Is it worth buying a derelict property

You’re happy to tackle a renovation or simply want a bargain buy property. Both of these ideas are great but is a dilapidated dump really worth the stress and high costs such homes can bring to your life?

Despite issues such as rotten floorboards, peeling paint and all manner of structural and other problems, olderhomes can be very charming. Along with their low cost, it’s hardly surprising that they often attract an extraordinary number of bidders and jaw-dropping prices. If you’ve fallen in love with such a gorgeousruin, c’est la vie. But as with all things real estate, aim not to have your heart override your head.

Financial advice

Don’t be surprised if lenders are wary of handing over costs for a rundown ruin. Charming as your dilapidation may be, lenders will essentially stamp you “high risk” on hearing about it as the risk to them is considerably higher, compared to you buying a modern home needing few, if any, repairs.

Is it worth it?

In the end, only you – and your bank account – can answer this. 

But seriously, way up the pros and cons of buying a neglected abode before doing so. If you’ve never “flipped” or renovated before, it may not be wise to buy a derelict house – or at least, to start off with a simpler fixer upper. Good luck!

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