Choosing whether to purchase a property for renovation can be a difficult decision to make and there are a number of advantages and disadvantages you should bear in mind when making your choice. Added to this is whether buying an already renovated property will make you more money in the long run than gutting a house and doing it up from scratch.

When renovating a house, the size of your renovation project could be anything from redecorating your home to major structural work. There are major and minor alterations that can be considered. When you renovate your home anything could be altered from the following:

1. modernising old wood or single glazed upvc windows
2. replacement central heating system or upgrade inefficient boiler
3. extension or loft conversion
4. new garage or conservatory
5. renew outdated plumbing
6. electrical rewiring
7. kitchen and bathroom installation
8. changed to property layout
9. new driveway
10. garden design and landscaping

The list goes on and on. If you just want to make the property saleable, you could just see to any faults or repairs needed.

When doing any type of renovation there are always advantages and disadvantages, but the most important factor is your budget. This is essential for ensuring you are in control of the potential profit which you will gain by choosing to renovate. Depending on how much work you want to do will dictate the size of your budget that is required.

Another consideration is who will do the work, as if you are unable or unprepared to undertake the work yourself, labour costs will impact on your budget. The main disadvantage you will come across when doing the work yourself is a time issue. Renovation can not only be a lengthy project but you will end up spending a large proportion of your spare time working on the building project which can create a lot of stress. A further disadvantage you may come across is that if you’re planning on making a major change to your property, mortgage providers may less confident in lending you the money as it could make your property a more risky investment in their eyes.

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