Making the decision to buy a new property is a big one. Whether you’re getting it for commercial purposes or because you want a home to pass on to the next generation, it can be a huge responsibility. One of the first big tasks you may have is transforming the space into something you’ll love or that the people who are going to live there will find attractive. It often means taking on a renovation project to get the property into the shape you want. In order to avoid overspending and wasting time and energy, it’s good to plan ahead.
Consider taking these steps if you want to increase the chances of a successful project.
Ensure It’s the Right Property
When looking to renovate a property, remember, not every property is worth the hassle. If careful research isn’t done, you could end up with a money pit, significant restrictions and a disaster of a renovation property. On these premises, before making any major changes to a property, make sure it’s efficiently surveyed. If you haven’t yet bought the property, don’t buy blind. You want to look out for hidden dangers, defects and structural issues, prior work that may have been carried out without consent and identify any serious location risks.
Stick to Your Budget
Before embarking on any renovation projects, ensure you have a proper budget in place. If you haven’t yet bought the property you want to renovate, this means first estimating the costs of both purchasing the property and renovating. Here are a few items to include in your budget.
- Upfront Costs: When you’re ready to close on a property, there are a few costs that you’ll need to take into consideration first. These include things like a deposit, surveyors fee, estate agents fee and stamp duty. Be sure about how much they are and include them in your budget.
- Conveyancing: Another vital cost to consider when budgeting for a property is conveyancing. You need legal professionals to help you prepare your documents and liaise with the seller so that things go smoothly. You can use a tool to compare conveyancing quotes. This way, you save as much as possible and still have enough left to renovate.
- Materials: Moving on to the renovation project itself, you’ll need to budget for the materials that will be used. Your best bet is to find the cheapest alternative to keep costs low.
- Contractors: Unless you intend to DIY the whole house, renovations won’t be free. You’ll have to pay contractors to help you carry out the work.
- Unforeseen Circumstances: No matter how carefully you plan, often, things go wrong during a renovation. Ensure you have extra money stashed away for such contingencies.
Decide on Your Renovations
Knowing what renovations you want to make is a bigger deal than you think. Sit down and think about the long-term implications of any changes you’re going to make and how it will affect your home and the value of your property. For instance, if you’re going to be renovating a period property, then you need to get the right council permissions before going ahead with any changes. You may also need to prepare for hidden problems that could arise as a result of the structural build of the property. The last thing you want to do is spend thousands of pounds on an investment that won’t give you any returns.