The pros and cons of buying a renovation project
If you’ve been thinking about tackling a renovation project and buying a property in need of a little, or a lot, of love you’ll know there’s lots to consider when taking this big step. The first big question is if a renovation project is for you. Do you have the time and budget to manage a project? There are also some positive and negatives to remember when thinking about undertaking a renovation.
If you’ve been looking for a property but can’t find anything that ticks all your requirements then the ability to create a home specific to your needs can make a renovation project a great opportunity. If you need a downstairs toilet then you have the option to put one in, or want built in bespoke storage solutions, then again you can make sure you get something that uses the space to its best ability.
As with every project there are always some downsides to consider. The initial property purchase may be cheaper than buying a property ready to move in to, or one that just needs a lick of paint, but the cost of a property renovation can quickly add up. Deciding on a budget and managing these ongoing costs can be one of the most important parts of a renovation, and can feel like a whole job in itself.
Another area to remember is your living arrangements as the work to your property is happening. Are you able to live in one part of the house whilst the rest is being worked on or will you need to find somewhere else to live? Again, this can have a huge implication with regards to costs. If you have a young family then living within a building site is probably not the most practical option but if you’re on your own and happy to go without the luxuries then living within the property may be a better option.
Weighing up the pros and cons when it comes to such a large decision is not something to be taken lightly. The main thing to remember when deciding is your own personal circumstances. You may have heard other people’s experiences who had an amazing renovation project, or ones where it all went wrong, but how the project plays out can be very personal, and what matters to you may not matter to someone else.
Looking to the future can also be a big part of the decision making. Do you see this possible renovation as a forever home and something that you desperately need to be bespoke to your needs? Or could you save a lot of time, money and stress by slightly adjusting your requirements and finding a home that maybe only needs a little attention to reflect your personality.
Whatever your situation is, and whatever your needs may be you can speak to your local branch who are experts in the local area and will be able to help support you on your search for a project, or something more ready. Find your local branch here to find out how they can help.