Buying a home with the intention of renovating it can be stressful, there’s no real way to sugar coat that fact! From first viewing a home to conducting surveys, arranging materials and contractors through to actually getting to live in your new house, there’s a lot to cover. Every home renovation is unique so we can’t give you a clear cut specified way to approach it without speaking to you directly about your plans, but what we can do is give you our 7 top tips on ensuring your house renovation is as smooth as possible.
Carry out a building survey
We all look out for the most obvious things when it comes to looking around a potential new house. Standard things we might look out for are damp, condensation, poorly constructed areas, windows, doors, or sloping floors or ceilings. You also need to look at radiators, the boiler, for any potential damage or possible issues down the line. With the best of intentions, you might not notice everything.
That’s why commissioning a chartered building surveyor is so important. Whilst these can range from £500 to £1,000, they can save you so much more in unnoticed issues. A surveyor will look at issues such as any roof problems, structural integrity or movement issues or potentially hazardous issues such as evidence of asbestos. They may be also able to recommend any additional reports as a result and be able to secure you a lower rate for those services.
A house seller’s willingness, or lack thereof can be a good indication of whether a new house requires undisclosed additional work. If they are unaware, then you’ve done them a favour by discovering the issue for them and could lead to you securing the house at a more competitive rate. In any rate, having a clear set out list of issues will help you to quickly identify what needs to be renovated and what does not, helping you manage your budget more effectively.
Don’t forget about the competition
Remember this is still a seller’s market as of June 2024. Less scrupulous home owners may decide to sell to someone willing to overlook remedial works in favour of a quick sale and passing on liability to the new owner. Nowhere is this more apparent than auction houses, where although you can request surveys, you should also be prepared that delays in this process could mean you miss out. That being said, we would advise you to play it safe and ensure that you are getting your new home for a fair market value.
Prepare a schedule of works
Once you have secured your new house and you have a thorough understanding of what needs to be done, you should begin organising a timeline for completion. If you are not a tradesman and need to hire contractors to assist you with the home renovation, such as a construction company, plumber and electrician then you will need a clear understanding of expected timelines, time required for any 3rd party contractors and access requirements. Doing so will help you organise who needs to be where, and when, particularly if you need to provide any accessibility needs such as keys, garage or on street parking badges or key codes.
Leave lots of room in the budget
With the best planning in the world, sometimes you can’t plan for the unexpected. What you can do is keep a buffer so you have at least some options. If poor weather for example delays a start to any renovation work, you may need to extend your stay elsewhere if the property becomes uninhabitable. Similarly, a contractor may pick up on previously undiscovered issues. Rather than letting this come at you as a surprise, keep a bit in the budget for unforeseen circumstances. Worst case scenario, you have been able to mitigate circumstances and keep the project on track. Best case, you have some money left over to celebrate with if you don’t end up using it.
Plan alternative living arrangements
Unless you are undertaking a lot of the work yourself, you may need to consider an alternative place to stay whilst remedial works are underway. This might be because electrics need to be re-wired, plumbing re-installed or you simply are not ready to get the Wi-Fi installed. Whether it’s for work or leisure, a construction site isn’t quite a home just yet. Having an alternative place to stay can also help to keep you objective in terms of the progress of the project, as you’ll have none of the stress or noise from living on site at the same time.
Read up on insurance
Keep in mind that some mortgage lenders might refuse to provide loans for properties that are uninhabitable. Others may lend based on the property’s current value but won’t offer additional funds until the project is finished, a practice known as applying a ‘retention’ to the loan.
You will need to discuss with your contractors how far their public and employer’s liability extends, whether it covers building materials and works, the existing structure, accidents cover and any potential legal issues.
Be money savvy
Whilst having a downstairs bathroom may not be as appealing as an upstairs, or the type of windows are not particularly best sellers, be aware that you do not always need to rip this out and start over. For the right buyer, these quirks could be additional selling points. Besides, you always have the option to extend later! Additionally, you should look at any exemptions you may be entitled to. Other money savings hacks include reading up on permitted development. Certain features you have in mind or if you are choosing to extend within a certain width may mean you do not need to apply for planning permission… or paying for it. Contrastingly if you are renovating to flip a house, you may wish to apply for a certification of works to provide added surety for would be buyers.
If you require any assistance with renovating your home, have questions about doing so or applying for certifications we’re here to help. If you live in the areas of Keighley, Silsden, Bingley, Ilkley or Skipton you can contact us on 01535 653530 or use our contact form here.