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A property investment that requires a lot of time, money and hard work, but could be well worth it

by , 01 September 2015

When it comes to buying property, there are so many to choose from on the market.

One type that may appeal is a property in need of renovation. The asking price could well be one of the most enticing factors.

So if you fancy buying a ‘do it upper,' what should you consider before taking the plunge?

Read on to find out…


Buying a property in need of renovation


Buying an older, neglected property that needs renovated can be an extremely rewarding project. You can do it up, live in it, rent it out or sell it, hopefully for a profit.

But doing up a property in disrepair is very hard work. Not only that, you need to spend a lot of money on the works and have the time to dedicate to it. It’s definitely not something you should undertake without thinking through properly.

Consider the following pros and cons to see if this type of property is the right buy for you…


Pros of renovating a property


You’ll find an older house that needs work done cheaper. Plus, it will tend to be more spacious than modern properties.

Older properties tend to be more unique than modern developments. It will come with its own unique characteristics that you can make the most of when renovating.

Once you’ve completed your renovations, you’ll likely be able to sell the property on for a nice profit if that’s what you choose to do.


Cons of renovating a property


The costs involved can mount up. Before buying an older property like this, make sure you’ve done appropriate costings on the work you need to do and given yourself room for added extras.

Once you’ve done the work, if you keep the property, chances are it will require more maintenance than a newer property.

Some renovations can cost more due to older houses tending to have larger than standard fittings, for example, doors. This adds to your costs when replacing.

If you opt to buy an older property in need of renovation, make sure you pay to get a full survey done to ensure it is structurally sound.

So there you have it. A property investment that requires a lot of time, money and hard work, but could be well worth it.

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A property investment that requires a lot of time, money and hard work, but could be well worth it
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