Consumer research has found that the majority of those seeking a home would be open to the idea of purchasing a property that needed to be fixed up. To help this type of buyer get started with such a project we went to a couple of property experts that have many years of experience in the housing industry to help us understand the perfect way to renovate a home. It’s important to remember that before you commit to buying a property, it’s advisable to consult a commercial property surveyor.
According to Martin Tucker who has had an architectural consultancy for a quarter of a century, the best advice is to examine the total price you think the renovation will cost and then work back from there. It’s not a good idea to start adding things as you move forward. When it comes to renovations, a typical cost per square meter is £1,850. Another £1,000 per square meter is needed for other upgrades including decorating and certain modifications.
Kitchens are one of the biggest investments and they can range anywhere between £10,000 and £100,000 and this is determined by the specific situation. Modifications on basements are now trending but they can be expensive. They can often be as much as £3,000 per square meter.
Do Your Research
There are currently countless homes that need to be modernised and renovated. To begin, it’s recommended that you speak with local estate agents to learn what type of features buyers are commonly looking for in a perfect property to make sure you have something that can be easily sold and that its value will grow. Only after doing this type of research should you move forward.
There are a lot of people who fall into the trap of expecting more than is genuinely realistic. An example of this would be with a partially-detached property. There is a 45-degree rule that is commonly part of councils’ guidelines for residential design. This means that any additional renovations that you do will not be able to be more than 45 degrees from the nearest windows of your neighbours. When you present a proposal for your extension, the renovations will not be able to cross this line.
That particular rule is not always applied and in some cases it’s flexible. This is why proper planning is so important. You should ask questions such as: Is it in the greenbelt? Can it be renewed? Has it ever been extended? Is it in a conservation area?
Before You Start, Know What Can Be Done
You will want to know if the property is in a World Heritage site or if it’s listed. There are some situations, such as when looking at a Georgian house, when some original features will be required to stay. You’ll want to know these facts before making any decision.
Making Changes to the Interior and Exterior
There are some renovations that will more likely be winners such as adding luxury to bathrooms and kitchens. There are other things that can be done on the outside such as creating gardens that can be used to entertain, as this promotes a relaxing lifestyle that many potential buyers want. Barbecue areas, suntraps, patios, and other improvements are great choices that will lead to successful renovations.
Don’t Try Cutting Corners on the Building Work
It is possible to cut costs with some things like decorating but it’s best not to do it with the building work. You really shouldn’t compromise there. When you skimp on the investment it will lead to a poor quality building and you won’t get a good value. If you go to sell you need to understand that people are more aware of the value of materials than they once were.
Get the Most Out of the Process
One of the big advantages of buying a home you plan to renovate is the ability to personalise it. You should consider whether you’re buying the property to live in or to sell for a profit. If you plan on staying in the home for a long time then you really should personalise it and not worry about other factors as much. You do want to keep in mind that the price of houses does fluctuate and so it’ll be something you need to think about down the line.
Keeping the End Result in Mind
If you want to sell a property that you’re renovating then you want to recognise that the ones that sell best are ones that are very appealing from the road and look like they’ve been well cared for. Once a potential buyer goes inside they want to see that there’s lots of natural light and that the general layout provides lots of storage so that they can keep clutter out of sight. Luxurious and clean bathrooms and kitchens are key components to a winning house.