3 Reasons to Buy a Dilapidated Property
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When you go property hunting, you’ll probably have a few necessities on your list; things like a modern kitchen, a chic bathroom and enough bedrooms for everyone. You probably won’t be looking for a dilapidated property with half a roof, tumble down walls and smashed windows!
But properties that have fallen into a state of disrepair can surprise you. If you’re willing to look past the state they are in and open your mind, there’s a lot you can do and a general contractor is often all you need to discover your dream property.
So, here’s why you should buy a dilapidated property.
Grab a Bargain
A fixer-upper property is always going to be much cheaper because it needs a lot of work. The biggest risk when buying a fixer-upper property is that it isn’t structurally sound. Rebuilding a property to make sure it stands up can be expensive and if you aren’t prepared for the cost, could work out more than buying a house that’s ready to move in to.
However, if you are smart with your offer and you take into account the cost of all the works that need doing, you could nab a bargain. Some people even make a living out of buying properties that need significant work and flipping them by adding value and making a profit on renovations. It has to be said, though, that these people are often builders themselves.
Find the Perfect Area
A great reason to buy a dilapidated house is that it is in the perfect location. The location is always the most difficult part of a house hunt because popular areas mean higher house prices and more competition. By choosing a dilapidated house, you might be in for a lot of work but you are much more likely to get an offer accepted and be able to live in your dream location for less.
When the location is the most important factor, other things on your house-hunting list such as curb appeal and fixtures and fittings might have to wait. The good news is that when you renovate or rebuild, you can design all these things in yourself.
Make the Most of the Land
One last good reason to buy a dilapidated property isn’t the property at all – it’s the land it’s sitting on. While knocking down the existing building and building a new house might sound radical, if you have the funds, this might be a great way to find the right plot for your dream home.
There are lots of advantages to building your own house. For a start, you get to completely customize your space so that it works perfectly for you. You can also insist upon much more eco-friendly materials, greater energy efficiency and have the joy of knowing you created something.
Dilapidated properties might not have curb appeal, or even have the basic requirements for a home. But, with a bit of imagination and determination, they could be just the thing you were looking for.
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