As a first or second time buyer, it’s likely that you’ll be looking for a home that stays well within your budget. It’s hard to come up with the money for a deposit as they usually need to be at least £10,000, and that’s only outside of the major cities! So it’s a hard reality to face that you might not find your perfect home for the budget you have available, but this really isn’t the end of the world. All you need to do is find somewhere that needs a bit of renovation work, and eventually you’ll see the bright side of the situation. So what makes a property “project” so worthwhile? Here are a few reasons:
Spend less from the offset
You might be able to find the perfect property for £200K, but what if you could find something that needs a bit of work for £175K? This could actually make a massive difference to the time it takes to get a deposit together, and you’ll be paying less in your monthly repayments. As long as your new home is sound enough to live in, you should be able to cope in the coming months and years. A dodgy coloured bathroom suite might be a bit of an assault on your eyes, but think of its purpose first before you worry too much about how everything looks; it can be changed in time.
Have space for the future
For growing families, space is one of the biggest problems. If you’re buying as a couple and expect to have a child or two in the near future, why don’t you look for a place that has potential for more bedrooms? Attics are popular for loft conversions London, so this is something to consider when you’re looking at potential properties. Some homes also have massive bedrooms which could be divided up into small spaces to accommodate an extra room for a young child. In some areas, an extension might also be a feasible option.
Sell on for profit
Making positive changes to a tired home can bring you success in a monetary fashion as well. Extra bedrooms are more likely to appeal to families who want a room each for their children. A modern and updated bathroom and kitchen will be instant “wow” factors for people looking around. It’s good to keep in mind what the average buyer will like when you’re doing your decorating, as it could help you to sell your property for a higher price than you originally bought it at. Neutral colour themes and sensible planning will help you to reach this goal.
Get more funds for your perfect place
If you do manage to sell your property on for a profit, you will be able to put more in your pot for your next home. This means you might be able to buy somewhere in a more desirable area, or even just something with a bigger footprint than the first property. Try and think about the future as well as the now when you’re looking for your home.