Is it worth investing in a house that needs renovation?

In search of a dream home, more and more of us have recently been looking towards older buildings – whether houses built in the 70s or even classic old Polish manor houses. We see in them above all a chance to renovate them and give them a second life; but often also an attractive price. Here is our advice on what to consider before making the final decision to buy such a property.

Let us analyse the pros and cons of older buildings

We come across a listing for a house on the secondary market. However tempting it may be, we should pause here and think about what the advantages and disadvantages of buying such a property will be; especially compared with the option of buying or building a new house.

The first and perhaps most important advantage of an older house will be its price. For an ageing property, even in a good location, we will probably pay considerably less than for building or buying a new house. An older house will also be distinctive in aesthetic terms – standing out against the latest trends, yet still charming. Perhaps we might even manage to live in a nobleman's estate? Finally, a house that has stood for years is a good starting point for renovating it to our own taste, which will be a treat for lovers of original designs.

And what are the disadvantages? First of all, a complete renovation will be necessary, and often quite a costly one. When thinking about a purchase, we must therefore add the cost of planned repairs to the price of the property itself. Problems may also appear long after the renovation – in the form of hidden structural defects. That is why it is so important to get to know our dream property thoroughly before buying.

Renovation is a necessity – what needs to be dealt with?

After agreeing the details of the sale with the owner and the estate agent, we will face the most important challenge – renovating the house. What will need the help of renovation specialists most of all?

When renovating older buildings we often pay particular attention to the roof. Admittedly, it may happen that its condition is still good; however, water stains, holes bored by insects or the poor condition of the posts and rafters should immediately catch our attention. It is possible that the whole roof will need replacing – if the damage is too great. Similarly, we should deal with the heating system: the chimney and the boiler. Often the best solution here is to replace them with modern and more efficient models. When it comes to retaining heat, insulating the building is equally important – we may have to do it from scratch.

We often incur large costs when replacing window and door joinery. Good-quality doors and windows cost a lot – yet investing in them is sometimes unavoidable. However, as with other elements of the property, we can keep the original joinery, provided that we refresh it and give it a new lease of life. In the end, that is exactly what the whole renovation of an old building comes down to.