The pros and cons of such a project must be considered in advance.

How long will the renovation take? Have I got the time or the patience?

How much is it going to cost? Can I afford it?

What am I going to end up with? Will it all be worth it?

The time taken to renovate a property obviously depends on how much work it needs. Even cosmetic work such as updating a kitchen and bathroom, followed by a re-decoration of the property and maybe some new flooring, takes time and it is not always easy to co-ordinate your trades people to keep the momentum going. Your ambitions may extend beyond that and include adding an extension, converting the attic, knocking down internal walls to form a more open plan configuration. Maybe you want to install double glazing, perhaps a heat pump and underfloor heating, rewiring, partial or otherwise. You may well find that you could be living in a disruptive, noisy, dusty building site which offers little privacy, for more time that you and your family are able to tolerate. Never assume that two weeks work will take two weeks to complete.

Time, as they say, is money, so the longer the time line of your Doer-Upper project, the more expensive it will be. Trades people will need more hours to complete the work and in doing so, may use more materials. It would also be very unusual for a major refurbishment project not to throw up some unexpected problems or unforeseen extra work, so no matter how well you try to budget, there will always be extra costs along the way.

It is important to do your homework before committing to a major refurbishment project. Firstly, look at some of the online sites which will tell you how much similar properties in the same street or area, which are not in need of renovation, are selling for and depending on when they were sold, add a percentage for market growth. Decide what you want to do to your property and get estimates from contractors and trades people. Add these estimates to the asking price for the property and compare the resulting sum to the value of neighbouring properties, always remembering to add some contingency for creepage in costs which are inevitable. Anyone who planned a construction based project last year will bear witness as to the rise in cost over that period of almost every material required on their project. While you are doing this, look at your own finances and calculate how much you can afford to spend in total. Renovation projects have a tendency to go over budget so you need to keep a tight hold on your purse strings as you go along and work within that budget as much as possible.

Financing a Doer-Upper can be more complicated than for a house in good condition which needs little or no work and therefore has no requirement for extra finance to carry out renovations. Some lenders will give a mortgage based on the current valuation of the property and leave you to borrow by way of a separate loan, the finance for the renovation. Another option may be to arrange for that finance to be rolled into your mortgage on completion of the work. A third possibility is to negotiate a mortgage based on the value of the renovated property, with the finance to purchase the house being released to allow that to go ahead. That would then be followed by additional funds being released as and when aspects of the renovation have been completed. When any subject become more complicated than normal, it is always a good idea to engage with someone who is familiar with the subject. In this case, a conversation with a mortgage adviser or broker could be helpful in picking your way through this particular minefield to access the best financing deal for you. This can be done by going to https://www.localsurveyorsdirect.co.uk/mortgage-advice-broker

Buying a new house or one that has already been renovated or modernised has certain attractions. You can walk straight into it, put your furniture where you want it and get on with the other aspects of your life, although with a new property, snagging can be annoying. The downside of a new or renovated property is that it will be more expensive and therefore attract more in the way of stamp duty. You would also need to accept someone else’s idea of your ideal home.

If you are doing substantial alterations to your property, remember to check whether you need planning permission for any of the work you are doing. Government changes to planning regulations were changed in 2020, allowing homeowners to carry out certain work to their properties under Permitted Development rights, which would mean that planning permission may not be needed. So again, check to see if this would apply to you. Even if you do not require planning permission, you would be required to ensure that any work carried out would be compliant with building regulations and a certificate to confirm that would be required.

With a Doer-Upper, you will undoubtedly face problems from the day you try to get a mortgage which suits your needs to the point where the last builder walks out of your home, but you will get the home you wanted. You will have seen it transformed from an outdated, down at heal property, by way of being a never ending building site, to become the home you and your family always wanted. You will have been able to sit down, possibly with an architect and discuss what you wanted to do with the house.

Did you want to convert the attic to give you a new en-suite master bedroom? Maybe you would have wanted to knock down internal walls and build a rear extension to house a new open plan living area, with bifold doors opening out to a new patio. You will have selected your new kitchen, planned a new bathroom then chosen the décor throughout the property. Having done all that, you will also have substantially increased the value of the property.

Having been through the pain and to ensure that you get the maximum enjoyment from your new home, always ensure that you check the credentials of the contractors you are about to use. Make sure they have the relevant experience, qualifications and insurances and check if they are members of a trade organisation or are on a Competent Persons Register.