Buying a House to Renovate: Pros, Cons, and Essential Tips

Buying a house to renovate comes with both pros and cons. Did you know that, according to Property Wire, over 32% of UK homeowners plan to take on major renovation projects next year? 

The allure of a blank canvas and the potential for sweat equity are undeniable. However, before you join the renovation revolution, it’s crucial to understand the pros, cons, and essential tips for navigating the exciting (and sometimes messy) world of fixer-uppers.

This blog will be your guide to buying a house to renovate. We’ll delve into the pros and cons, from the potential for affordability and customisation to the challenges of hidden costs and construction delays. We’ll also equip you with essential tips, like budgeting strategies and finding the right renovation team, as well as how self storage can play a crucial role in home renovations.

Pros of buying a house to renovate

There are a range of benefits to renovating your home, starting with the financial benefits. Renovating a property can increase the value of your home and provide a return on investment. Plus, homes that require renovation usually come at a lower purchase price compared to move-in-ready homes.

However, during renovations, you might find yourself needing a temporary place for some of your belongings. This is where self storage comes in handy. Renting a storage unit allows you to safely store furniture, appliances, and other possessions that would be in the way of construction. This frees up space in your home for the renovation crew to work efficiently, minimising disruption to your project timeline. 

Here’s how self storage can benefit your renovation project:

• Frees up space: By removing furniture and belongings from the renovation zone, you create a clear workspace for contractors.
• Protects your possessions: Store your belongings in a secure, climate-controlled unit to safeguard them from dust, debris, and potential damage during construction.
• Flexibility: Choose a storage unit size that fits your needs and adjust it as your renovation progresses.
• Peace of mind: Knowing your belongings are safe allows you to focus on the renovation project with peace of mind.

Another benefit of buying a house to renovate is the option to customise your home however you like. Rather than paying more for work someone else has done, you can buy a cheaper home and tailor it to your every need. It also presents a great opportunity to update an older home with modern amenities and technology, increasing the value of your home.

Purchasing a house to renovate can also be a good opportunity to access neighbourhoods that might be out of your budget. Purchase the home at a lower rate and renovate it yourself. Plus, it is a good way to find a home with historical charm or character. 

Cons of buying a house to renovate 

One of the disadvantages of a fixer-upper home is unexpected costs. Any issues that may arise during renovation, such as structural problems or outdated systems, can lead to some unforeseen expenditures. In fact, according to Luxe, 69% of construction projects go over budget by at least 10%. The tendency for renovation projects to exceed their initial budget estimates is fairly commonplace in the renovation industry.

Another reason renovating a home might not be the right decision for you is the time and commitment that are required. Home renovations can take months or even years to complete. Plus, your commitment to decision-making throughout the renovation process and being on hand can be a huge time restraint that you might not have time for.

It can also be quite stressful to live in an ongoing construction zone, which can make living conditions difficult. It is important to ensure you have somewhere in the meantime where you and your family can stay. It is also worth noting that there could be fluctuations in real estate marketing, which could affect the resale value. 

Home renovation tips

Now that we’ve discussed some of the pros and cons of renovating a house, let’s discuss some of our essential home renovation tips to get you started.

Research and planning

One of the most important home renovation tips is obtaining or creating floor plans and blueprints for the existing structure. This will be crucial for planning renovations. This allows you to visualise potential layouts and discuss changes with contractors or architects.

Collect inspiration for your dream home! Pinterest boards, design magazines, and online resources are great places to find ideas for kitchens, bathrooms, flooring, and overall aesthetics.

Budgeting

It is so important to budget when renovating. Create a comprehensive budget that includes contingencies for unexpected costs and explore different financing options, such as renovation loans or mortgages. 

Utilise self storage 

Another home renovation tip is utilising self storage. It can keep your belongings safe and secure. This prevents them from being damaged by dust, debris, or accidental impacts on-site. 

Using self storage to temporarily move non-essential items off-site can keep the renovation area clear and organised. This makes it easier for contractors to work efficiently and safely. 

Self storage offers a convenient place to store building materials and tools when not in use. This helps protect these items from weather damage and theft, ensuring they are ready when you need them. 

One of the main advantages of self storage is its flexibility. You can choose short-term or long-term storage options based on your renovation timeline, adjusting your storage needs as the project progresses.

Assembling a team

Find reliable contractors, architects, and designers, and decide what tasks you can handle yourself versus hiring professionals.  

Always ask for references and check online reviews before hiring any professional. Talk to past clients about their experience and satisfaction. 

Find a team that aligns with your communication style. Do you prefer detailed email updates or regular phone calls? Renovations can take a long time, so make sure you build a good relationship with your team.

Permits and regulations

Ensure compliance with local building codes and permit requirements, and if applicable, understand restrictions related to historic properties. 

It is crucial to research zoning restrictions in your area because these may dictate things like allowable additions or exterior modifications.

If your property is part of a Homeowners Association, ensure your renovations comply with their community guidelines.

Project management

Set realistic timelines and milestones for your renovation project, and conduct regular site visits and meetings with your renovation team to make sure everything is on track.

Buying a house to renovate is a big decision. Weigh the pros and cons carefully, and plan thoroughly to ensure a successful project. Remember, with meticulous research, a realistic budget, a reliable team, and self storage, you can transform a house into your dream home.

Contact us today or get a quote to start storing your belongings with us while you start your home renovations.