DO YOUR HOMEWORK

Think about the numbers. It might be cheap to buy a wreck, but how much will it cost to make it liveable? Things like a new roof, remodelling the kitchen or reconfiguring the floor plan are expensive. •

It’s a good idea to get your finances in place before you start searching. It can be difficult to get a mortgage on a run-down property. There is something called an “agreement in principle”, where the bank will let you know your potential borrowing sum. •

Seek professional advice from your architect or builder before you buy. A structural survey is essential. •

Your architect is the person to help you with planning permission. It’s a very complicated process (bat survey knowledge anyone?) •

“If you can get hold of a wreck with permission to build already in place, that’s the best option,” says Jason Jackson, an architect. “Generally you also have to prove that the ‘wreck’ is in good enough condition to be convertible. Too much of a wreck and permission is unlikely to be granted.” • Research your contacts thoroughly. Build a portfolio of recommended tradespeople, experts in renovation, specialist suppliers. Pick everyone’s brains to build your knowledge around what is possible. Ask a ton of questions. •

Think local. If you can use professionals who understand your area, they will have an insider’s know-how. •

It’s a generous gesture to introduce yourself to your new neighbours. A long renovation process will affect them too and you’ll want to be on better terms afterwards.