Why buying a doer upper can pay off and how to do it successfully

Doer uppers are generally much cheaper than their ready-to-move into counterparts, so you can often get a real bargain, enabling you to buy bigger and in a better area.

This makes buying one a great option for first-time buyers, people who desperately want to live in an area where homes are usually out of their budget, investors and those looking for a home they can make their own.

The latter is another great reason to go for a doer upper as it offers the ability for you to transform it into a space that works perfectly for you.

Buying a home that needs renovating allows you to put your own stamp on the property and customise it to suit your exact tastes and needs, creating a home that’s truly yours.

There is also the potential to make money on a renovation project and increase the value of the building by renovating it well and within a sensible budget, which will give you a good return on your investment if you sell in the future.

So, if you have the time and funds to take on a transformation project, it’s definitely something I would recommend.

There are, of course, some considerations. When you buy a home that needs a lot of work, there are several things to consider, including the cost of the property, its condition and its location.

Cost-wise, you need to determine how much the property is being marketed for compared to nearby homes that are ready to move into and then work out the amount you’ll need to spend to transform the property into a great space.

Do the two figures add up to an amount that means you’d still make money if you had to sell the property the day after you finished the renovations?

Will the total cost fall within the area’s ceiling price? If not, you either need to reconsider your renovation budget or be comfortable with the fact that you’re likely to spend more than the property will be worth when it’s finished.

Think about the condition of the home too, and make sure you consider every piece of work that needs doing.

Have a detailed survey done to determine if there are any big structural issues that might cause costly surprises down the line, and work out how much they will cost to rectify.

Take into account the amount of your time that the renovation will require too, as that is often something people forget.

Renovation projects take a lot of project management and hard work, so make sure you have enough time and energy to devote to it.

Finally, consider the location of the property. If it’s in a sought-after area and on the market for a good price, you will have plenty of headroom when it comes to your renovation budget.

This should ensure you will be able to buy in a brilliant area and create a fantastic home for less than it would cost you to buy a house that’s already been renovated. Being in a good location will also help you get a higher resale cost in the future.

So, now how to transform a house successfully. My top tip here would be to create detailed plans and work with a great architect to design a space that you’re really happy with.

Then hire professionals to do all major works, like building, electrics, roofing and plumbing. Cutting corners never produces the best result, so work with professionals to renovate to a high standard.

On the flip side, think about the work you could do yourself to save some money. This is generally decorating and gardening.

Kitchens and bathrooms are the big-ticket rooms that really make a home, so invest in these areas. Think about energy efficiency too and incorporate eco-features into your plan to ensure you create a warm, environmentally-friendly home that’s fit for the future and will use minimal energy to heat.

Finally, think about the kerb appeal of the property and make sure the outside is renovated to a high standard. This will make it feel like home every time you arrive and increase its value.

Do all these things right and you will be able to create a beautiful home for less money than it would cost to buy one that’s already been done.