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Your Go-To Guide To Your First Renovation ProjectBy admin
Tuesday, 27 August 2019
With property prices rising all the time in the UK, it comes as no surprise that more first time buyers are opting for a fixer-upper project to save themselves money. Evidence has shown that buying a property in need of renovation can save as much as £40,000. No wonder that so many people trying to get on the property ladder are ready to take on even fairly extensive structural repairs to get a foothold in the property market.
Although a property in need of work could be ideal for first time buyers, it’s not something to be rushed into without a lot of thought. There are a lot of pitfalls involved in a renovation project, so knowing what to look for before taking the plunge could save you an expensive mistake. Of course, first you need to find a property to renovate and that alone can be a challenge.
Choosing A Fixer-Upper
The first thing I would advise for anyone finding their first fixer-upper is to look for the essentials. Of course the property might be quite dilapidated but it needs to have enough potential to make the investment worth its while. If you end up choosing a home which needs a whole lot of work but is in an unappealing neighbourhood and holds no possibility for profit in the future, it’s best to look elsewhere.
It’s usually advised that first time buyers should be looking at their purchase more in terms of an investment instead of as a permanent home. If permanency is your goal, you’re going to be looking for something very different from your project than someone who is simply looking for a way to make sufficient profit to be able to put down a hefty deposit on another, better property.
If that sounds like something you’re interested in, your renovations will take a different direction to that it would take if you were planning on living there for the rest of your life.
If you’re renovating a home that’s going to be your permanent abode you’ve got free reign to do anything you like (as long as you can afford it, of course). On the other hand, if you’re planning to sell the property on as quickly as possible, you’ll need to consider what renovations you need to make to appeal to potential buyers and how you can make the best returns on your investment.
Plan Out Your Budget
Your budget isn’t just the amount you’re going to spend on buying your property. It also needs to include the amount you’re going to spend on carrying out the essential renovations. Getting professional help to assess your costs will give you the most accurate idea of how much you’ll need to spend.
You should aim to never spend more than 10% of your home’s purchase price on renovations. This is especially the case if you’re planning to sell the property on making a fair profit. Once you’ve planned in your renovation costs, add an additional amount of 10% to act as a buffer just in case of any unplanned expenses that crop up.
When it comes to the interior of your home, the kitchen and bathroom are the two areas to focus on. These are the two rooms that can sell a home on their own merits, so spend the most money here. All of the other spaces can probably get by with a lick of paint and a tidy up
Know What To Focus On
It would be a mistake to go into your new property and change absolutely everything from top to bottom. That will certainly break the bank and you’ll never be able to recoup the costs. Instead, look at what absolutely needs to be done.
No matter how bad your fixer-upper, there will still be many areas which only need cosmetic or minimal work. Focus on the key areas which need extensive renovation, but don’t forget to pay attention to the exterior of the property. Your home needs to have curb appeal if it’s going to be attractive to buyers.
There are lots of ways you can make the outside of your home look its best, whether that be replacing old single glazed windows with modern double glazed UPVC windows or giving the front door a fresh coat of paint.
Getting The Work Done
Most people would tell you to do as much of the renovation work yourself to save money. I would add a caveat to that. Yes, if you’re capable and skilled at renovation work then you should definitely get hands-on with your project. However, if you lack skills and experience it’s always better to get a professional in to do the work for you.
Hiring a reliable, fully qualified contractor will give you the peace of mind that all work has been done to the highest standards. Ask around for recommendations and make sure that you choose someone with a fair quote but who can be relied upon to do the work properly.
When it comes down to the small details of your home, you can make a big difference with aspects such as lighting. Visit Home Logic today to find out how you can complete your project in the best possible way so you can reap the most profits from your investment.Related Home Logic Living Articles
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