Renovating property is popular and can be very rewarding. However, be sure to find the right property, otherwise you could end up with a money sponge, stress and a major problem on your hands. Here are some tips to help you in your property purchase.

When looking at property be super alert for any major problems. It will be obvious to see a kitchen or bathroom that needs updating, or the wallpaper and carpets are dated. But be sure to look for signs of dampness, woodworm in the roof cavity and any signs of subsidence. Check how long the property has been on the market - there will probably be a good reason why a property hasn't sold. Ask the estate agent about the current owner and try and gleam as much history about the house as you can.

Having found a house you are interested in, take tradesmen to the property. They will often visit for free and may be able to give a quote for the work that needs doing. With the quotes in hand you may be able to negotiate a cheaper purchase price.

When budgeting for the work be realistic. Often the actual costs can escalate so you must allow a margin for unforeseen problems anything from 1550% of your current budget.

You need to look at the big and the detailed picture together. You will know whether you want to knock down or build walls, extend or build a new roof. You also need to be meticulous in the detail even at the planning stage. Know where the power points are going to go, where the extractor fan will vent outside to, what sort of shower do you want, where are the radiators going, what size of radiators do you want, what size of towel rails do you want, etc. The list may seem endless but if you plan in detail before the work commences you will get the result you want and be within your budget. The tradesmen will need to know exactly what you want and you need to be prepared.

Remember you are ultimately in charge of the project and it is your money you are investing. You must feel comfortable with your tradesmen and confident in their abilities. You must get a number of quotes for the same job, not only for the financial quote but to meet the tradesmen and judge whether you will be able to work with him.

If you are living in the property whilst doing work on it, be prepared for living on a building site. Most projects take longer than anticipated so again, careful planning is imperative. You will need to be flexible and be able to adapt to changes in your plans.

If you are in control of the work, the budget and can keep hold of your vision then renovating can be hugely rewarding. On the completion of your project you can say goodbye to the tradesmen and enjoy your dream home. Or if renovating for profit, you can reinvest in your next project.

The key is to plan, prepare and at all times, keep hold of your vision.

Susy Copus is a property commentator with a particular interest in properties to renovate, modernise and update. To view properties for updating and renovation go to Renovate Alerts.