When does a fixer-upper become a money pit?

We have probably all seen an episode of Homes Under the Hammer on the BBC, or the many different programmes under the same banner that this has spawned. A rather green person might think that they want to get into property renovation, only to find that they have underestimated how much energy and effort - and cost! - that such an activity is likely to take.

For one thing, a lot of the properties that come to auction are being sold there because of the one glaringly obvious fact: it can't be sold through more conventional means because it isn't currently fit for human habitation, or that it is unlikely that any mortgage lender would be prepared to take the risk.

Therefore, it will take a lot of savings, or even investment from others, in order to buy the problematic property in the first place. And that's before you start dipping lower into your pockets to pay for the variety of solutions required to myriad problems identified during the project's life.

Some even give up and send it back to auction in a bid to recoup some of their initial outlay.

That's at one end of the scale, but what about the tired, maybe a little dilapidated here and there properties that need a lot more than a little lick of paint? Is it simply a case of fixing it up, or is it likely to drain your financial reserves to rectify any problems you unearth once you get started.

A fixer-upper really only becomes a money pit when you avoid looking at the potential series of flaws with the building and its structure in the romantic belief that you will turn the crumbling pile into the house of your dreams.

You won't really know what is ahead of you until you start the process of renovation. And removing floorboards, scraping of the plaster, or tracing back the source of a menacing crack, or the dampness in the walls will not only dent your pocket in trying to get it fixed, but it will almost certainly leave you wondering you embarked on it in the first place.

So, how can you get yourself in a better position of understanding which you are looking at: a fixer-upper that will look fantastic, or a money pit that will drain your financial resources, energy and belief in the project?

The very first step before you agree to buy the property is to line up a qualified, keen-eyed chartered surveyor to perform a full structural survey. Your chartered surveyor should be a member of the Royal Institution of Chartered Surveyors (RICS) and they will delve much deeper into the building's detail than would be the case with the other surveys available. 

A RICS Level 3 Survey will uncover any potential structural defects, the presence of dry or wet rot, any hint of rising damp or subsidence, existence of asbestos, and a host of other problematic areas that might exist within the property.

A surveyor carrying out this comprehensive structural survey will be actively looking for any potential flaws and defects, examining not only the exterior walls and roof but also interior supporting walls, floors, window frames, plumbing, electrics and insulation. If you have any permanent outhouses, the survey will also look into any potential defects with them.

In short, this Level 3 Survey is the full monty of property surveys. 

Whether you've planned to buy a decrepit renovation project at an auction, or a jaded property on the local estate agent market, you'll want to ensure you make a success of your own grand design. 

Certainly, you'll want to know whether your perceived fixer-upper can be fixed up, or whether you'll end up shovelling money into the ever-deepening pit.

And, if you really want to see this through to the end, you cannot afford to cut corners right from the start. Which means paying to understand the full extent of the work you are about to undertake.

Have you got an eye on a property that might need a significant amount of work? Unsure whether it's viable to proceed and need some guidance and professional input?

That's where it is really worth contacting Surveyor Local! 

Call 0800 022 4428 to get your no-obligation survey quote started, or to discuss your concerns with the acquisition of your planned property.

Or you can get a quick quote, using Surveyor Local's easy-to-use quote generator. Simply input your name, postcode, email address, phone number and an approximate value of the property (usually the agreed price), and we'll give you an instant quote for the work (with an email copy). 

We'll do the rest once you confirm your acceptance of the quote.