According to new research by Rightmove, over 90% of property-hunters would consider buying a fixer-upper property.
A fixer-upper is a property that requires a significant amount of maintenance work, including redecoration, reconstruction and redesign. Over the years, the UK has become obsessed with DIY expertise, and these types of properties have become a popular project of renovation, where individuals have spent lots of time and money transforming a ‘low-standard’ property into their dream home.
Whether you are considering your first project of a fixer-upper or looking for your next challenge, this article will be discussing not only the pros and cons of purchasing these properties but some helpful tips to get you started.
For one thing, this investment gives you the perfect opportunity to create a completely personalised home from scratch. From as minor as changing the floor to knocking the whole wall down, the possibilities are endless. Sure, you don’t necessarily need a fixer-upper in order to achieve this. However, starting from complete scratch is not only a new building but a new area, makes it feel like a much bigger achievement.
According to Rightmove, the price of new-to-the-market properties have increased by an average of 1.1% this April 2019, which is almost a £3,500 increase! This is a usual thing to happen at this time of the year, as Spring is one of the most peak seasons for people to move home. With the combination of this rise in new seller properties and the importance of interior and exterior trends over the years, it’s no wonder this rate has been egged on this Easter!
In addition to this, due to these statistics, there has been an increase in attention and demand for these fixer-upper properties. After all, in comparison to new-to-the-market properties, they are an opportunity to save money whilst genuinely achieving your dream home. Therefore fixer-uppers are definitely an option to consider if you are interested in these benefits.
Finally, this process is very versatile. If you’re not particularly handy or interested in getting involved in the renovation, there are many professional teams that you can hire who can help, including plumbers, constructors, carpenters etc. We’ve spoken about earning the satisfaction of working towards something you can be proud of, but a fixer-upper doesn’t have to be a one-man job.
In comparison to buying an already-fixed-up property, the only disadvantage we will suggest is the unexpected parts of the process. As achieving and beneficial as this project can be, you should expect the unexpected. For instance, this could involve timing problems, budget issues, you could even come across an invisible repair you didn’t know about! Just like any situation, anything could happen that can affect your motivation levels, budget and time frames.
If you are an individual moving home for the first time, looking for a quick, simple and settling process, a fixer-upper property probably isn’t the ideal option for you. However, fixer-upper properties are becoming more popular within the first-time buyer demographic! If you are a first-time buyer, you should know that sensible budgeting, thorough research and careful planning should be considered when looking at these types of properties.
Despite their inexperience with the moving-home process, if you think about it fixer-uppers can be a great idea for first-time buyers. Viewing a number of dreamy homes that are either way above budget, require too much maintenance or just aren’t taking any interest can make you grow dizzier by the second. That’s why, with the right considerations, a fixer-upper strips you from that process and allows you to start your new chapter from scratch. Especially as a young buyer, this allows you to develop useful skills in the future regarding time, money and DIY expertise.
5 Top Tips
Now we have discussed the different perspectives of these properties, here are our 5 top tips that will hopefully help you achieve your major renovation:
1. Location is key
As with any type of property purchase, your dream home is futile without an efficient location. Not only does it affect preference and inspiration, but location can affect the future value and desirability of the property. So, whilst the home itself doesn’t need to be entirely impressive, have yourself a little inspection on the surrounding area.
2. Get as much advice as possible
Regardless if you are a first-time buyer or this is your first project, it’s important you get as much advice as possible when fixing up a home. You see, it’s not necessarily as simple as tearing up the home and renovating it - it requires full inspection, planning and regarding plumbing and electricity etc., professionalism! Do some online research, pick up some brochures or speak to a few experts on the process before the project begins.
3. Make sure it’s the design you want
Due to the time and money this process takes, a fixed-up home should last a few years before being touched up again, at least! So, the last thing you want is to choose a design and end up hating it! Therefore, ensure you do proper research, Pinterest your heart out and try to visualise the design in that allocated room.
4. Have a realistic budget
Within this process, there are a lot of costings to consider. From purchasing the property to the repairing and renovation process, it’s important you plan a budget that is not only accurate but one you can afford. Failure to do so can cause major issues in timing and motivation levels.
5. Know when to hire a professional
It doesn’t matter if you are completely dedicated to achieving this fixer-upper on your own. It’s important you are realistic about your abilities and expertise, especially when it comes to electricity, plumbing and other important elements within the home. Always use a professional to deal with these types of issues to keep the process running smoothly and prevent any injury or damage.
As an estate agency based in Luton, Giggs & Bell would love to help you find your next home project by showing you around the properties we have to offer. Get in contact with us today for all enquiries.
Thanks for reading!