Are you ready for a project?
There is no getting away from property programmes on the televison talking about house renovations, but are you prepared to take on a project?
The issue definitely divides opinion - one person relishes the accomplishment of renovating a house, whilst another person cannot think of anything worse and simply wants to unpack into their dream home. So which person are you? Here are some of the positive and negative aspects of each.
Ready made dream home
Quite obviously, properties that need no work are less time-consuming. They also come with a sense of security and less worry - you can simply arrive on the day of completion, unpack and start enjoying it.
Whilst you may pay a premium for this type of home, you also have the advantage of being able to budget better. There is less likelihood of extra expense in maintaining the structure, or paying for essential repairs. You can also carry on living in the property during any periods of maintenance rather than having to move out because the roof has been removed!
If you are the creative type this might not work for you. The home has been constructed and finished to someone else's specification and taste. If you do want to make changes then you will be doing so for your own aesthetic desires and this will, in all likelihood, come at a cost over and above the already finished-article price.
There is no question that if you want to be creative and very specific with your designs then a project is right for you. Project properties give you a huge sense of achievement, knowing that you have had complete input regarding the layout and finishing. You can also make the property work inline with your particular lifestyle.
If you are prepared to carry out a lot of the work yourself then a project property can also be profitable should you decide to move on in the future. Properties requiring a lot of work will often be priced accordingly and if you are savvy with your budgeting then money can be made. Of course this will not be a priority for some people, many will prefer to remain living there for a long time given the personal effort invested.
Renovating a property is not for everyone and you can almost guarantee that it will cost more than you think, take longer than you think and be more time-consuming than you think! Always seek help from professionals where needed, have a realistic timeframe for its completion and have a generous contingency budget!
Alex Britchfield | Partner | Davies & Partners