It’s a question as old as the first civilisation, and yet – even in this new millennium – we’re no closer to a one-size-fits-all, definitive answer. For every person with the Midas touch, the luck and the know-how to turn a ruin into a beautiful and valuable home, there’s another who’s ended up with a money-pit that sends them to the brink of bankruptcy or beyond. However, there are things you can do to make it more likely that you end up in the former rather than the latter category.
While it’s impossible to say, ‘Yes – you should definitely snap up that dilapidated property’, with the right kind of forethought, there’s no reason why it can’t turn out to be a good move. Here’s our Master Removers’ guide to buying a property to do up.
Contents
- Is Buying a ‘Fixer-Upper’ a Good Investment?
- What are the ‘Pros’ of Buying a Property to Renovate?
- What Kind of Value Can I Add to a Property by Renovating It?
- Easier Renovations That Anyone Can Do
- Problems Staying on Top of Your Budget
- What if the Renovations Don’t Change the Property’s Value
- What if You’re Saddled with Inept Builders?
- How to Assess a Fixer-Upper Before Buying
- Budgeting Tips for Renovation Projects
- Should You Live On-Site While Renovating?
- Using Storage and Removals to Stay Organised
Is Buying a ‘Fixer-Upper’ a Good Investment?
When surveying the housing market, you can spot opportunities to turn a profit by going for a property in disrepair with the intention of doing it up. Of course, while you can acquire the property for less money, you’ll have an additional financial outlay in the form of all the work it’ll require.
It’s not a commitment for the faint of heart and needs careful consideration, but there’s no shortage of up-sides to it. If you’re looking for somewhere to live for a long time, you can end up with a property that conforms entirely to your own vision, and the money you save (via a lower asking price) can all go towards realising that vision.
Is a Renovation Project Worth Your Time and Money?
This is a tricky question to answer definitively. A recent study shows a healthy market interest in renovation properties, with 46% either marked as sold or under offer, compared to period homes (37%) and new builds (27%). However, the counterpoint is that fixer-upper projects only account for 5% of the total available properties in this survey.
Fixer-uppers are increasingly attractive due to the limited housing stock in the UK, but they’re also in short demand, so you’ll have to be thorough and consistent with your research to locate them. Ultimately, you’ll have to properly cost any potential renovation project to ensure you don’t exceed budget.
PROS
What are the ‘Pros’ of Buying a Property to Renovate?
If you’re looking for a home in exactly the location you most desire and which conforms to all your ideas about size and space, you can be relatively quickly disheartened. Sometimes, there’s just nothing out there that’s quite right. But when you factor in properties requiring considerable work, you suddenly have more options.
One rule of thumb for people looking in towns and cities: don’t go for a dilapidated property on a street full of dilapidated properties. However much you do up yours, its price will still be affected by the bad condition of its neighbours. Instead, go for a property in disrepair on an otherwise wonderful, well-kept street. That’s where you’ve got the most room for increasing value. The property you select must be priced to reflect its poor condition.
Unlocking Potential in the Right Location
Before you commit to any restoration project, you must have the details of the work at hand. We recommend undertaking the necessary surveys before purchase to assess the full scope of disrepair.
Depending on how you plan to finance the renovation, your mortgage lender may require certain repairs before lending. We suggest researching average sold prices in the same postcode for renovated homes and properties ready to move in without work. This will provide a comparison and estimate of the potential value before you commit.
What Kind of Value Can I Add to a Property by Renovating It?
Lofts, basements, kitchens and bathrooms are where the value can be added. With an investment of £30,000 in a loft extension, it’s possible to add over £95,000 to the overall value of a property. A new £10,000 kitchen can nudge up the overall value by £25,000. Of course, such figures are estimates and best-case scenarios, and depend on other variables.
For example, will your loft extension contain another bedroom and bathroom or, with the addition of a kitchenette, even create a mini-apartment at the top of the property? If so, you’re looking at considerably more value.
How Much Value Can You Really Add?
It’s essential to consult with local estate agents, as they can help project realistic added value. Planning permission is another vital step, so don’t assume you don’t need to apply – contact your council to check. A high EPC rating and smart technology add more value, so energy-efficiency upgrades should factor into your plans.
Easier Renovations That Anyone Can Do
Renovation doesn’t have to mean an array of tradespeople, noise and disruption. Although the more minor ‘fixes’ won’t dramatically affect your property’s price, they will push it when it’s back on the market and help it sell for the most it can get.
Suppose you’re a confident DIY fan or an eager novice. In that case, you can tackle many mini-upgrades yourself, including cheap or passé decor, squeaky hinges, doors, flooring, and stairs, degraded sealant in bathrooms and kitchens, wall and ceiling cracks, foul drain smells, damaged or dripping taps, tiling work, damaged windows, and much more.
Small Jobs with Big Impact
One tip is to check for grants or tax reliefs on eco-friendly upgrades and see how to review your eligibility for renovation properties. We recommend keeping a “before and after” photo log for future listing appeals. A potential cost-saving tip for DIYers is to look into tool hire services to keep costs down and use removal and storage services for similar reasons.
CONS
Problems Staying on Top of Your Budget
This is where it can start getting tricky. Once you’re a certain way into a renovation, there’s little turning back, and expenses you didn’t account for can multiply. You might get rid of wallpaper only to discover that the walls are more distressed than anticipated. Budgets are often challenging to stay within, so protect yourself by allowing this up front. Going into a renovation with a flexible budget is the best approach.
Budgets and the Snowball Effect
While it’s crucial to cost as thoroughly as possible before you embark on a restoration, you must be mindful of unexpected costs, so set aside a 10–15% contingency fund. We suggest creating a timeline alongside the budget to manage expectations. Also, remember to use budgeting apps or spreadsheets to track outgoings.
What if the Renovations Don’t Change the Property’s Value
This may not matter if you intend to stay somewhere indefinitely, but there’s a risk that you could spend £100,000 and not add anything like £100,000 to the value of your home. The value of your property will be, in part, defined by the area it’s in, so sometimes there’s only so much value that can be added.
Other variables, such as local demand, will also affect the overall value. If your main aim in renovating is to increase the value of your property, then a strict budget and avoiding unnecessary expenses are the pivotal factors.
When Renovation Fails to Pay Off
There’s an expectation that all upgrades equal a higher asking price, but there are market conditions to consider. Most areas have a value ceiling, so no matter how nice the renovation, value won’t exceed local thresholds. Arrange meetings with a surveyor or local estate agent before big spends, and avoid over-personalisation if the goal is resale.
What if You’re Saddled with Inept Builders?
It’s every buyer’s nightmare: getting some way into a job and then realising the people you’ve taken on aren’t up to the job or even vaguely conscientious about it. Fortunately, this is also a pitfall; it shouldn’t be too hard to avoid.
Always go with recommendations from friends and family, and do extra due diligence on top of that. Develop an ear for fake online reviews, so you can use sites like TrustPilot, which are undoubtedly helpful, in a discerning way.
Hiring the Wrong Team
The truth is that unless you’re a professional house-flipper with an extensive contact list for contractors, it’s difficult to know how good your builders and interior designers are. Start by getting multiple quotes and a detailed written contract, check their credentials (e.g. membership of the Federation of Master Builders), and see whether you can stagger payment schedules per milestone to protect yourself against large upfront, unprotected costs.
How to Assess a Fixer-Upper Before Buying
This is one of the most challenging considerations before determining the feasibility of renovating a building. While there’s no set rule for getting this right, the primary goal is to do lots of research and cost everything. To help you, we’ve created a checklist for assessing a fixer-upper property.
Fixer-Upper Assessment Checklist
- Get a complete structural survey by a qualified surveyor:
- It will reveal hidden defects in walls, floors, and foundations and potentially uncover expensive issues early, helping you negotiate the price.
- Inspect the condition of the roof and chimney:
- Roof repairs can be among the priciest fixes, so check for loose tiles, damaged flashing, or sagging structures.
- Look for signs of damp and mould:
- Check skirting boards, corners, and ceilings for staining or musty smells.
- Investigate the cause, whether rising damp or poor ventilation.
- Assess for subsidence or movement:
- Cracks wider than 3mm near doors or windows may indicate foundation issues.
- A structural engineer can confirm severity and repair options.
- Check for asbestos in older materials:
- Common in ceilings, insulation, and pipe lagging in pre-2000 homes.
- Certified professionals must handle removal.
- Confirm the property’s listing or conservation status:
- Listed buildings require consent for even minor alterations.
- Check with your local authority to see whether modifications can be made to the property.
- Conservation zones can restrict window replacements or extensions.
- Review planning history and development potential:
- Search local authority planning portals for past or refused applications – they help gauge what work may or may not be permitted.
- Verify access to essential utilities:
- Check the condition and location of water, electricity, and drainage connections.
- Off-grid or disconnected services can add major costs.
- Survey the garden and exterior boundaries:
- Overgrown gardens may conceal structural issues or shared access paths.
- Walls and fences should match the title deeds.
- Inspect the ventilation and window condition:
- Rotting timber or condensation inside double glazing points to costly repairs.
- Adequate ventilation helps prevent future damp or mould.
Final Considerations Before Making an Offer
- Use the findings to get accurate renovation quotes before committing.
- Consider walking away if repair costs exceed your budget or goals.
- Remember, a bargain price often reflects hidden or high-cost problems.
Budgeting Tips for Renovation Projects
Budgeting for a renovation can initially appear straightforward, but it’s more fluid and unpredictable than expected. Even the slightest delay or unearthed problem can add thousands, if not tens of thousands, to your expenses. However, by following some best practices for budgeting, you can put contingency measures in place.
Plan in Phases for Better Financial Control
Split the project into logical stages, e.g., structural → kitchen → exterior. This allows time to reassess finances or pause between phases, reduces disruption, and spreads costs more manageably.
Prioritise Safety and Structural Work First
Tackle roofing, wiring, plumbing, and foundations at the outset because these repairs protect your investment and avoid repeat work. Delay cosmetic jobs until structural elements are secure to ensure the building’s integrity and protect against the elements.
Get Multiple Quotes and Include Contingency
The tried and tested approach is to get three quotes per trade to spot price anomalies. Add at least a 10–15% buffer for hidden costs or overruns, and avoid cash-only traders with no written scope of work.
Use Tools to Track Spending in Real-Time
Budgeting apps like YNAB or Excel templates help categorise spending and keep you mindful of the project’s costs and timeline. Include recurring costs like skip hire, tool rental, and parking permits. Review regularly to spot overspending and adjust plans early – you can use AI to help you do this.
Should You Live On-Site While Renovating?
One reality of renovation projects that many forget to consider is where you’ll live while the works are in progress. In realistic terms, you’re buying a house, but it’s not in a habitable state. That means considering whether you’re going to rough it out onsite or an alternative option.
Weigh Up Disruption from Living Through Works
So, how do people live on-site while renovating? Depending on the state of dilapidation, it’s possible to bunk down in a temporary no-frills bedroom, but only if you’re protected from the weather. Typically, people rent or buy a caravan, with occasional trips to the property to wash.
What else can you expect from living on-site? Dust, noise, and limited access to bathrooms or kitchens can be expected, and it gets tough after the first week.
Consider Alternative Accommodation During Key Phases
Alternatively, consider renting a flat temporarily to keep costs down so you can enjoy things like heating, a shower, a bathroom, and electricity. Renovating while living in can prolong the overall timeline, so this is a better choice. Moving out during demolition or rewiring is also often safer, especially if you have kids.
Another option is to stay with family members or friends and offer to chip in with money for groceries. The best way to decide is to compare the costs of moving out vs the time lost from delays, then counterbalance against the quality of life offered for each option.
Assess if a Partial Renovation Setup Is Viable
We often discuss how our customers can use self storage to stagger their relocation. A similar ethos can be used when renovating, where you segregate the job into phases, thus allowing you to live in the property. Can you renovate one floor while living on another?
The answer is yes, although it will require some strategic nuance. You’ll need portable heaters, cooking kits, and external toilets to make it work. Partitioning areas helps contain dust and noise while ensuring your family knows what’s off-limits.
Factor in Family, Pets, and Working from Home
Children and pets may be stressed by noise and strangers on-site, and you’ll be living without guaranteed access to electricity and running water. Power outages or Wi-Fi interruptions affect remote workers, and a quiet workspace may not be possible without leaving the property.
Using Storage and Removals to Stay Organised
Your operational costs will soon add up, but there are a few ways to trim some so you can concentrate your budget on targeted items. For example, you can use a storage unit to house your tools and construction supplies and a man-and-van service for transportation, giving you more cash to spend on better building materials.
Why Smart Storage Keeps Renovations on Track
Clutter-free spaces make renovating easier and safer without compromising your materials or personal effects. Short-term storage protects furniture from dust and damage, and you can rotate items in and out based on the project stage.
How Removal Services Support Your Timeline
Professional movers can shift large furniture quickly and safely, and a fleet of moving vehicles of different sizes is available. This saves time, reduces the risk of injury, and improves site access. It is ideal for partial moves or clearing rooms during phased works.
Flexible Options for Projects of All Sizes
Containerised storage suits long renovations or full-house upgrades and is usually more affordable. However, if you require on-demand access, self storage allows you to retrieve tools or furniture easily. You can combine storage and removals for a more cost-effective package.
Peace of Mind from Working with Experts
Master Removers Group firms are vetted, experienced professionals with conditions of excellent customer service as a standard for becoming a member. We have secure depots across Southern England to ensure belongings are safe.
Tackling Your Renovation Project with Help from the Master Removers Group
Renovating a home is smoother when you’re not juggling clutter, delays, and logistics alone — Master Removers Group can streamline every step. Whether moving in stages or needing temporary storage between renovation phases, our trusted partner depots across Southern England offer flexible, secure solutions.
Each Master Remover firm brings professional experience, vetted teams, and specialist services to protect your belongings during even the most disruptive works.
Explore more renovation and moving advice in our blog, or click here to find your nearest Master Remover and confidently plan your project.