Becoming an owner is not within everyone’s reach. Going into a mortgage of several hundred thousand euros scares many people, and some others simply do not have the amount available. But to finally own a property at a lower cost, there is a possible solution: buy a ruin!
A house to renovate: a good deal?
Buying a ruin can make you smile at first glance, but we will explain and show you that it can be really beneficial. Indeed, opting for a home to restore is a perfect method to achieve a good deal. All real estate agencies will tell you: turnkey properties have prices that rarely drop, and often a buyer within a few months, but properties to restore are less in demand and often shunned by buyers. The price of ruins can show a discount of 15 over 55%.
Don’t Buy A Ruin With Your Eyes Closed
But be careful, no question of buying the first ruin that passes, your purchase must be fully considered! If you bet on the wrong house … you risk running into an endless financial pit. Take your time and accurately estimate the volume of work to be done. Do not hesitate to bring in multiple craftsmen from different trades in order to obtain quotes. Leave nothing to chance, plan everything, establish a real battle plan on which you will get the time needed to redo everything, and the total price. Look at the roof, check if the tiles are in good condition, if the frame is solid, if the wood is healthy, if the gutter is in place and does not need to be redone, etc. Insulation is also a loan thing to watch if you buy a house, watch it all, if the walls do not have a halo, if the floor is cold, check the interior as well as the exterior. Do not hesitate to invest in a hygrometer, which will cost you less than twenty euros in any DIY store, and measure the relative humidity of the air in all rooms. An electrical installation to redo, a floor to change, or sanitary out of use will cost you much less, even if the work to be done may seem excessive.
Do the work yourself?
It will not be enough to have goodwill, the soul of a handyman, and many friends. Some jobs require very specific skills, and you certainly don’t want to have dirty work. Good DIYers tend to minimize the work to be done and often realize along the way that … everything escapes them! So a bit of con advice there too: assess your capacity, and the available manpower, be realistic!
Another piece of advice: avoid the cheap labor of artisans working “black.” You will have no recourse if the work goes wrong, nor any insurance.