In his new Money Coach column, TV property expert Phil Spencer delves into the key challenges that buyers and sellers face in the housing market. This week, he takes a look at refurbs and renovations, and whether they’re still worth the ever growing cost.
Fixer-uppers don’t just make for compelling TV. They’re also an affordable way to get on the property ladder for the first time, or if you already own a home, to climb several rungs to a larger property.
Properties that need modernisation can be significantly cheaper than comparable homes nearby. Buying one can give you a foothold in a desirable area that you might otherwise not be able to afford. And if you renovate it well, you can make a lovely home for yourself, and potentially a profit when you come to sell.
Shorts
But they also come with a health warning: getting it wrong can be expensive. Never take on a ‘project’ property without first doing your homework thoroughly.
