It’s not often that people buy a home that is in turn key condition and that matches their own individual taste, unless of course they are purchasing a property that is newly built and they have  had an input into the decor and other design aspects of the property.

If you are looking to purchase a property relatively cheaply, the chances are that you’ll need to decorate or renovate it to your own taste. It may require a lot of work to bring it up to your desired standard, but with some clever planning and home décor changes you can still do this on a reasonable budget. Best of all, you’ll be adding to the value of the property by improving its desirability and of course the living conditions for not only yourself, but potential buyers in the future.

Know your limits

If you are buying a home that needs doing up, make sure you have a realistic budget in mind. If you can’t afford to complete the renovations you require, it may not be the best buy for you. One way to get a realistic idea of cost is to take a contractor or tradesperson with you when you view the property to get a realistic idea of improvement costs. Alternatively, take photographs and get advice before making an offer.

Understand the work involved

Try to work out if the property needs cosmetic improvements or if there’s more costly structural work required. You can add value to a home by undertaking cosmetic works such as a decorating or installing a new kitchen, but if there is a problem with wiring, plumbing or even costly window replacements you may find that these will result in a lower return on investment.

If the property needs more significant improvements you will need a higher budget set aside, although you will see greater rewards in the long-term.

Get a survey

While the majority of home-buyers will see the mortgage lender’s valuation in the Home Report you may need something comprehensive so that you know what you’re getting yourself into. You may even consider an independent surveyor acting entirely on your behalf when it comes buying a home that needs lots of work, as you’ll receive impartial advice. The last thing you want is a home that has structural defects or issues with damp or the roof as these will prove costly to fix.

Speak to the experts

Talk to us at Caledonia Property as we will be able to advise you on how much your property will be worth once you have renovated it, and this could help you decide if the property will be a good long term investment.

As one of West of Scotland’s longest established estate agents, we’ve helped families across the country buy, rent, let and sell properties quickly, and with the minimum of hassle. Get in touch with our team on 0333 241 3333 today or send us a message to find out more.