Renovation or turnkey?

A home that needs work is almost always cheaper to buy than one that does not. The question is whether the saving survives the cost of the renovation, the time it takes and the compromises you make along the way.

Start with the structure. A house with sound foundations, a good roof and a sensible plan can be transformed. One with structural problems or an awkward layout may be a poor candidate however attractive the price.

Be realistic about timing. Permits, contractors and materials all take longer than the first estimate. If you need to move in quickly, a turnkey home may well be worth a premium.

Energy performance is the other consideration. A low EPC rating is both a cost and an opportunity: improvements to insulation, glazing and heating can transform running costs, and in some cases qualify for support.

Whichever route you choose, take advice early. Our fictional advisers would tell you the same: it is much cheaper to ask the question before you make an offer.

HAVEN is fictional and this article is written for a portfolio concept. It is not real market or legal advice.