If you have been searching for a new home over the past few years, you will be acutely aware that the property market is incredibly competitive at the moment. A renovation project might be the solution. Homebuyers often shy away from renovation works, but broadening your property search to include fixer-uppers may help you get your foot on the property ladder and even secure a deal. Here we will help guide you through purchasing a renovation project.
Renovation home finance might look slightly different from other home loan options, so it’s vital to first secure a mortgage in principle before you even start looking at properties. A mortgage in principle gives you a clear understanding of how much you can borrow based on your finances. You can then start looking at renovation projects within the correct price range. A mortgage in principle will also give you an advantage in this highly competitive market, showing real estate agents that you are a serious buyer who is ready to go forward with a sale. An online mortgage broker, such as Trussle, will check your eligibility with numerous lenders without affecting your credit score.
Working with a mortgage adviser is a good idea when considering renovation projects. They can talk you through the types of loans specifically required for renovation, whether you can borrow against the future value of your home, and help you secure the best interest rates.
Choosing your Reno Project
Having the ability to view properties in light of potential, not as you see them, is essential. You need to have a very clear end goal of what you want from your property and a clear vision of how you can get there, and whether it involves using contractors or having the time and skills to complete the work yourself. Work with a realtor like RE/MAX who will help keep you on track during the homebuying process.
Renovation properties come in all shapes and sizes, from 18th-century historic buildings to properties built in the 1980s, each presenting its challenges and very different potential. Be realistic and accept that some properties may just be out of reach for what you can take on as a renovation project.
Find the Right Professional
If you are considering taking on a challenging renovation project, you may want to get your hands dirty at some point, whether its painting walls or upcycling old furniture, but when it comes to more significant structural work, finding the right professionals could make all the difference to how successful your renovation will be. For example, engaging an architect will be invaluable, as remodeling a home can be tricky, especially if you need to undertake significant structural changes. An architect will help you draw plans that maximize the space while giving you a realistic idea of what you can achieve with an old property, including compliance with building regulations and zoning permits. Take a look at sites like Houzz for recommendations of architects, firms, and building designers.
Engaging a builder who is experienced with renovation works is also crucial. Don’t just hire the first building contractor you find. It is a good idea to shop around a bit and find someone you can communicate well with, as you will need to work closing to stay on schedule and within budget.
The last step is to enjoy the final stages of decorating and furnishing your renovation project, making it exactly what you want, your dream home!