š· Buying a Run-Down Property in FLINTSHIRE in 2023? This is what you need to know šļø
Got your eye on a property that needs some major TLC? Whether a rental investment or a new home, thereās lots to consider when buying a run-down property.
Finances
First things first, is the property mortgageable? Or is it so run-down that no one will lend you money? If itās the latter, you may have to think of other financing options such as a bridging loan (a short-term loan), cash (if you have the money available), or a joint venture (if you have an investment partner). Keystone can help with this and give you advice on whether it's likely to be mortgageable or not.
And while weāre talking money, before exchanging any contracts, you need to budget, budget, and budget again. A property renovation is costly at the best of times but restoring a dilapidated property can feel like a black hole of endless expense. Make sure you set yourself a sensible budget and have a contingency fund in case of unexpected costs.
Survey
Getting a surveyor to inspect a potential property seems obvious, but when buying a run-down property, youāll need more than a basic condition survey or HomeBuyer report. To be extra safe and to understand exactly what youāre buying, organise a Building Survey. This will examine the structural make-up of the property and make recommendations for repairs and potential costs. Donāt skimp on this stage of the purchase, as a surveyor can uncover issues you werenāt aware of and save you thousands of pounds.
Planning permission
If youāve got plans to extend your doer-upper, be sure to do your research. Some properties are sold with planning permission while some benefit from permitted development. If your purchase has neither, keep in mind that planning is a time-consuming (and expensive) road to travel. This could hold up your renovation dreams, so you need to get the process started as soon as you exchange.
Top tip: Look at neighbouring properties to see what type of extensions have been given permission in the past.
Quotes and professionals
Whether youāre hiring a contractor to manage the renovation or want to project manage yourself, get the right team on board. Meet different builders, ask lots of questions, and make sure you outline exactly what you want done. Heed professional advice, they know what theyāre doing. You may also need an architectās advice and it might be worth speaking to the local planning department for extra information.
To find your dream restoration project speak to us at Keystone and make sure you register for our heads up property alerts by clicking here insuring you don't miss out on that perfect renovation property.