Can I buy a second house to renovate?
John Thompson
Published Apr 08, 2026
In today’s climate of rising home prices, some shoppers end up buying a house to renovate instead of competing for higher-priced, move-in ready homes. Thanks to the multiple types of home loans for fixer-uppers, buyers can finance a home and the cost of renovations simultaneously.
Is it worth buying a house that needs updating?
Home furnaces, water heaters and built-in appliances need periodic updating, but older or historic homes frequently require structural and foundation repairs. Purchasing a house that needs a cosmetic updating offers a way for homeowners to purchase a quality home at a lower market price.
How much does it cost to remodel a 1500 square foot house?
Home Renovation Cost Estimator by House Size
| Square Feet | Typical Range | Average Cost |
|---|---|---|
| 1,000 | $10,000 – $60,000 | $19,000 |
| 1,500 | $15,000 – $90,000 | $37,500 |
| 2,000 | $20,000 – $120,000 | $50,000 |
| 2,500 | $25,000 – $150,000 | $62,000 |
How is buying a second home in the UK different to buying a first home?
There are a few differences in the way you purchase a second home in the UK compared with how you bought your first property, mainly to do with tax and mortgages. If you’re planning to get your flipflops on the foreign property ladder, take a look at our guide on buying abroad.
Do you have to pay stamp duty when buying a second home?
As already highlighted, there is a stamp duty surcharge when you buy an additional property, so you’ll pay more than the standard rates. When buying a second home, you have to pay a 3% surcharge, so the cost really adds up on top of the purchase price. There is some good news though.
Which is better to buy a second home or an owner occupied home?
“Second-home loans generally require more down payment and a better credit score than owner-occupied home loans,” says John Lazenby, president of the Orlando Regional Realtor Association.
Can a second home be used as a holiday home?
Your second home could be your holiday home. You could let it out sporadically while you’re not using it, but otherwise be able to use it yourself and invite family members and friends to use it. Lenders have become increasingly strict when choosing to lend enough money for a new mortgage.
