Renovation Property For Sale
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When you come across a potential renovation property for sale it’s easy to jump into dreamland and imagine it as the perfect home with your wife waving out the window and your kids playing in the garden. The reality is somewhat different as many home buyers have discovered to their own cost.
Renovating a home can be a costly business and sometimes costs can spiral out of control.
You wouldn’t be the only person to look for derelict property for sale and then unwittingly open up a whole can of worms.
So what do you do when your ideal home appears on the market?
| Location | Property Type (Detached, Outbuildings, with land, etc) | No. of Beds | Price |
|---|---|---|---|
| Rotherham | Detached 5 bed renovation project with extensive gardens | 5 | £105k |
| Coventry | Semi det. 3 bed house within town needing work | 3 | £100k |
| Luton | Cottage renovation project with secret garden | 2 | £95k |
| Bristol | 3 bed semi 5 mins walk from Bristol town centre | 3 | £72k |
The first thing to do is take a step back and decide if this really is the right property for you. Don’t make any rash decisions, after all if you are intending to renovate a property you will feel much safer knowing your house buying decision was considered carefully.
Let’s say you see some rural properties for sale which require renovation. You are capable of doing the work and you are confident you either have the DIY skills or the ability to hire the tradesman you require.
Even if it seems like the perfect empty house to buy, project yourself into the future and imagine something has gone horribly wrong. What was it? Did the renovation or tradesmen run way over budget? Did you run into a legal problem with the land or property?
It may sound silly but playing this little game often helps prevent real issues from happening in the future.
Renovating A Property Takes Work
If you have never renovated or fixed up a derelict house or abandoned property before then get ready – it’s a lot of work! there are legal issues to take care of such as buying the property, obtaining deeds and the right planning permissions before you even think about starting any work.
You need a good architect that can assist you in developing your empty property into your dream home. Make sure all your costs are accounted for, allow a contingency fund to account for extras such as extra tradesmen times, extra building materials or unexpected problems during the build.
Never assume the renovation of your property will go according to budget, it almost always doesn’t.
A common problem is people buying rural properties for sale, such as an empty or abandoned derelict property, perhaps a barn for sale or an old watermill for sale, and not checking into local planning laws properly.
For example, let’s say you have just purchased a watermill for sale, and you approach an architect with your ideas for renovation. It may turn out to be the case that the watermill for sale is a listed building with extremely restrictive conditions attached. That’s even if you are allowed to renovate the building in the first place.
Some listed building regulations are so tight the local authorities can tell you what colour to paint your door.
Renovation Properties For Sale in the UK
Another matter to consider is the difference is both house buying and planning permission laws depending on which part of the UK you are buying a property in. The planning laws and indeed the home purchasing laws in Scotland are completely different than in England.
Why is this? Scotland has its own legal system, much older than England’s, and consequently most laws are different, including all the laws relating to the purchase of property.
Renovation Property In England
In England property generally sells for an asking price, but in Scotland it tends to be an ‘offers over’ price. Take this into account before you buy your renovation property. If you see a windmill for sale and it says “windmill for sale – offers over £20,000” then bear in mind it really is offers over. That windmill for sale may well end up selling for another £5K above the stated price, perhaps more.
Advice For Renovating Properties
We will shortly be adding some more articles to assist you in making the correct buying decision when you see a renovation property for sale that captures your interest. In the meantime don’t forget to read our informative article on derelict property for sale and bare the above thoughts in mind before rushing into any deals. We all have pipe dreams about renovating the perfect building and turning it into our dream home, there is nothing wrong with that, but don’t let it become a nightmare.
If you plan ahead properly, think both legal and practical matters through, deal with the right architect and tradesmen, take your new neighbours into account and remember the ‘when in Rome’ rule if you are moving to a country property from the city, all should go well.
Don’t let our words of caution put you off, finding a renovation property for sale can make your dreams come true if you proceed with care.