If you have your heart set on buying a home in a certain area, but the house prices there are too high and way out of your budget, something that could be a possibility is buying a house that you can renovate.
If you have a good idea of what you want and are prepared to put the work in, you could get your hands on a property that will be not only cheaper to buy, but also will be worth more once you have finished renovating it.
Of course, renovating a property is certainly not something to be taken lightly – there is a lot of hard work involved, and in some cases, costs can crop up that were not factored in, and projects can run over budget.
You can save some money on it by doing some of the work yourself. You are also likely to need skilled tradespeople to help you with some parts of it though, and it may also be necessary to get an architect in. Have a look for construction companies like this www.piggottandwhitfield.co.uk/building-services in your area to help you get an idea of what you might need doing and also to help you plan and budget for the work that needs to be done.
When it comes to purchasing a property that is in need of renovation, one of the best places to start your search is at a property auction. If you sign up to some property auction companies, they will let you know when the next auction is on, and if you give them an idea of the sort of thing that you are looking for they may even contact you when something that you might be interested in comes up to let you know about it.
Before you dive straight in and go out and start bidding, it is a good idea to arrange viewing beforehand. This is a good time to get your builder involved as they will be able to have a look and get an idea of what needs doing to the property so they can quote you for the job. It will also give them and you an idea of the timescale of the work that needs to be done.
