Buying a property with potential

Renovating can give you the perfect opportunity to start with a blank canvas and put your own personal mark on a property but there are many things to consider when taking the leap of buying a fixer-upper home. 

Find and assess your property 

When starting your property search, make sure you have a budget in mind and keep money back for renovating,  

There’s always the chance of uncovering some unknown issues, especially with an older property so pay attention to the Home Report and make sure you get a surveyor to assess the structural condition of the home. Make sure you bring a checklist of the most common problems found in old properties (such as rewiring, cracks, no heating, etc.). 

James Armstrong, Property Manager at DMD Law Estate Agents, says: “My first flat at Greyfriars was an ex-rental and I had the pleasure of removing three layers of wood chip!  I think it is really rewarding to renovate a property and it lets you choose everything to your liking. 

“The cons of buying a property to renovate are probably that properties that have been neglected are more likely to have underlying issues such as timber defects, particularly when there has been no central heating.  looking at it from that perspective, you need to inspect them carefully before buying.   

“The other downside is that renovating a property costs time and money, so it only really suits people with a decent renovation budget or people who probably don’t work a 70-hour week. It is also much easier to take on a project before you have children but I suppose that is pretty obvious!” 

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Have realistic expectations 

There’s no point torturing yourself by looking at houses or flats that are out of your price range. Set a strict budget and don’t forget to calculate moving costs, LBTT, legal fees and a contingency budget too. The good thing about buying a fixer-upper property is that it will probably be cheap to buy but make sure you calculate how much it will cost to renovate it. 

The process of designing 

Once you have bought your house or flat, where do you start with turning it into your dream home?  It is worth deciding what the property’s best assets are (perhaps its large kitchen, the view, period features like original fireplaces, and window shutters. But don’t forget that certain hidden problems might only present themselves once you begin work on the property. 

If you are extending or carrying out major structural work, you should consider bringing an architect or designer on board to advise. If your neighbours have a similar style of house, you can check out what kind of projects they have carried out to determine what works and what doesn’t. 

Try everything first  

Lianne Brunton bought her three-bedroom tenement flat in Edinburgh in 2019 and she has redone the property from scratch.  

“I was originally looking for a two-bed flat. The flat at the moment is a three-bed and it was in a bad way when I bought it,” she says. “I had to buy it for £20,000 less than I got a two-bed flat for but I did it up the way I wanted.” 

Lianne used YouTube to teach herself to tile and do panelling in her hallway and advises others to give it a go: “I had never renovated before but I always been keen to learn new skills – I grew up on a farm so always got stuck in and was willing to try new things. 

“Try something first – you might do it and find it’s easy. I taught myself to tile in lockdown on YouTube and I did the panelling in the hallway myself. If I do a little bit every so often it is easy to do.” 

Don't change everything right away 

You have to live in a property to know what you want it to be like. Lianne started her renovation with the kitchen. She says: “It was grotty. It was a lowered ceiling and the room had been split into two. I wouldn’t have bought it if that wall couldn’t come down as I wanted a big kitchen.” 

Lianne’s flat has two bathrooms: a small cloakroom one with a toilet and sink and a bigger one which originally only had a bath and sink. She began by adding a toilet to the main bathroom and then renovated the smaller bathroom and gave it a new sink. 

“I have not had to do much to my bedroom but I gave the one I rent out a good coat of paint and sanded everything,” Lianne says. “I have not touched the living room so it’s my next project. There's a fireplace I want to lift up and a lowered ceiling.” 

Lianne says she gets her inspiration from Pinterest and looking at ESPC properties for sale and screenshotting her favourite parts. She adds: “Since I am from a farm I have gone down the country route. I get Farrow & Ball colours colour matched at Johnsons. The bathroom has no windows and colours can look different in no natural light.” 

Get multiple quotes 

Lianne advises renovators to get a variety of quotes on the price of different renovation projects: “You should get multiple quotes – don’t just take the first one. Being a young female, some people take advantage and quote a higher figure.  

“Try to use trusted people. I am a member of the Edinburgh Gossip Girl Facebook page and people ask for recommendations there and I've used those people who are highly reviewed. 

“I was lucky to have nice neighbours – I work away from home so I had to trust tradesmen.” 

Make a checklist 

Create a list of everything you have to do and buy before you begin your renovation project. Consider what are must-have and the things you would like but are willing to compromise on. 

“Plan what you need to do before you start. Write a list for everything in order of how you will do it,” says Lianne.   

Learn to save and shop around 

Renovating doesn’t have to break the bank. Lianne has saved money on a lot of the stuff she bought for her flat by shopping around and using Gumtree and sales.  

She adds: “I bought all of the bathroom stuff in January sales but I have not scrimped on quality and managed to find some bargains. 

“I sold so much stuff on Gumtree. I was amazed I sold the sink within an hour for £30.” 

Don’t be put off by the daunting prospect of a renovation – the long days and nights when your home is in complete chaos are exhausting, but it’s all worth it when you manage to create a home exactly how you want it.

Find out more

With a wealth of local property knowledge, ESPC solicitor estate agents make the home buying and selling processes as easy as possible. If you’re looking to buy or sell a house or flat, find an ESPC agent today.

ESPC magazine

This article appeared in the October 2022 issue of the ESPC magazine. Find out more about the ESPC magazine and read the latest issue online.