Property Development How to Find a House to Restore

Date Published:

04/06/2008

Ever driven past a tumbledown barn or neglected plot of land and thought you could turn it into the home of your dreams? Andrew Winter tells you how to do it.

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Introduction

While some of us prefer our new homes to be spotless and perfectly finished, others are prepared to live for months in one room while the house of their dreams takes shape all around them. Choosing a home that's fallen into disrepair not only presents an unmissable opportunity to personalise the space, but often provides a host of unusual features to work with, too. Put these two elements together and the result can be a truly unique home.

But how can you nab the place in the first instance? Well, steel yourself for a convoluted round of investigative work, sweet-talking and lateral thinking. Although the path to creating your perfect pad from a run-down wreck is unlikely to be a smooth one, you'll be doing us all a favour - derelict properties and abandoned land are a huge waste of resources and the Government is committed to regenerating urban sites, including vacant commercial property, to minimise greenfield development. According to Government stats, there are around 750,000 empty properties out there, so do some detective work and you could pick up your own little pile of potential.

Andrew's essential tips

Is the price right? Do your sums, so you know that once you've bought the place and renovated it to palatial standards, it won't have cost more than it's worth. Check out the selling prices of houses in the area by searching on the internet or asking the advice of the local agents.

Life on the self-build scene

Whether you buy a derelict house that's only good for pulling down, or have found a plot of land to build on, you'll need to understand the world of self-building inside and out. Buildstore (0870 870 9991) is a great source of information on everything from financing the build to perfecting the design and choosing the right materials. Or pick up a copy of Grand Designs magazine, which is packed with useful info and contacts.

Don't stall before you start

As soon as you feel you're getting close to finding the ideal spot, you'll need to make sure you're well prepared. Arrange a mortgage in principle, line up a solicitor to deal with the legal side, and surveyors and builders to assess the condition of the property. Also, put aside a buffer of funds to cover the inevitable unexpected costs.

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