If you are looking to buy a new home, why not consider buying a renovation project.
Many people tend to want to buy a new build or a period home that the hard work has already been completed at. However, have you considered the benefits of buying a renovation project instead? Our article discusses why you should look to buy a fixer-upper instead of something ready done.
Renovation Projects Tend To Be Cheaper To Buy
If you’re currently looking at the housing market, you will notice that prices are incredibly high. However, dependent on your budget, you might be able to bag a bargain – if you’re willing to put the work in.
If your budget is £150,000, you could buy a house that’s ready to be moved in to for that price, or you could look for something that requires some work for considerably less. Moreover, this way, you can spend your money on getting your house to look exactly how you want it.
Financing A Renovation Project
Houses are expensive investments, but worthy ones too. If you are a first-time buyer, you can ask for an additional amount from the bank for any renovation work you plan on carrying out. If you have sold a house to buy another, you can use some of the equity from the sale to fund the renovation instead.
Get On The Housing Ladder
As house prices are increasing rapidly, there is no time like the present to get on the housing ladder. As renovation projects are typically cheaper, you won’t have to put as big of a deposit down. Hence, you will be able to get on the housing ladder sooner. Moreover, every day you own a property, every day it could be increasing in value too.
Make It Your Own
As we have already mentioned, buying a renovation project means you can make your home completely your own. It provides you with a blank canvas. You can rip up carpets, pull out bathrooms and kitchens, scrape off wallpaper and start from scratch.