If you are pursuing a long-time passion project or simply wish to get on the property ladder despite being limited by your finances – there are many advantages to buying a run down or dilapidated home. By taking the time to renovate a slightly older or neglected property, you can add significant value to the home and generate income when it is eventually sold on.
However, this process can take several months, and it is therefore important to account for any potential delays. That is why the team here at White Horse Surveyors have put together the following article, to outline all the essential steps that any buyer must take before renovating a property…
Step 1) Carefully Consider Your Finances
Regardless of any work that you are planning on undertaking, it is always vital that you evaluate your finances before any renovations begin. By carefully budgeting the project, you will get a much better idea of what work is achievable and the timescale that it can be completed within.
This process will also help to you to identify the most beneficial improvements that will appeal to other potential buyers. Think about the small changes and how these will make a significant difference to the overall value and functionality of the house. Although these decisions may initially feel like compromises, they will help to ensure that the major investments you are making into the property are not pointless.
Step 2) Consult an Expert Before You Buy
Once you have successfully budgeted your project, the next step is to seek the advice and guidance of an experienced professional. By consulting with various experts, you will not only have a much better idea of the costs involved in renovating the property but also the overall process. This includes
- Property Surveyors – By assessing the home on your behalf, a property surveyor will highlight any essential repairs or building work that will need to be conducted. Making you aware of all the necessary renovations before you commit to the transaction.
- Contractors – When it comes to the potential costs of actual building work, make sure that you approach contractors and ask them to supply preliminary quotes for all the necessary repairs. But do not forget that the actual price may vary (depending on unforeseen difficulties) and this should also be accounted for in your pricing.
- Estate Agents – If you are unsure as to which improvements will add the most value to your property whilst remaining competitive with other homes in the area, you should contact your Estate Agent. They will be able to advise you on local home prices and what features will appeal to potential buyers.
Step 3) Plan How You will Renovate Extensively
Now that you have consulted all the appropriate experts and got your finances in order, it is important that you also take the time to meticulously plan the renovations. However, when too much time is spent micromanaging the project, you may end up losing sight of the bigger picture and actual purpose of the work.
It is for this reason that experts advise working closely with an architect and/or designer to assess the primary requirements of each room before renovations begin. Make sure you have an aim for each space and can communicate this goal clearly.
From these conversations, they will be able to produce detailed plans of the renovations including:
- Designs based on your instruction and goals
- Recommendations on the benefits of proposed works
- Details of the planning permission process
- Advice on how your personal budget will be used
Other Things to Consider
In addition to the steps detailed throughout this article, it is also important to take several other factors into consideration before commencing renovations:
- Do the renovations require planning permission?
- Do the renovations require building regulations approval?
- Is the property a listed building?
- Will the improvements result in a return on investment?
- Will the renovations negatively impact the market value? (by raising the property value above the average price of homes in the local area)
- What is the timescale on the renovations? Three months or six months? Summer or winter?
- Your accommodation while you are doing the work – mobile home or one room at a time?
If you are about to purchase a home for renovation purposes and require impartial advice on your best course of action, please do not hesitate to contact our team of experts for an in-principal discussion.
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