Unfinished business

Get your own valuation. Agents admit that it’s hard to value an unfinished property in this market

Haggle. Properties are selling for 10% below the asking price, according to Hometrack. You can negotiate more off the price of an incomplete home

Visit auctions – for listings, go to www.eigroup.co.uk – to find repossessions from distressed property developers

Get a surveyor to check the quality of the work so far. The project will cost you double if you have to tear out a botch job and start again. Check that all structural work has building regulations approval and that any new building works have the correct planning permission

Be realistic about the cost of doing it up. Take a builder and get an estimate for the work

Set yourself a budget – and a contingency fund of a further 15%

Compare the property with similar finished ones in the area. Can you make a profit or break even if prices continue to fall?

Consider how you will finance your purchase. Specialist self-build loans are still available if you are doing up a wreck, but you will need a large cash deposit

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