Whether you’re looking to buy a property to renovate for profit or transform into your ideal home. The process of renovating a property takes a lot of work (and money!), but it is rewarding in many different ways. If you’re thinking about buying a property to renovate, no matter the reason why, take a look at our top tips.
Things to consider when buying a property to renovate:
Firstly, you need to work out what you can afford. Be strategic early on and you could save in the long run on stamp duty. This is because the stamp duty increases as the cost of the property increases.
Furthermore, renovation projects are costly, with lots of things that you may have to pay for that you didn’t initially anticipate or plan for. Prepare for the unexpected.
Take a builder/ building surveyor along with you to viewings
If you can afford to, take a builder or building surveyor along with you to a house viewing and they can follow up with rough estimated costs for renovation work. This can be useful information to have, particularly when working out whether or not to buy a property for renovation purposes.
Estate agents can also help with letting you know if your renovation plans will add value, or make the property less appealing through over-development.
It’s important to be realistic when thinking about buying a property to renovate, then take the plunge and make an offer.
Organise a full building survey and gather builder quotes. If you’re planning to carry out significant extending to the property or considering remodelling, it is always advisable to get an architect on board, especially early on.
Make yourself aware of the rules around planning and building regulations, this will help you in the long run and inform your plans so that you avoid any disappointment.
If you’re looking to renovate for a profit, make sure to follow these steps:
- Buy the worst house on the best street
- Get the house essentials right first such as making sure the house is warm, dry and free of damp, and that it’s a secure property. At the same time, you can also carry out maintenance work to the roof, and stabilisation work, or any rewiring
- Be disciplined and don’t get carried away thinking about your own design wishes and requirements. Instead, do your research and make sure the property is perfect for potential buyers
- Add or update the central heating as this will always add more value to the property than it costs
- Consider remodelling while renovating. This is particularly important as it allows you to focus on making the best use of your space
- After all this, you can begin to work on fixing superficial defects that typically put many buyers off; this includes peeling paint, squeaking doors and windows, door latches that don’t work, dripping taps, loose tiles, sewer smells, broken or damaged windows, and cracks to ceilings and plasterwork
- Lastly, remember that every property has a ‘ceiling value’ e.g. the maximum price it can achieve. The best way to identify what this is is to take a look at what other people on your street have managed to sell their house for
Contact Cobbydale Construction
If you’re interested in buying a property to renovate either for profit or just for yourself, you can contact our team at Cobbydale as we can help with the renovation process. We’re highly experienced, reliable and trusted builders in the local area. Give us a call today on Keighley 01535 653 530 or Ilkley 01943 630 038, alternatively, you can fill out our online form, and we’ll be in touch.