HOW TO BUY A FIXER-UPPER

Keen to tackle a big DIY project? Here are 9 things you need to know before taking one on

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Finding a home that needs work can be a very cost-effective way of getting onto or moving up the housing ladder. According to portal Rightmove, the average fixer-upper sells for 12% less than a similar property in good condition, and estate agency Yopa recently revealed that this type of home is more in demand than any other. As long as the renovation is carefully planned, costed and executed, you'll be able to design it to suit your taste and lifestyle and boost the property's value, rather than paying for improvements a previous owner has done.

1 Establish your boundaries Risks are inevitable when buying a doer-upper, as unexpected issues always crop up. But these risks are generally worth the rewards and you can iron out many potential problems in advance by listing your priorities, what you might compromise on and the lines you're not prepared to cross. Some considerations – such as proximity to schools, transport links and availability of parking - are relevant to any type of property, but others apply only to those needing refurbishment. Questions to ask yourself – and your partner – include whether you could cope with a full top-to-tail renovation or would prefer somewhere only requiring cosmetic updates. Think about whether you're keen to add space by building an extension or converting the loft, and if you are prepared to live on-site while work's underway.

2 Expand your search