If you want to make the most out of your property renovation then you need to make sure that you take the right steps. If you do, you’ll make a profit in no time.
Things You Need to Know Before You Buy a Property to Renovate
Get a Building Survey
You have to make sure that you commission a survey to be done. You can get a chartered building surveyor before you buy the property if you want. The price that you pay will largely depend on the age of the property, so you have to make sure that you keep this in mind if possible. The great thing about a building survey is that it will highlight any issues that might be present. This can include a new roof or problems that relate to damp or general structural movement. The survey will also highlight any surveys that may need to be done in the future as well, so keep that in mind.
Be Prepared for some Competition if You’re Buying at Auction
When there’s a lot of interest in a certain property, it will often go ahead to sealed bids. Your estate agent will probably let you know the time and date that the bids have to be in by. When you go ahead and submit your bid, you’ll need to make sure that you provide a letter which states your final offer as well as a principle offer from your lender. It often pays to write the letter to the owner of the house, as this will help you to set out why you are a good choice. It may be that you have a big deposit or that you are not in a chain, for example.
Save on your Surveys
If you are choosing to go ahead with a renovation mortgage then of course, your lender is going to insist on you getting a valuation done. If you want to have a complete building survey done, then you need to ask your lender if your surveyor is on the panel for the valuation report. This will mean that you can get both surveys done at the same time and it will also save you a lot of time going forward.
Pause before you Start Work
It can be very tempting for you to start work right away. This is especially the case if you intend to live in the property before you do the renovation. Nobody wants to live on a construction site for longer than required, after all. For this reason, before you go ahead and start the work, you need to pause a bit. This will give you plenty of time to prepare and it will give you a good opportunity to really get to know the house as well. If you are getting a kitchen fitted, then it’s wise for you to use a kitchen visualizer tool, as this could save you days of work by simply making a few simple changes.
Budget for Electrics
Electrics in an older building will often require a great deal of updating. It’s important that you look out for any fuse boxes which may be old-fashioned. You also need to look out for light switches and some round-pin plugs. Things like this may require some updating. If you have to re-wire the property then this can set you back thousands, as all of the old wiring will need to be ripped out and the floorboards will need to be lifted as well. On top of this, replastering is also not included so you’ll need to pay for that too.