Fix Up, Look Sharp! Why a Fixer Upper Property Might Be Just the (Golden) Ticket.

Buying a Property in Need of Renovation? Here’s Our Guide to Making a Fixer Upper Property Work for You.

Reservations about renovations fixer upper property? Buying a property in need of renovation might not be quite as romantic and fun filled as they make it seem on ‘Escape to the Chateau’. However, a fixer upper property can still be a great investment and a very rewarding experience. If your concerns are rooted in the idea of purchasing property during a pandemic (try saying that five times fast), now could be the perfect time to peruse the renovators. Here’s our guide to making a fixer upper property work for you and what considerations to take on board first.

Ain’t about the price tag (it is)

If you’re worried about your budget (who isn’t), properties that are in need of work will be priced a lot lower than those swanky pants glossy abodes decked head to toe in subway tiling and painted hardwood flooring. You can then spread the cost of the renovations over many months at your leisure, without forking out a lump sum for somebody else’s style palette. What’s more, a lower price tag means you may be able to afford to buy in a certain (posho) neighbourhood that you might not have been able to otherwise. We recommend assembling a few quotes from local contractors first, to see just how much you’ll be paying for renovations.

llustration of women fixing up a property.

Don’t keep me hanging on the renovation loan

Which brings us to our next point: renovation loans. Yes they exist, and yes even in a pandemic. Some loan programmes allow you to borrow cash based on the proposed improved value of the property, which is rather handy and will save you money. There is, of course, a whole load of paperwork involved, including the ‘renovation verification process’ and loan amounts will vary depending upon factors like your down payment amount. It’s worth the snore fest though, believe us. Have a chat with a mortgage broker (or two) for some free advice about how to find the best loan for your specific situation. Or give us a call! We love chatting shop. Especially when it comes to buying a fixer upper property.

Don’t touch what you can’t afford

Unless you’re touching up your home, that is. Once you’ve completed your ultimate gaff re-do, you should find that you have fast tracked your way into a quick increase in equity. Ding ding ding! Then your home becomes like a plush carpeted savings account, storing the equity in its fibres until you decide to sell. Once sold, you’ll reap the rewards in cold hard cash. The most sure fire way to get that sweet, sweet ROI? Snazzed up kitchens and bathrooms, glossed up front doorways and adding extra space to the building. Think metro tiling and extensions, baby.

A photo of a kitchen in an old property in need of renovation.

Go your own waaaay

If you don’t mind getting a little hands on yourself, you can save a lot of money by purchasing a home that needs a bit of TLC and going all DIY. While you might not have the Grand Designs theme tune underscoring your projects, you can still enjoy starring in your very own fixer upper property show (without a worried looking Kevin McCloud following you round with ever heightening eyebrows). You might also learn some new tricks of the trade along the way. What’s more, you’ll have free reign to create the house of your dreams, not someone else’s.

Baby are you flexible?

You certainly will be with your own do-er upper project. Why’s that? I hear you muffle through your standard issue COVID face mask… Well, time-wise the world is your oyster as you can decide to complete all renovations before you move in for a smooth move. Or you could spread the cost over a longer period of time and enjoy the process of slowly watching your project transform into a dream home whilst you live there. You can decide what works best for you and your grand plans for that helter skelter slide-replacing-the stairs idea.

As mentioned earlier, we love talking all things property! So don’t hesitate to get in touch with any one of us here at Davies & Davies for some professional advice, before launching head first into a fixer upper property purchase. All things considered we think it’s an excellent time to invest, and really see the value in buying a property in need of renovation to fix up. Take a look here at our rather gorgeous homes for sale, or for more info first just give us a shout on the contact details below.

Contact us:

alex@daviesdavies.co.uk – Lettings Director (contact for lettings and property management)

mark@daviesdavies.co.uk – Sales Director (contact for sales, new homes and chartered surveying)

020 7272 0986

Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG

Article & images by Barefaced Studios

Back to Useful Guides & Insights
A illustration of a lady who is buying a property alone, standing next to a Davies & Davies sold sign which is outside her new home.
Going It Alone. How To Buy a Property as a Single Person.

Hey there Hans Solo, we’re proud of you. Buying a property alone is no mean feat, and we should know. But it will be incredibly rewarding, particularly if you decide to take our sage advice. No, we’re not suggesting you whip out some actual sage and start burning a hole in the curtains. Thanks to our old chum, Covid, the market has been somewhat quashed – but it won’t be held down. For those of you looking to buy in these times, we proudly raise our hats, readjust our masks and say, you got this. Because the UK property market is coming out the other side of the corona tunnel, and you are too. Read on for our tips, tricks and guidelines to getting on that property ladder without a helping hand.

Read More...
An illustration of a lady and her Surveyor, completing Surveyor's Reports, outside a property, the Surveyor is pointing towards a cracked slate over the window.
A Buyers Guide to The Mystical World of Surveyor’s Reports.

So you’ve secured a property, picket fence and all. Your next step before purchasing said dream abode is to alert your solicitor and instruct an independent surveyor. But there’s no need to be f-f-fwightened oh mighty lion! We’re here to break down the somewhat bewildering array of Surveyor’s Reports for your viewing pleasure, and find out which one is best for you in full technicolour. So skip with us, arm in arm along the North London red brick road towards full surveying report enlightenment (hiding just behind that fetching Dunelm curtain).

Read More...
Illustration of houses with a Davies & Davies sale sign outside it and a family walking past wondering what the Budget 2021 Means for the Property Market.
What the 2021 Budget Means for the Property Sector.

You might have been wondering what Rishi Sunak’s 2021 budget means for the property sector and how it affects you. It’s true to say that the financial stability of the UK has historically mirrored the health of the property sector. Last year the market pretty much came to a standstill for a brief period during the early days of the pandemic. However, the introduction of the stamp duty holiday, and other economic measures brought in, have allowed the sector to more or less bounce back. The new 2021 budget continues on this pathway of sustaining the property market. So what does this mean for first-time buyers, homeowners, landlords, tenants and potential investors? Here’s our summary.

Read More...

Get in Touch

Contact

info@daviesdavies.co.uk

020 7272 0986

Address

85 Stroud Green Road

Finsbury Park

London, N4 3EG

Opening Times

Mon – Thurs: 0845 – 1815
Fri: 0845 – 1800
Sat: 1000 – 1600
Sun: Appointments by request

 

 

Newsletter

* indicates required

By submitting your details you are consenting to Davies & Davies sending you their newsletter. You can request to have your data changed or removed at any time - please see our Privacy Policy.