| Comment | We were in the exact same situation a few months ago, my dream house sold for 65k over home report which was money we couldn't dream of having.
We ended up buying a renovation project. We ultimately spent less on it than if we had bought something completely finished, but it does require you to have some extra cash floating around.
HR value on our property was £110k, we ended up paying £115k. Renovation costs were about 20k - we were extremely fortunate we had the cash to do this (our entire life savings and help from parents), but if you were on a budget we could have gotten away with about £7k on essential works only (damp work, flooring and some electrical work). Similar properties in our area were going for about £175k+, plus we got to design the property in a way that suited us.
If it's not something you've looked into I would really recommend it, although it makes for a tough few months getting the messy jobs done! |
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