For many people restoring property is a hobby as well as a means of building a home. It is highly likely to require a bit more in the way of a budget than some other means of buying a home and therefore is unlikely to be an option for a lot of first time buyers.
Like any other method of finding and buying a property, you need to be cautious and think about what suits you and your budget before taking the plunge and finding a property to restore. You need to find out how long the property has actually been on the market - if this is many months it does suggest that there might be 'catch' or else that the profit margin is minimal for the amount of work that needs to be done. You will need to make multiple visits to the property and it is definitely recommended to get quotes from a range of tradesmen and experts so you know exactly what you are taking on. Be realistic in the amount of time and money that needs to be spent on a property and know when something is going to be too much for you. If you are looking to make your first foray into the world of property restoring it may be a good idea to start with something that simply needs modernising initially, such as new heating, carpets, redecoration or kitchen rather than something that needs planning permission or the employment of architects etc. This can give you a good insight into restoring property but doesn't take such a big chuck out of your funds or confidence!
The major factor with this type of property is of course funding and it is usual to spend twice as much as initially budgeted for on a restoral. For this reason make sure that you allow for unexpected expenditures and be realistic! You may even want to consider a loan to finance the restoration. One of the most competitive deals out there at the minute is with an aa personal loan.
Many people are now choosing to actually build their own home and it is even possible to buy your home in a flat pack kit! This can be a very satisfying process and enables you freedom of choice over the layout of your rooms / facilities etc as well as giving you a unique build. However, like property restoring, it is not a approach to be undertaken lightly and you need to be very realistic about your budget, time constraints as well as whether you are ready and able to take on such a big project.
For more information on Property renovation then there are hundreds of books that have been written offering useful advice and handy tips before you jump in at the deep end. Visit amazon.com for a recommended selection of books on this subject.