold off selling your home until your new home is in a good state that you can move in. If you’re renting then this isn’t a massive issue, but if you plan to use the sale of your old home to pay for your new home then it might be something you should think about before considering renovating a rundown home.