09 January 2016

How to Tell if a Renovation Property is Worth It

To consider buying a renovation property is an exciting prospect. Perhaps you are seeking the home of your dreams. It could be that you simply want to get your foot on the property ladder. Undertaking a renovation project could be the perfect way forward. After all, you hope that you can see the real potential of a place.

But the reality of some properties can be a little discouraging. It can be difficult to see potential in a place that is run down, cold, and filled with trash. It can be hard to imagine the result when faced with a house that has been unloved and uncared for. What should you be looking for? What should you avoid? And where is the golden nugget waiting to be polished?

'First Impressions' should be ignored.

You have to forget that this place is going to be your home. Detach you heart before you even start. Make this a purely financial decision. First of all, ask yourself if the area is right. Look around the neighborhood. If nearby houses have broken cars and mattresses in the front garden or yard, this may not be the best place for your renovation investment. If it is on a busy road with traffic thundering by, do you really want to live there? You could accept both of these and a lot more if you felt the neighborhood was on the up and other people were investing there. But, at least, make this a part of your decision process.

Look past the house facade.

Any property that has been empty even for a few weeks or months is going to seem unloved and uncared for. There may be broken bulbs and windows that don't open. It may be cold and even damp to some extent. These do not have to be bad signs. Something that smells a little musty does not always indicate a massive problem. Learn to look deeper. You can always get someone in to see if there are serious problems but go with your gut instinct.

Dig deep in the interior.

Don’t let peeling wallpaper put you off. Seek the advice of a professional company like Global Decorating. They will have seen this all before and be able to tell you how easy it will be to put right. The same applies to old fixtures and fittings. Ignore yellow and cracked old plug sockets and broken lights. Far more important will be the state of the wiring itself. But even that is not necessarily a major expense.

It is more important to lift the old carpet or floor covering up and look at the condition of the floors themselves. If you can, grab a flashlight and look beneath the property. Look for signs of rotting wood. Take the same process up into the roof space. It will be easy to tell if the joists are in good condition. Look for signs of leaks that may indicate deeper problems. Broken slates and tiles can be replaced, but it is more expensive to deal with damage from water ingression.

Look past the old appliances in the kitchen. These can all be easily replaced without a problem, or you can hire somebody to do it for you. Ignore dirt and grime wherever it is. It can be cleaned.  If the garden is overgrown-- that's fine. You’ll have the perfect project for a transformation.

Buying a renovation property is a big project. There will be hard work involved. But if you have the energy and the imagination you can be well rewarded. Learn to look through the surface grime and mess and get a real feeling for what lies beneath. The rewards will be all yours.

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