Taking on a fixer-upper – jobs to tackle first

Taking on a fixer-upper - jobs to tackle first

Buying a fixer-upper has multiple benefits. If you buy a house that isn’t in pristine condition, the asking price will probably be much lower, so there’s a golden opportunity to add value and put your stamp on your new home. There are downsides, but being methodical and organised can help you reduce risks and save money. In this guide, we’ve outlined some essential jobs to tackle first.

Wiring and electrics

Outdated wiring and electrical systems can be dangerous. If you’re taking on a project and the property needs rewiring or significant upgrades, it’s best to seek expert advice and address issues as a priority. Contact reputable local companies and get recommendations from people you trust and community social media groups. Get multiple quotes and compare prices. Make sure you understand the scale and type of work required, and ask for a full, written breakdown of costs. Always ensure that contractors have the relevant insurance, permits and licences. Many people like to get stuck in when it comes to DIY jobs, but anything that involves electrics or gas should be left to the professionals.

Roof repairs or replacement

The roof plays a critical role in protecting the property from the elements. If your new home has a damaged roof or there are signs of wear and tear or leaks, contact local roofing firms. It’s important to sort the roof out as quickly as possible to prevent further issues such as leaks and damp patches. It’s worth exploring the option of completely replacing the roof if it’s an old house as you’re likely to need frequent repairs in the coming years.

Windows and doors

Replacing old windows and doors has multiple benefits. New windows and doors are more energy-efficient than older examples, which will save you money on energy bills, and they can also look stylish and smart. Modern windows and doors offer enhanced security and privacy, and they can also boost curb appeal. As well as replacing old or damaged doors and windows, you may also want to consider adding extra windows to maximise natural light. Contact glass suppliers to find out more about features like roof lights, lanterns and skylights. Adding more light will make your rooms look bigger and brighter. It’s beneficial to compare quotes and consider different designs and styles before you decide what to do and which company to choose.

Layout changes

Older houses often have different layouts and floor plans to newer properties. If you’re modernising an old house, you may want to alter the layout to suit your lifestyle and your requirements. It’s common for new homes to have bigger kitchens and open-plan living areas, for example. More traditional properties usually have a larger number of smaller rooms. Knocking down walls can help you maximise usable space and design rooms that are better suited to your family. It’s better to draw up plans during the early stages of the renovation than to modify the layout later.

There are lots of advantages to buying a fixer-upper, but there’s often a lot of work involved. If you’re taking on a large-scale renovation project, focus on priority tasks. Examples include updating the electrics or rewiring the property, replacing windows and doors, repairing the roof and adjusting the layout of your living spaces.

[disclosure*]

How to get into property investment: 3 tips for buy to let beginners

How to get into property investment: 3 tips for buy to let beginners

With inflation at an all-time high, it’s never been a better time to invest your money to avoid it depreciating in value. Investing in property is a great way to ensure that your money is working for you and buying to let is always a fail-safe option.

For anyone looking to get into the buy to let property market, there are plenty of ways to do it and lots of benefits to enjoy along the way. Consider this your guide on how to get into property investment.

What is a buy to let investment?

Put simply, a buy to let allows the buyer to rent out their property instead of live in it themselves. They essentially buy a property and become the landlord of whoever moves in. It’s the only legal way to do it, as UK laws dictate that you can’t rent out your property unless you have this specific kind of mortgage.

However, before you invest your money, you need to select the right kind of buy to let mortgage. With so many available, choose carefully, consider your options and seek a professional advisor if you’re feeling unsure.

How to get into the property market

With lots of homes available to buy, there are plenty of opportunities to secure an investment and rent it out. In fact, a recent survey conducted in the UK showed that the UK needs 230,000 new rentals per year to handle the growing number of renters.

The greatest advantage of buying to let is, of course, the regular income that it provides you. Not only that, but your tenants’ rent should also cover the cost of any renovations or repairs that need to be done.

You may also want to consider the option of renting a House of Multiple Occupancy. This way, you can receive a sum of up to three times higher than if you were to rent the whole property on one agreement. Make sure to check all the rules and regulations around an HMO as different councils have different rules and you’ll need to obtain a licence to do it.

 What to look out for along the way

There are plenty of things to consider when investing in a buy to let. First, calculate what your capital growth is going to be, including what you need to do to add value to the property should you wish to sell it later on down the line.

When looking for a potential property, location and size is key. Depending on what your money can buy, think about the kind of renter you’d prefer. Would you favour a family over students? Maybe you’d like to appeal to young professionals or people who just need something handy in the city.

[disclosure*]

4 tips for new home-owners

4 tips for new home-owners

Congratulations, new home-owners! You’ve finally got your dream home, and now all that’s left to do is to move in. This is a very exciting time in your life, but it can also be overwhelming and stressful as well. So many tasks will be vying for your attention, it can be easy to let things slip through the cracks. But don’t worry! Below, we’ve compiled a few things that you might not have thought were on your to-do list: we’ve thought about it, so you don’t have to.

Speak to your insurance company

Make sure your insurance policy is up to date on the day that you move in! Finding a trustworthy insurance company can make all the difference when purchasing a new house. In the flurry of all the other things you had to take care of during the move, dealing with insurance paperwork is likely not your priority.

It may be a little bit stressful, but it’s always better to be safe than sorry, and that’s what home insurance is for. Accidents always happen when you least expect them, and you don’t want to get caught off guard. Speak to your insurance company before your move in date.

Invest in good furniture

This is the freshest start you will ever get with this house, and you should start this stage of home-ownership on the right foot. Depending on your circumstances, you may need to buy furniture. Good furniture is an investment, one that’s more likely to pay off in the long run than the immediate future. Quality pieces like bedroom furniture are well worth the money, as they can last a lifetime if taken care of properly.

Check all the appliances

Before you officially move in, you should take stock of what appliances your new home will come with, and which ones you’ll need to install on your own. By making an inventory list ahead of time, you can really get on top of things so as to ease your moving experience.

You’ll want to start with the big ticket items like the fridge-freezer, stove or washer-dryer.

Don’t forget to take measurements to ensure that any appliances you buy will fit into the space that you have. Once everything is installed, check that they’re all functioning properly. You should inspect and service your appliances every once in a while to maintain their good working order.

As a new home-owner, it can be tempting to go all out with renovations in your new home, but be careful not to bite off more than you can chew!

Deep clean your home

Before you bring all your moving boxes into your new home, you should take advantage of the sparseness of the house to do a deep clean of the entire property. Not only is it hygienic, it can also be a great way to get to know every nook and cranny of the house. Whether you clean the house yourself or you decide to hire a cleaning service, it is good to spiritually cleanse the house of its previous owners and prepare the space to be inhabited by you. Vacuum, mop and polish the floors, scrub the kitchen areas, disinfect the shower, bath and toilet and deep clean the carpets and rugs (professionally, if necessary). If handing over the work to a third party is your preferable option, click here for more info. There’s nothing like the feel of moving into a sparkling new home, so roll up your sleeves and get to work.

Happy moving day!

Buying your first home is a big deal, and you should treat it like one. Now that you’re a home-owner, you’ll be in charge of handling household maintenance and all the other things that, previously, were the responsibility of your landlords. These tips are only a few of the many things that will be on your to-do list for the big day, so it’s a good idea to keep a physical checklist of things to accomplish so that you can stay organised. Remember to enjoy this experience, and don’t let the stress of the move make you forget what an exciting time this is!

[disclosure*]

Why investing in a fixer-upper isn’t a terrible idea

Why investing in a fixer-upper isn't a terrible ideacredit

If you’re in the process of buying a new house then you may be wondering which type of home is best for you to purchase. Sure, you can buy a brand new home that you can put your own personal stamp on but it won’t have the character of an older building. If you like to feel the personality of a home then you may be better off buying a home with a bit of history.

Fixer-uppers may have crossed your mind during your house hunt. A fixer-upper is a home that hasn’t had much love in the recent past and you can get your hands on these for less money than a new house. It’s worth taking a look to see if this is something into which you can put your time, money and energy.

Affordability

One of the most appealing perks of owning a fixer-upper is that they’re usually a lot cheaper than other homes in the same neighbourhood. This is simply due to the amount of work that may need to be carried out before they become liveable again. If, for example, a new home is going to cost you £400,000, a fixer-upper in the same area could cost you half of that amount. They can be picked up at house auctions pretty regularly.

Just remember, you’ll be going in blind a lot of the time with a fixer-upper as a lot of them can’t be viewed beforehand. A fixer-upper may also be classed as a home that has been repossessed, so you could get a pretty good bargain if you look around.

Potential

A fixer-upper has so much potential to become the house you’ve always wanted. If you like the idea of a blank canvas that you can do anything to, then a fixer-upper is definitely for you. When you first look around the home you’ve just purchased you may have a brief idea of what you want particular rooms to look like. When you do a walk through, make notes of the type of layout and decoration you want and what the rooms will become.

You may want to make a note of everything that needs fixing in your new fixer-upper as well. This will give you a rough idea of the costs you’re looking at for repairs. One thing that fixer-uppers can have problems with is the drainage system. If you need to repair or replace this, then take a look at your local pump suppliers.

No other interest

Another great perk of buying a fixer-upper is that you won’t necessarily have ten or twenty other people fighting for the same property. The housing marking can be a crazy place at times and with people all wanting the same house, it can become frustrating. A high percentage of new home buyers will want a house that is ready to move into. This is due to busy lifestyles and not wanting to do much DIY before they can relax and enjoy their new place.

We hope you found this post helpful and that it gave you lots of inspiration as to why a fixer-upper isn’t the most terrible idea in the world. If you have the time to dedicate to this, then it’s definitely worth watching your new house become a home.

[disclosure*]