How to go about finding a renovation project / fixer-upper / remodelling opportunity will always be a challenge. The housing market is a complicated and relatively secretive sector at the best of times and now you’re on the hunt for a property that has to tick more boxes than usual.
Is it in the right area? Is it enough work? Not enough work? Will the renovations be within your budget? Can it be your dream home or investment opportunity?
The demand for these properties varies massively depending on a range of factors. You will often find that when housing stock is limited more people are willing to do the work. Conversely, difficult economic periods can also drive people to fixer-uppers if they can’t afford their ideal property in a ‘finished’ state.
Where to look?
So, where to begin? There are a huge range of options when looking to find a property, from the obvious to the rather obscure.
1. Set up alerts with online search engines
Have the online search engines do some of the legwork for you. Whilst there really is no replacement for hunting around yourself, setting up some criteria online can help you be the first in the know when something that fits the bill comes online. Be generous with your search area and other filter options however, as the house you’ve been looking for might not ‘technically’ fit the bill with number of bedrooms / bathrooms / garden size, but could be adapted to work perfectly. That’s why we are renovating, after all!
2. Make friends with the estate agents
Particularly in rural areas, many farmers and landowners will have specific agents that they know well and these are the people in the know. Getting into a friendly rapport and making sure you are on their list can help make sure you don’t miss out.
Sometimes this even includes properties not listed with themselves, but perhaps going to auction or being sold elsewhere. It’s worth adding that estate agents love an organised client – if you can show up front that you will be ready to move quickly when the time is right and you are realistic about your options, they will really appreciate it later on. These guys want a smooth deal as much as the next person!
3. Keep an eye on auctions
This might be just the place to find somewhere that perhaps isn’t particularly ‘marketable’. It could be a run-down barn, a closed pub or a parcel of land. You tend to get a few weeks warning and an opportunity to view the property before the sale day, but this visit date often won’t be negotiable.
Do your research, speak to one of those friendly estate agents you now know well and get your financial ducks in a row. You don’t want to get carried away and eat into your renovation budget. It has to be financially viable to work in the long run!
The more obscure routes…
For those of you who have been looking for a while, there are many other, less conventional, ways of looking for a doer-upper. If you have a relatively small search area, then driving around and looking for properties that look empty can really work. In rural villages, if you really look, there are often more opportunities than you think.
Look through private ads and local noticeboards, keep an eye out for empty pubs and commercial spaces (although this will require change of use applications). Check ‘at risk’ registers with heritage associations, you can even ask utility companies for lists of empty properties they own.
Above all, the hardest and most important point is to be patient, keep looking and have an open mind. The right property might not be the one you planned for.
Is it the right one?
So you think you’ve found ‘the one’? But does it make sense for you?
You have probably already considered the main points about does it work for your household or investment plans, but what about the practicality of running a renovation?
Beyond the overall budget consideration, there are a number of points that easily get lost or underestimated time after time:
There is something about a property decision that so desperately want to be made with your heart, rather than your head. I’m not here to ruin that, because it is so important to love your project, it could take years and you need to fall in love with it again and again. It will help hugely in the hard times.
But (there’s always a ‘but’), it has to add up financially and it has to work logistically. If you’re on a tight turnaround take a friend with experience, or a builder, along to a viewing and then sit with your spreadsheet at home and do your best to figure out the potential.
So what next?
Hopefully this is where you have a straightforward conveyancing and get to pick up the keys to the next chapter of your life! That means it is also time to get yourself organised and make a plan.
Join us here as we share our lessons learnt, handy resources and guides to working through a DIY renovation. We can help smooth your journey and set yourself up for a more enjoyable journey and a beautiful home that makes your life better in the long run.
