Plenty of people now seek homes that need renovating due to the lower market prices than an already renovated property. If you’re one of these people, read on for four tips for choosing a home to renovate.
Renovating a house has many benefits compared to choosing an older property that is already done, up or a new build. It offers you so many exciting potentials, creating the perfect home that aligns with your taste. It also provides the possibility of increasing the property value significantly.
Before you can even start the renovations process, though, you need to find the perfect home. We’re here to provide some tips to help with the process.
From hiring a conveyancing lawyer to iron out all the practical elements, to considering what changes you’ll make to the property if you purchase it, there’s lots to consider. Keep reading to learn the four helpful tips when choosing a home to renovate…
What Should You Consider When Choosing a Property to Renovate?
1. Search and Find a Property That Catches Your Interest
One thing that is important to take into account when you are choosing a home to renovate is finding a property which you see potential in.
You want a property that initially catches your interest. This could be one where you like the shell of it and have an idea of how you can make it into the perfect home. It might be that the location is ideal for you; perhaps it is in a good area, with excellent local schools for children, parks, and shopping amenities.
Alternatively, it could be somewhere that you could feasibly add a lot of value to. This is where your conveyancer can come in handy to help with searches of the property to get a better sense of its potential.
2. Consider The Cost to Renovate
We can all get carried away when it comes to buying property. So, while a house might be up for sale for a reduced price, this doesn’t always mean that it’s affordable to purchase.
Renovations can cost a considerable amount of money. In the UK, the average cost of renovating a three bedroom home is between a whopping £76,900 and £138,800, including things like windows, heating systems, re-plastering, a new kitchen, knocking down walls and much more.
Be sure to understand what you’ll have to change within the property to ensure you’re getting the best deal possible.
3. Hire a Conveyancer
Conveyancers are important for a reason. They have experience dealing with all types of properties and know the good ones from the bad.
The last thing that you want is to purchase a property that is going to cost you more than it’s worth, and hiring a conveyancing solicitor ensures this
If you select a renovation project that interests you, your conveyancer will be able to take a look at the property, carry out the necessary search checks and advise you if there are any problems that need immediate addressing.
If the searches come back clear and there are no other concerns, then you know that you’ve made the right choice and found a property worth buying and spending money on to renovate.
4. Consider How You Might Design the Home When Viewing it
Before you decide to get those keys in your hand, it’s important that you have an idea of the changes you’d make to the property. You don’t want to jump in head first before considering what needs changing, and whether it’s feasible or not.
So, before purchasing it, the first thought of many is where to start. Will you change the kitchen and bathroom? Will you re-plaster? Will you redo the electrics completely? What about replacing the windows?
Most properties which need renovating can feel overwhelming to look at. So, you’ll need a breakdown of everything that needs changing before you dive in.
Then, once you’ve decided on this, you’ll need to sort out your design and renovation process to make sure it’s a feasible option for you. Some things to consider include:
Doing One Room at a Time
There is nothing worse than starting multiple projects at once, especially if you’re considering living in the property whilst renovating. You need to start off with one thing at a time. This could be beginning with the largest project or focusing on the smaller ones, perhaps a toilet.
Doing one project also allows you to save money. By focusing on one project at a time, you can budget accordingly.
Create a Budget
Like when you consider a budget for the purchase of the property, you need to consider a renovation budget too. Doing this allows you to only spend what you need to and not waste money that can be used on other aspects of the property.
If your budget is lower, you will be able to determine what’s a priority, what can be kept the same, and what can have fewer changes made.
Renovations costs will often include building materials, labour (if you use builders, decorators and other tradesmen), architecture and furnishing. Love Renovate provides advice on how to budget for your renovation, including what not to miss, why you should get multiple trade quotes and more.
Renovating Can Be a Tedious Task
What we can conclude is that renovating a property can be a tedious task to do, with considerable aspects involved. It begins with choosing the property, and then you have to actually carry out the renovations. Taking the time to consider what you are getting involved in is crucial.
For more assistance with renovating a house, Homebuilding & Renovating provide some expert advice from specialists who know how.
Have you renovated a property before? Leave a comment below with your tips and tricks for others looking to renovate.
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