Many home buyers prefer to get more space for their money and buy a top performer as opposed to a brand-new home. However, serious renovation projects do not always go to plan. Before taking on a project that involves considerable ‘doing up’, ensure you do enough research and that unexpected costs factor into your budget so that the added value is not wasted.
Six things to know before a renovation project
- Ensure you have the right planning permission
It is imperative that right from the offset you have the green light for renovation or building works from the council’s planning office.
Some properties are listed with existing planning permission having been granted, and it is worth seeing what other homeowners in the area have done.
- Have a sensible budget
It is not advisable to get so over-excited with a lower price tag of a run-down property that you forget the spending to come.
Obviously, there are discounts to be had in an unmodernised property but at the same time there is an amount of uncertainty surrounding the final cost.
But a careful remodelling always costs more and takes longer than expected. It can be a good idea to have a reserve fund, in case you run into unseen complications or problems along the way.
- Choose experts
It is advisable to find a well-recommended architect and builder who will be honest with you regarding the costs and have plenty of referrals and examples of previous satisfied customers. For Construction Companies Bishops Stortford, visit www.ashmereconstruction.co.uk/
- Do your research
Finding a fixer-upper home is “very popular” in the family-centric neighbourhoods, meaning that a serious buyer must get ahead of the game.
A Victorian terrace crying out for renovation can attract significant competition. Interested parties will have done their research, working their numbers and cost factors to build into their budget.
- Consider how well you manage stress
‘Renovation’ means different things to different people. Some may want a tired property that just needs a lick of paint and new fixtures and equipment to carry into 2019, while others are willing to tear down the walls to make the dream of an open-plan layout them. Budget aside, consider your main motive for doing the work and how much interference you can manage.
- Remain realistic
Above all, be realistic about how much value you can really add up, and do not overspend.
If you want your remodelling to add value to your home, you need to know the price ceiling for your property – it is the maximum price the buyer will spend for a home in your area before they can find a similar one for the same money in a better condition.
If you are already on your ceiling price, do not expect a further renovation to add significantly to the value of your home. If you are thinking of a full kitchen refit, remember the value of your property and what return you are likely to see on your investment.