If you’re in total control of a property’s renovation, then you can decide exactly how it is designed – from the layout and the colour scheme right through to the quality of the finish.
On the flip side, finding exactly what you want in a home that is already renovated can be difficult, especially when this is alongside finding the right location, size and things like schools. While there are plenty of properties on the market that most house-hunters are happy to move into straightaway, buying a property still in need of renovation gives people the extra flexibility they need to create their perfect home.
Create a home you want for the same total price
A property in need of renovation is likely to be cheaper than its renovated counterpart. On most streets, you will find that extended homes or those that have been finished to a high standard will command a higher asking price.
Depending on the asking price and each individual property, it may make financial sense to purchase an unmodernised property and spend a proportionate amount renovating it, bringing the value up to the level of modernised homes in the area. This way you will be spending a similar amount in total, but you will be getting the exact home you want.
Potential to add value
Bringing a property up to date will add instant value, especially in kitchens and bathrooms, which are rooms that buyers tend to focus on when looking round a property.