New research from Rightmove has discovered that more than 90% of home hunters would be open to or consider buying a property that requires renovating.
To assist the people that are ready to take on one of these projects, HL Decorating spoke to two property experts that have many years of experience in relation to the housing industries to share information on their guidebooks when it comes to creating the ideal renovation home.
1. Sensible Budgeting
Martin Tucker has been running an architectural consultancy business of his own over the last twenty-five years and said his most important advice is to consider the overall price on an estimate on what the renovation would cost you and then work backwards from this point. Avoid adding the costs up along the way.
On average a renovation or extension is going to cost around £1,850 per square metre. After that, the modifications, decorating, and upgrades are around £1,000 per square metre.
However, a kitchen could cost you anything from £10,000 and £100,000, so the costs will be dependent largely on specifications associated with the job. Basements are trending right now, yet they are pretty expensive. These cost around £3,000 per metre square.
2. Thorough Research
Miles (QUERY: Miles’ sirname and company?) explains that at the moment there are thousands of properties that require modernisation or renovation. Before you begin, it is worth your while to consult with a local estate agent in the area about the features that buyers look for the most in their perfect idea of a home to ensure your end result is a sought-after and saleable property.
3. Gain an Understanding of the Planning
Martin states that one of the main pitfalls is that home buyers expect a lot more than what can be achieved realistically. For example, with the semi-detached properties, the buyer needs to be conscious of the 45-degree rule with any neighbours. The 45-degree rule happens to be included in many of the council’s Residential Design guidelines.
The 45-degree rule basically involves drawing a line that is imaginary at a 45-degree angle from a mid-point of the neighbour’s closest window across your boundary. No parts of the proposed extensions will be permitted to cross over this line. Yet this rule can be dependent on the actual site, is not applicable in every case, and can also be flexible. Other important questions to ask are whether it can be renewed; if the property already had extensions done before; if the property has been extended to the maximum already; if the property is on a greenbelt; and if the property is situated in one of the conservation areas.
4. Know About What Can Be Done
Martin goes on to say that it is very important to find out if the property is in a World Heritage Site or listed as one. For example, if the house is Georgian, there may be stipulations in place that specific original features have to stay.
5. Modifying the Interiors
Martin says the renovations that arrive at a kitchen that is sparkling and clean and bathrooms that exude hints of luxury will always be a sought-after winner. Yet it is also a good idea to pay attention to the outside. Is the garden in a good state to entertain friends and family? This will sell that relaxing lifestyle appeal that many home buyers aspire to. Suntraps, privacy, BBQ areas, and patios tick all the boxes in order to complete a successful renovation.
6. Avoid Cutting Corners When it Comes to the Building Work
Martin says there are a few areas where you are able to cut a few corners. He advises that it is better to cut corners on the décor and decorating opposed to the actual building work where you shouldn’t be making compromises. You won’t achieve value for the money you spend by skimping quality building work. Today a lot more people are more aware than ever when it comes to the materials that are used.
7. How to Make the Most of the Process
Martin says the main benefits involved in buying a home that you can renovate is the fact that you can customise it. You might be buying the property for your own use or you might be a developer interested in making a profit. If you are in this process for the long-term, he suggests that you enjoy it. House prices continue to fluctuate, and this is something to consider down the road.
8. Think About the End Result
Miles says if you are renovating the property with plans to sell the house, it is important to note that the properties that are more popular amongst most buyers will be the type that looks appealing and cared for from the roadside.
Inside, buyers enjoy seeing a lot more natural light along with an internal layout that is well thought out with lots of storage to keep clutter hidden away. The renovations that arrive at sparkling bathrooms and kitchens with a touch of luxury are always the most sought after homes.