Buying to renovate? Here’s what you need to know.
Buying a house that needs updating can be a hugely exciting project to take on.
Whether you’re looking to make a nice profit on a property by bringing it back to life and selling it on, or you’re keen to put your own stamp on a new home and add some extra value at the same time, there’s a lot of things for you to keep in mind throughout the process.
The people you see on shows like Grand Designs, can make renovation projects appear much easier than they are in real life. There’s a lot of planning, a lot of budgeting, and a lot of decision making that goes into every house renovation, so we’ve put together a list of the top things to keep in mind when buying to renovate.
Location, location, location.
In order to maximise your return on investment from a renovation property, it’s important to place location at the top of your search criteria. If you buy the worst house on the best street, the only way is up, and once you have worked to bring your renovation property up to standard, you should benefit from the popularity of the area when you come to sell it on.
The last thing you’ll want to experience is doing up a property and making it incredibly desirable but it’s not in an area where your ideal future buyers are looking to make a purchase.
Don’t forget about planning permission.
Once you have found a potential renovation project, we highly recommend that you don’t go in all guns blazing (despite how tempting this may be at the outset!) and make an offer before you have enquired about planning permission.
If you need to extend or build up, you may need to obtain planning consent, so buying a property without any idea on whether you’ll get it is a dangerous strategy.
Attempting to buy a rundown property with no hope of planning permission is not a position you’ll want to be in, so make sure to enquire with your local authority or a planning expert before you commit to a project.
Consider all the costs.
Unsurprisingly, how much a property renovation will cost you, largely depends on the amount of work required to bring it up to scratch. But it is vitally important to consider all the other costs that will crop up when buying a property to renovate. These costs could include:
• Stamp duty
• Solicitors’ fees
• Additional finance costs
• Planning fees
The most important thing you can do during any type of renovation, is to keep a close eye on all of your costs and make sure you are as prepared as you possibly can be for any unexpected extras on your budget. It’s commonly the way with homes that have been neglected for a while are the ones that often have nasty surprises spring up.
Get an expert’s opinion.
Join us for a chat at Rollo HQ. You’ll discover space to design and plan your renovation with our team of experts. Downstairs, you’ll find the in-house manufacturing facility, Timbex Creations. Having a skilled renovation team and woodworkers on-site means that we can truly work towards your wants and needs with passion and precision.
We can assure you that our pricing is transparent, quotes are detailed, and we’re committed to delivering the highest standard of workmanship on all Rollo projects.
