The best ways to get a benefit from the renovation of the property

Buying a damaged property may seem like the perfect opportunity to secure a home at a lower price, and the potential to re-sell it at a profit.

But there are some key steps that buyers must follow if they want such a project to be successful, as there are many potential difficulties along the way.

Here, MailOnline Property reveals the five best ways to ensure that your DIY property dreams prove to be a worthwhile decision, with the help of the industry agency for real estate agents, NAEA Propertymark.

This three-bedroom townhouse on Cricket Road, Oxford, is for sale for £ 375,000 through real estate agents Chamberlain Evans

This three-bedroom townhouse on Cricket Road, Oxford, is for sale for £ 375,000 through real estate agents Chamberlain Evans

This three-bedroom townhouse on Cricket Road, Oxford, is for sale for £ 375,000 through real estate agents Chamberlain Evans

The Oxford property needs an update due to the old carpets and the fireplace

The Oxford property needs an update due to the old carpets and the fireplace

The Oxford property needs an update due to the old carpets and the fireplace

They include how to choose the best location and what to consider when making a budget.

Mark Hayward, executive director of NAEA Propertymark, said: "Buying a top fixing device may be attractive, but it is a decision that should not be taken lightly."

"To ensure that the process is kept as simple as possible, buyers should consider important points, such as how long they can commit and how much they are willing to spend."

This five bedroom townhouse in Barrow-In-Furness, Cumbria, is for sale for £ 349,000 through real estate agents Corrie and Co

This five bedroom townhouse in Barrow-In-Furness, Cumbria, is for sale for £ 349,000 through real estate agents Corrie and Co

This five bedroom townhouse in Barrow-In-Furness, Cumbria, is for sale for £ 349,000 through real estate agents Corrie and Co

The Cumbrian property has some lovely features, such as the large window, but may require a revision in terms of decoration

The Cumbrian property has some lovely features, such as the large window, but may require a revision in terms of decoration

The Cumbrian property has some lovely features, such as the large window, but may require a revision in terms of decoration

Add value: the tired bathroom needs to change to provide a fresh look

Add value: the tired bathroom needs to change to provide a fresh look

Add value: the tired bathroom needs to change to provide a fresh look

The corridor could be redecorated to highlight some of the impressive original features

The corridor could be redecorated to highlight some of the impressive original features

The corridor could be redecorated to highlight some of the impressive original features

Paint colors and dated carpets could be replaced to make the most of the property

Paint colors and dated carpets could be replaced to make the most of the property

Paint colors and dated carpets could be replaced to make the most of the property

His views were backed by financial experts, with Jonathan Harris, director of mortgage broker Anderson Harris, who said: "Homes that need a renovation or renovation where a buyer can really make their mark and add value, are always popular. But it is important to appreciate its limitations, both in terms of time and budget.

"Do not stretch too much, accept a project that is too big, and then it would cost you to adapt to your daily work, and make sure your budget is realistic: many people end up spending significantly, erasing any potential gain. It's worth looking for professional advice to avoid making a costly mistake. "

1. Location, location, location

The old adage that you have to "buy the worst house on the best street" should not be forgotten if you're looking to make money on the property, according to Mr. Hayward of the NAEA Propertymark.

This is because the location is key to ensuring that your property is sold in the future. You can have the best house presented on the street, but if you are not in the right location, such as in the area of ​​correct school influence or within the distance of travel to a nearby city, limit the number of people who consider it a good purchase potential

2. The renovation compares the cosmetic improvements

Minor cosmetic improvements such as painting, replacing windows and renovating the kitchen can be all that is required if your budget and time are limited.

& # 39; Ultimately, it will depend on your situation. If you are hoping to complete the job as soon as possible, you may not want to address a home that requires a major renovation to be habitable, "explained Mr. Hayward.

This three bedroom house with terrace in Croydon, south of London, is on the market for £ 375,000 through real estate agents home2u

This three bedroom house with terrace in Croydon, south of London, is on the market for £ 375,000 through real estate agents home2u

This three bedroom house with terrace in Croydon, south of London, is on the market for £ 375,000 through real estate agents home2u

Experts say it is worth hiring an independent inspector if you are thinking about undertaking a renovation project

Experts say it is worth hiring an independent inspector if you are thinking about undertaking a renovation project

Experts say it is worth hiring an independent inspector if you are thinking about undertaking a renovation project

Make sure you have the budget to do the required jobs

Make sure you have the budget to do the required jobs

Make sure you have the budget to do the required jobs

3. Be clear in the budget

Before making a purchase, it is necessary to develop a comprehensive budget to ensure that sufficient funds are available to carry out the required improvements.

Remember to always add a buffer to the total amount in case unexpected costs arise

Mark Hayward, NAA Propertymark

This will mean finding contractors who can accompany you on a visit, so they can provide a quote. And do not forget to find out what supplies are required and how much they will cost.

But perhaps the greatest potential difficulty is forgetting to add a contingency fund to the budget.

Mr. Hayward said: "Always remember to add a buffer to the total amount in case unexpected costs arise."

4. Get a survey

Some buyers believe that the valuation report of a mortgage lender is a comprehensive household survey.

However, if you are buying a superior repairman, you should hire an inspector to act for you and give you impartial advice on the property, suggests the NAEA Propertymark.

5. Be committed

Although you can save money by buying a superior buyer, problems can arise along the way that can delay a project's timeline. This may end up costing more money than anticipated.

Mr. Hayward explained: "Consider the pros and cons of buying in advance and, if you continue, stay committed, as it could be a difficult job but it will be worth it in the end."

How to make your home look good for buyers and sell it

If you are selling your house, you should make it look your best.

And that starts before welcoming potential buyers through the door, even to consider visiting it, it should look good in the photos of the real estate agent.

In a world where people connect online to search for property, how can you do that? In this extract from the This is Money podcast, we offer marketers some tips to make their homes shine.

Press play up or listen (and subscribe if you like the podcast) in Apple, Acast, Spotify and Audioboom Podcasts, or visit our This is Money podcasts page.

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