Purchasing property that requires renovation can be a lucrative endeavor for the right person. Whether you are doing this project to create your dream house or intending to sell the property for a profit on completion, it can be an exciting and rewarding decision.
However, large renovations require a lot of careful planning and can come with various challenges, so it’s important to carefully consider if this kind of project is right for you. Below is a brief guide to property renovations, highlighting some of the key areas that you need to consider to achieve quality results.
Budget
The first thing you need to figure out is how much you are willing to spend on this project, as well as how much you can realistically afford to spend. When creating your renovation budget, make sure you are allocating a percentage towards an emergency fund, as there is likely to be something that goes wrong or will cost a little more than you originally estimated. 20-30% of your budget is a reasonable amount to set aside for emergencies, and hopefully, this won’t need to be used. Do plenty of research into the cost of materials you want to use as well as labor to help you get a realistic idea of how much your renovation project will cost overall.
Hire an Architect
If you are doing a large renovation project that will change the structural design of a property, you should hire an architect to help you with this. They will have the expertise to help bring your vision to life and be able to advise you on what will work and what won’t. They’ll also remember to factor in important things like foundations, electrical fixtures, plumbing placements, how to better use the space you have to work with, and more.
Hire Reliable Contractors
There are plenty of horror stories out there regarding ‘cowboy’ contractors and tradesmen ripping people off and doing a terrible job. It isn’t always easy to find reliable contractors, particularly if you haven’t used any before for previous work on a property. This is why you should always shop around and get at least 3-to-5 quotes before you settle on a contractor. If you do know a friend or relative who has had work done to their home in the same area, you might want to ask for recommendations as these might be more reliable than online reviews.
Accommodation and Storage
If you are doing a large-scale renovation, there is likely to be several months where your property will be uninhabitable. During this period, you will need to find some alternative accommodation and storage for your belongings until you can move into your property. You can rent self-storage units using sites such as https://www.storagearea.com/self-storage.html and find units near your location. For accommodation, you can either hire a caravan to stay on-site for your renovations or rent a short-term let nearby if you can’t stay with friends or family.
Schedule
Finally, you will also need to come up with a realistic schedule to have your renovation project completed. You can work with your contractors to do this but be aware that there might be delays with supply chains that could hold up the project. This is why you should be incredibly organized and put in orders as soon as possible to try and keep momentum.
Renovation of a property to either sell on or live in can be a brilliant thing to achieve, but make sure you’re thinking carefully about all of the above to save money and get the best results.
