One of the most common mistakes that people make when buying a restoration property is to pay too much for it and to underestimate the cost of the work required.

Although many people think that doing up an old house is a cheap way of buying a property, renovation costs can be very high and are invariably higher than you may plan for - a major restoration rarely comes in on budget.

If you are considering buying an older property with a view to restoring it, do bear in mind that this may cost much more than building a new house, especially if you do it properly using reclaimed materials. Before buying, it is essential to obtain a full structural survey and work out an accurate estimate of the costs.

Steps to Successful Budgeting Arrange for a builder to inspect the property and provide a quotation. Add 25% to this figure for unforeseen problems. Make sure that you know exactly what you plan to do before starting work. Find out how much each job will add to the value of the property so that you don't waste money doing work that adds little or no value. Obtain an accurate valuation of what the restored property will be worth. Make sure that you don't pay more for the property than the estimated value after restoration minus the cost of renovation. You will also need to take into account your contingency funds and the fees associated with buying and selling.

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