Renovating a home can be one of the most rewarding types of property development project. You could end up with a wonderfully characterful property that’s personal to you and is worth much more than your initial investment. However, you’ll need to observe, research and understand before you take the plunge. This involves assessing the project’s
The post What You Need to Know Before Renovating a House – How to Assess a Project’s Potential appeared first on Build It.
Renovating a home can be one of the most rewarding types of property development project. You could end up with a wonderfully characterful property that’s personal to you and is worth much more than your initial investment. However, you’ll need to observe, research and understand before you take the plunge. This involves assessing the project’s value for money, the structural stability of the home and any other hidden issues that could cause major problems either throughout the project or once it’s complete.
In this pre-start renovation guide, we’re looking at everything you need to know before purchasing a property for refurbishment, to ensure it offers good potential and isn’t a money pit.
Jump to home renovation FAQs
1. Price up the renovation
Value for money is a major consideration for anyone taking on a home renovation and assessing whether it’s worth it. Many of the points we’ll look at in this article boil down to understanding whether the purchase price plus any costs involved in resolving defects or making alterations stack up.
Julian and Abigail Bernard stumbled upon a 19th-century gate keeper’s lodge for sale, and couldn’t resist what the charming property had to offer. They bought the property for £325,000 and spent £245,000 on the renovation works. Photo: Simon Maxwell
For most, the goal will be to spend less than the likely end value of the property. “Research the ceiling price in the area and how close you are to that,” says Kate Sandhu, founder of Kate Sandhu Renovation. “If you buy a three-bedroom doer-upper for £300,000, and on your street the maximum house value is a five-bedroom for £500,000, you know you don’t want to spend any more than the difference.”
2. Investigate the local area
We all know location has a big impact on property value, but it will influence other parts of your project, too. Think about transport links; is there a station close by and are there easy-to-access main roads? Is there scope for off-street parking? If not, what are the parking restrictions?
Take a look at the council’s Local Plan and find out what development might be going on in the vicinity. Is a big housebuilder looking at land close by that could cause disruption? On the other side of the coin, can you see houses that have been extended? This could indicate the council planners are open to projects that add space and value, such as a loft conversion or two-storey extension to the rear. Check for potential restrictions, too. “Is the house listed, or in a conservation area? Are there any specific local planning requirements, and what would that mean for your renovation?” says Kate.
The post What You Need to Know Before Renovating a House – How to Assess a Project’s Potential appeared first on Build It.