If you’ve ever been tempted by the prospect of a property that needs work – a lot of work – you’ll know that rush of excitement. And that feeling of trepidation. But the rewards can be great.

Here are some top tips that will give you food for thought on your adventure turning that wreck into something remarkable.

Think about your budget

Working out what you can afford is obviously the first step. If you buy a house that needs work at a reduced price that could one day be worth much more, you’re essentially saving money in the long run.

But don’t forget, with a renovation project, you may need to pay for things you didn’t anticipate, such as a collapsed joist or woodworm.

The Money Advice Service highlights some of the repairs that can be pricey to fix in a new home, including damp, missing roof tiles, plumbing and rotten window frames. You might also need to rewire the electrics. And don’t forget to ask yourself if you’re going to live in the property. If not, you might need to pay for a mortgage and rent.

Speaking of which, it’s important to mention that borrowing money from a lender isn’t guaranteed for all properties.

Viewings

Taking along a friendly builder and/or building surveyor to a viewing will help you get a sense of the renovation costs.

You can also talk to an estate agent about whether your plans for the renovation will add value or ultimately make the property less appealing through over-development.

Making an offer

If you’re confident you can afford your project, how do you decide whether to take the plunge? Here are some top tips:

– Never underestimate the hard work. Personally, we will have had two years of traipsing through mud at 7am in the morning. We’ve been living and breathing it.– Don’t underestimate the costs. Go over the numbers three, four, five times. There won’t be second chances.– Go with your gut. If you like the house, it’s in an area you want to live in and you’ve got a good idea of what to do, follow that gut feeling.– But in the same breath, don’t be completely reckless. You need to appeal to your head and heart.

Building work, planning and building regulations

Once your offer has been accepted, we advises organising a full building survey from a qualified building surveyor, particularly for period projects. This may throw up any issues you need to go back to the seller on and come to an agreement over.

For a ‘serious project’ (ie one that costs six figures or more), it’s worth having a quantity surveyor as they effectively manage the finances. ‘Any money you spend on a quantity surveyor, you will get back’ .

At this point, you can organise quotes from builders and the quantity surveyor can help you manage that process. We advises avoiding day rates for builders, rather agreeing on a fixed price for the project.

Whether you’ve decided to do the work yourself or you’re outsourcing to professionals, there are rules around planning and building regulations to be aware of.