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When it comes to buying a property and creating a home, there are a few options that you can take: be it renovating or considering a new build. But which is better?

Well, if you are looking for a hassle-free option then buying a house that needs little work is the option for you.

If you are looking for a project then look into buying a run-down property that needs some TLC. Looking to push the boat out, if you have the money consider building a property from scratch to make it unique just for you.

We have some tips on how you can go about effectively renovating your home or consider a new build below:

Renovating A Property

If you are thinking about buying a property to renovate there are a few advantages and disadvantages you should be aware of.

Advantages

1. Money Maker 

Renovating a property to sell can be a good money earner. Do your research on property prices and then find a property that needs some work.

These will be cheaper than current market price properties. Work out how much you would have to spend on it and then what the estimated resale price would be. If you are likely to make a profit then we say go for it.

2. Help You Get On The Property Ladder

As said above, ‘doer uppers’ are often priced at a much cheaper market price.

This can help first-time buyers get onto the property market. If you are a first-time buyer then consider investing in a project home. Bellriver Homes has some great inspiration for home design.

Do some research and have a survey done to see if it is a livable property, this way you can do it up over time as and when you have the money.

Disadvantages

1. Less Freedom

Buying an already built home can restrict your freedom of how you want your home to look in its end result. You will need to deal with possible planning objections, not being able to move rooms around.

2. Can Easily Go Over Budget

With older properties, you don’t know what you might uncover. Unless you get a costly detailed survey you might not know what lies behind the walls and under the floor, this can lead to more spending then you initially envisioned.

You May Also Like: 10 Best Home Decorating Ideas On A Budget

Building A New Build

If you have decided to build your own property there are some advantages and disadvantages you should consider.

Advantages

1. Freedom 

Allows you to express your vision and build a property that is unique to you and your style.

2. Energy Efficient

You can make your new home more energy efficient which will allow you to save on future bills.

3. Less Maintenance

With new builds, there will be less future maintenance. You will have control over the build which means you can monitor how well the work is done.

Disadvantages

1. Price

When building your new home it will come at a cost. You will need to ensure you have the sufficient funds to cover the whole of your build plus more for if you run into any unplanned issues.

2. Finding The Right Plot

Finding the right plot in the right location can be difficult. This could delay your start significantly.

You May Also Like: 7 Steps To Sell Your Home Without A Listing Agent

I hope we have helped you in deciding whether renovating or a new build is for you. Whilst you here check out these 15 quick luxury bedroom ideas on a budget.