If you’re thinking of buying a property in Isle of Wight, you may be wondering whether it’s worthwhile to buy a home in need of renovation. It’s certainly true that you may be able to snap up a bargain by opting for a fixer-upper, but it isn’t the right course of action for everyone. While a fixer-upper could be a great investment, if you fail to accurately estimate the overall costs, you could find that your money-saver has turned into a money-pit.

If you’re wondering, “Should I invest in a house that needs some significant work?” there are several factors to bear in mind before you make a final decision. As experts in the Isle of Wight property market, our team at Marvins have some top advice to help you make the right choice to suit your circumstances.

Consider The Advantages of a Fixer-Upper

Two major advantages come with opting to purchase a property in need of work over a home that’s ready to move straight into. Cost is the biggest benefit. Potential homeowners can buy a property that they wouldn’t otherwise have been able to afford if they go for a fixer-upper.

When a large amount of work has to be carried out to bring the property up to a liveable standard, it’s almost guaranteed that the asking price will be much lower than its potential market value. If you’re a first-time buyer who wants to get onto the property ladder, this could be a great opportunity for you. And, if you can find a low-priced fixer-upper in a popular neighbourhood, you can double your advantages.

Properties in the most desirable areas in Isle of Wight typically come with high price tags, but with a discounted property needing renovation, you can achieve your dream of living in an expensive neighbourhood at a price you can afford.

Weigh Up The Disadvantages of a Fixer-Upper

Two major disadvantages come with opting for a fixer-upper. The biggest potential problem comes in the form of overspending. Many people who go for a renovation project fail to budget accurately for all the costs involved.

Even if the initial purchase price appears low, you must take into account all of the renovations and repairs that have to be carried out to make the property liveable again.

With re-plastering, plumbing, re-wiring, and resolving issues like dampness, you could add a significant sum to your overall costs. Then, of course, there’s the extra cost of painting and decorating, flooring, and furnishings to take into account. In many cases, renovation projects go over budget, which can lead to a poor-quality outcome or, even worse, a project that gets abandoned before completion.

It’s essential to get accurate quotes from professionals before embarking on any renovation project and to make sure that you are able to set aside a minimum of 10% extra on top of your estimated budget to cover any unforeseen expenses.

Bear in mind, too, that you may have to find a temporary accommodation solution if the property cannot be lived in while the renovation work is carried out. You may be able to stay with relatives or friends, but this can prove to be stressful, or you may need to pay for a rental property in the short-term.

If you’re paying a mortgage on your fixer-upper, you may not have sufficient funds to cover a monthly rent too, especially if you need to pay a loan to cover the essential renovation works. Even if you’re able to live in the property, there may be extra costs due to being unable to use some of the home’s amenities. For example, you may need to eat takeaway food if the kitchen is under renovation.

Is A Fixer-Upper Right For Me?

There are clearly pros and cons that come with buying a property in need of renovation in Isle of Wight, but the final decision about whether you should make the investment is really down to you.

If you have sufficient time and money to spend on renovating a property and are prepared to put up with some stress and discomfort to achieve your goal of living in your dream home, it could be the ideal choice for you.

On the other hand, if you lack the finances, patience, and skill to turn an uninhabitable property into the perfect home, you may be better off checking our website http://www.marvins.co.uk to find suitable alternatives in the Isle of Wight area that are ready to move right into!

Get in touch with the Marvins team today on 01983 292114, and we’ll work with you to find the ideal property to suit your circumstances.