SAY HELLO TO YOUR DREAM HOME
Could a derelict property be turned into your very own ‘des res’? TV property guru Lucy Alexander shares her tips with VICKY SHAW
THE housing market has had a tough time in recent months, with some would-be buyers waiting to see what the future holds.
But if your property search is proving tricky, it could be worth bearing in mind that your ‘forever home’ might be sitting right under your nose – perhaps on your daily walk or commute. It may just need a little bit of tender loving care to give it a new lease of life.
More than half (52%) of people pass by an abandoned building every week, according to research by Censuswide for property lender Together.
For some people, the idea of buying a property that isn’t turnkey ready may seem daunting. But it could be a chance to put your own stamp on a property.
TV presenter Lucy Alex- ander, known for shows including BBC1’s Homes Under The Hammer and Channel 4’s A Place In the
Sun, has teamed up with Together to offer some tips for unearthing a hidden gem.
The campaign aims to highlight the scope and scale of the UK’s abandoned and derelict buildings, and the opportunities out there for restoration and redevelopment.
DO SOME SLEUTHING
If the property you’re interested in looks to have been abandoned, Lucy says: “Firstly, it’s important to work out who the owner of the property is.”
Local word-of-mouth can be key to this process.
“I would be chatting to all the neighbours, checking the deeds of the property, subscribing to auctioneers’ and estate agents’ details as well,” she says. “You can always pop next door to the abandoned building and maybe ask a neighbour, a shop owner in the road... Everybody knows everything on the street.
“Once an owner is identified, the next step is to contact them to make a formal offer,” Lucy adds.
She says checking energy use is also key. She suggests: “Find out is it [the property] on mains gas, is it oilfired? The energy usage would be part of your main homework.
“Confirming how much energy and running costs of an existing building are before you purchase is critical. Set ample time aside to contact the supplier and check you are on the best energy tariff for the property.”
RESEARCH IS CRUCIAL
Some buyers may encounter difficulties with their plans to make changes if the property turns out to be listed, so this is worth checking out thoroughly upfront.
And if you’re going down the auction route, Lucy says it’s crucial to have done your research.
“Know what you’re bidding on, be very thorough, chat to the auction house beforehand,” she says. “Maybe take somebody with you, and read the legal pack before bidding at auction.”
It could also be worth thinking outside the box.
Lucy says former pubs, for example, can make “absolutely fantastic homes because they sit on really nice plots, they’re generally quite large, you can park.
BE CLEAR ON YOUR BUDGET
It’s also crucial to make sure you can actually afford to buy the property. Bridging loans can be a shortterm solution to finding the cash for a property where money is needed quickly, to help make sure you don’t miss out on opportunities.
They can help borrowers to bridge the gap while they wait for finance coming from elsewhere. The pros and cons should be weighed up carefully however, as there are risks involved, particularly if plans don’t go as expected.
People may want to speak to a broker to weigh up the different loan options.
KNOW RENOVATION COSTS
Another significant expense will be the budget for renovations, which may be extensive if a property has been unoccupied for some time. Make sure your budget really does cover all of the work. Compare quotes and if you can’t afford to do everything at once, decide what should take priority.
Lucy cautions: “Renovating an abandoned or derelict property can quickly run up high costs, unless you have a strict finance plan early on. Depending on the structure of the site and scope of work needed, it can also be far more complex than doing the same for newer buildings.”
She also recommends engaging with your local authority. When contacting them, she suggests having a list of questions already prepared, joking: “It’s like when you go and see a doctor.”
Lucy adds: “After purchasing an abandoned or derelict property, it is important to think about planning permission.”
Actively engaging with planners is crucial, she says, in order to ensure that permission goes smoothly. “This is especially true with larger scale refurbishments that may involve a change-of-use,” she adds.
Ultimately, suggests Lucy: “If you’ve decided you want to purchase a hidden gem, go for it.
“You can turn an ugly duckling into a swan.”
Renovating an abandoned or derelict property can quickly run up high costs
Lucy Alexander