Buying A 2-Bed Flat That Is A Wreck
A lot of people see a 2-bed flat that is considered a wreck as a development opportunity and purely as an opportunity to make money…
Other people wouldn’t go anywhere near them…
On the other hand, other people wouldn’t go near a new build because they’d like to put their own stamp on their next flat…
It is simply a case of each to their own.
If you would like to put your own stamp on a 2-bed flat and on your next 2-bed home, then buying a wreck could be an option…
That is, if you buy it at a sensible price and if you do the renovations to your taste.
TV shows (without naming names!) make the property renovation process seem incredibly easy and simple.
It is incredibly stressful in terms of cost, time and can be labour intensive also.
Buying a 2-bed flat that hasn’t been lived in for years can be a plus if you have everything planned out (and have carried out a Structural Survey!), but it can also turn into a nightmare…
“If you would like to put your own stamp on a 2-bed flat and on your next 2-bed home, then buying a wreck could be an option.”
The two things that I would look for in a wreck is the opportunity to alter the floorplan to increase the number of bedrooms or to change it to an open plan kitchen/ dining room (if that is your preference, of course!) and also to see if it has potential to extend, whether that be into the loft or a side extension.
Even if you cannot afford to do the work straight away, it will allow you to move into the 2-bed property knowing that you can grow into it as time goes on, as well as adding value along the way.
From August 31st 2020, homeowners have been allowed to add two extra floors to their property without planning permission, as long as their house is detached and was built between 1948 and 2018…
That is something to bear in mind when you are looking for your new home if you would like to be able to extend!
As always, plan what you would like to find in terms of a 2-bed property and if a wreck appeals to you, then talk to at least 3 builders/ contractors and receive at least 3 quotes for the work that you would like to get done.
Don’t forget to add VAT (currently 20%!)…
Have you ever considered buying a wreck as your next 2-bed home?