Tips for buying unfinished properties

One expert has published a list of golden rules for people looking to renovate downtrodden properties

Susan Emmett of the Times has urged amateur developers to get their own valuation and haggle over the price, especially if they are purchasing an incomplete home.

Auctions are a goldmine of repossessions from distressed propertydevelopers and could be the spot to find a bargain, she said.

Simon Lambert of thisismoney.co.uk has claimed that auctions are where serious investors do their buying.

Budgets are believed to be vitally important and those interested in renovation should be realistic about the cost and establish a contingency fund of a further 15 per cent of the budget.

"Specialist self buildloans are still available if you are doing up a wreck," she advised.

Renovators should also look at similar properties in the surrounding areas to ensure that, when the plot has been renovated, they can make a profit or at least break even.