By: Harley Cheetham

With house prices rising at a faster rate than incomes, it is becoming harder than ever for first-time buyers to realise their dreams of homeownership; schemes such as help to buy have provided some support to the market, but getting on the ladder can still be a tall order.

At Blossomfield Mortgages, we are seeing more clients than ever who are buying a 'less than ideal' home with the goal of renovating the property into their dream home; this can be a great strategy to allow buyers to get the house of their dreams at a more affordable cost.

What to look for when buying a house to renovate

Renovation projects come in all shapes and sizes, a property could simply require some re-decoration and new floorcoverings, or it could require significant structural works. It is essential when considering renovating that you take professional advice and instruct adequate surveyors and builders to fully inform you on the extent of the works required.

The Pros of buying to renovate

• The chance to purchase a property that you may not have been able to afford otherwise due to its condition.
  

• The opportunity to design and decorate the property to suit your individual needs and tastes.
  

• Most of those who renovate experience a greater uplift in the property's value than the completed work cost.

The Cons of buying to renovate
 

• Renovation can be very expensive; improvement works often cost tens of thousands.
   
• Old properties can often hide issues that can adversely impact the project and push the cost of your project up significantly.
   
• Renovation projects can be very stressful and time-consuming. Whilst it may be cheaper to do it yourself; you must consider the time this may take and its impact on your quality of life.

Financing your project

At Blossomfield Mortgages, we are experienced in helping clients purchase properties that require renovation, the line between a mortgageable and un-mortgageable property can be a fine one.

One of the most important aspects a lender will consider is whether the property is habitable, the property must have a functional kitchen and bathroom as a minimum requirement.

As this is an area of expertise for us, we can engage with you at the early stages of your property search to ensure that you are not incurring costs and delays pursuing a property that may not be mortgageable; we also have several trusted surveyors who can inspect the condition of the property and ensure that you are aware of any potential issues prior to purchase.