Buying To Renovate: My Ultimate Dream?

As regular readers of my blog will know, I’m a DIY enthusiast. I love the little upgrades you can make around the house that give it more personality. Nothing beats the feeling of achievement you can get from creating a unique piece. So, for me, the ultimate DIY dream is to buy an old and rundown house and turn it into a dream home.

 

Now, I’m some way off getting into a financial position to do it, but that hasn’t stopped me finding out everything I need to know. And, as it’s only a lottery win away, I figure it’s best to be well prepared!

 

So here are my plans for building a dream home. Maybe putting them out there will somehow turn them from an idea into a reality. Take a read and let me know what you think!

Buying To Renovate - My Ultimate Dream

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Finding your budget

 

I guess that because I’m a lover of getting the best deal possible, it makes sense that I’m interested in buying a ‘fixer upper’. They cost less on the housing market, for starters. As long as you budget correctly for the renovation, you can still come in significantly lower than you would if you bought a home in perfect condition.

 

But – it won’t be easy. When you are renovating your home, you have to budget for every single piece of wood and plasterboard, bolt and nut. That’s a lot of pressure, and something you have to plan for.

 

Finding a mortgage

 

When you are buying a house to renovate, it seems that traditional mortgages are hard to find. Banks and lenders see renovations as more of a risk – especially when you have no experience of doing it before. So, when the time comes, I’m going to have to think carefully about where I can find a loan. Because, unfortunately, the chances are, I won’t have the whole amount needed in my savings account.

 

However, this is where financial specialists come in handy. An impartial mortgage advisor like this one will help you find the best loan for your needs, whether you are buying new or planning to renovate. It’s another thing to plan for in your budget, but you might need it to turn your plan into a reality.

 

Finding the time

 

In my head, I’ll have no other work to do, and a year to complete the renovation and move in. Of course, it’s not going to be like that. The renovation can take a long time, and it’s more than likely I’m going to need to plan my time wisely.

 

Work and family commitments are going to be a huge issue, so it’s probably a good idea to have someone else on hand that can help you manage the project. Without proper management, things are likely to get messy, and the time it takes to complete will be much longer.

 

Finding your team

 

Not only will I need help to manage the project, but I’ll also need to find a team. It’s going to take a lot of research to find the right guys for the job, from the architect all the way down to the builders and labourers.

 

At this point, I’m going to have to leave them to it, and I guess I’ll be chief tea maker. But, as long as I have checked all their references and have been in touch with their previous customers, I’ll be happy to unleash them onto my project. And, with any luck, be a lot less stressed about it!

 

Have you completed a major renovation? I’d love to hear some tips if you have. Let me know in the comments section, and, you never know: perhaps I’ll start turning my dreams into reality!

 

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