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House worth vs renovation costs: Mortgage expert shares advice for buying a ‘fixer upper’

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Property prices have hit record highs which means buying the home of your dreams could no longer be an option. But what if you could create the house of your dreams? Buying a “fixer upper” or a home that needs updating is a great way to add your stamp to a property’s shell.

You can add the asking price for the house and the cost of the work together to work out the maximum you’re willing to offer.

Don’t get your heart set on things

Mr Mugleston said if you’re renovating it’s best not to get your heart set on designs and materials as you could end up being disappointed.

He explained that being open to new ideas is the only way you may end up happy with the new result while staying within your budget.

Consider a full building survey

A homebuyers report may be the cheaper option, but it may not pick up structural problems that could cost you hundreds of thousands later on down the line.

Painting, tiling and gardening are all aspects that can be done yourself if you watch tutorials.

Have a back-up plan for if you go over budget

Almost half of renovations go over budget, according to Mr Mugleston.

You need to have a plan B in place in case you do go over budget.

If you run low on funds, make the property habitable and ask yourself whether you can compromise on certain things that aren’t a priority, he said.



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