A great way to get on the property ladder is to buy an older house that needs some updating. It can also be the most affordable way to move to a prime location or sought-after area, where house prices tend to be higher. It could enable you to move closer to good schools, open spaces and betteramenities and it might get you more floorspace or a bigger garden for your budget.
However, while the purchase price might be cheaper, the budget you need for improvement work is going to be higher. That doesn’t mean that a doer-upper isn’t a good option or excellent value for money but you do need to put in a bit more effort and tolerate some mess and disruption to get your dream home.
You may be able to save money by doing some of the small jobs yourself, such as painting and tiling or putting in a flatpack kitchen. But there are some jobs that you do need to leave to the professionals. Here are four things it’s essential tobudget for.
New electrical wiring
A home that hasn’t been updated in a while is likely to need rewiring. There are some key signs that this is the case. Themost obvious one is that there might be an old-style fuse box rather than a modern consumer unit with circuit breakers. You might notice that lights are flickering or that there are singlerather than double plug sockets on the walls – or sockets may be mounted on the skirting board rather than on the wall.
But there can be other reasons for rewiring aside from age. Perhaps the wiring looks a little haphazard or unsafe or it may be surface mounted. Lots of white plastic trunking around the house can detract from the décor. Rewiring a house can’t be done on a DIY basis, so you will need to set aside a budget between £2,500 and £7,000, depending on the size of the property.
Replacing the central heating and hot water system
Your home’s services – the electrics and plumbing – are vital in making it functional. And these need to be safe and fit for modern living. But they’re also some of the most neglected parts of older homes. So, it’s very likely that as well as a rewire, you’ll need to budget for a new central heating and hot water system.
Even if a system is in reasonably good working order, it may not be very efficient in terms of energy or use of space. There might be a boiler and hot water cylinder that can be replaced with a combi boiler to free up bedroom or bathroom space. Or you might wish to replace radiators with underfloor heating. It could be that you want to install a more efficient boiler or you might choose to go further and integrate eco-friendly technologies such as solar panels or a heat pump.
Replacing the central heating system is likely to set you back around £2,500, depending on what type of system you go for. But this can rise to around £20,000 if you decide to futureproof your home with a heat pump and solar panels.
Repairing the roof
Just because a house is older and a bit dated, it doesn’t necessarily mean there’s anything structurally wrong with it.But one of the most common structural elements that tends toneed money spending on it, is the roof.
It can be easy to spot if a roof needs work if there’s water leaking into the house or if there are brown patches on the ceilings. But it’s not always that obvious. The best thing to do is check to see if anything has been noted on the survey you had done when you bought the house or arrange for a local roofing company to inspect it.
Repairing a roof can cost as little as a few hundred pounds but if you need a complete replacement, along with work to the chimney and guttering, you may be looking at anywhere between £5,000 and £15,000. If you’re unsure whether to go with a roof repair or replacement, consider whether it would be beneficial to get a new roof now rather than later. It may be worth getting all the big and messy jobs out of the way to minimise disruption. It may also be worth doing it if you’re planning to get solar panels fitted.
Upgrading the windows
Windows typically last between 15 and 30 years, so if you’ve bought a house that needs some updating, it’s likely that the windows are another job you’ll need to budget for. Even timber frames that tend to last for decades, can need upgrading or refurbishing to ensure they’re efficient anddraught-free.
Upgrading all of the windows in your home costs an average of £4,500. But if you have a large house, need custom frames building for picture or arched windows, or are going for a higher spec, then you’ll need to budget more. Features liketriple glazing, solar glass and warm-edge spacers will increase costs but will also boost your home’s efficiency and make it easier for you to control the temperature inside your home all year round.
