Buying a period house full of character with the intention of renovating can be a lucrative proposition. It can also quickly turn into a money pit, so it’s vital that you have a clear idea of the necessities and timescales involved. For small renovation jobs like redecorating or installing a new bathroom, there is a good chance that you are considering doing the work yourself in order tocut costs, but knowing when work is beyond you is the key to managing your time and finances much more safely. Buying a property in the country can be a great way of creating the home of your dreams or investing your money, but make sure that you follow these tips toensure that your new period home doesn’t become a property disaster.
Conduct a Survey
The simple fact is that the more work involved in your renovation, the more likely that you will need an official survey. Many people skip this, and that can be a long-term mistake. Talk to professional carpenters, roofers, and electricians, and you’ll immediately benefit from their free advice about your needs. They too will have the agenda of wanting more work, but by being careful,you can reduce the risk of making mistakes that will lengthen your renovation project and increase the cost of it. It’s a good idea to find an architect who can advise you. Although this may require an initial outlay of funds, it will very likely save you money in the long-run.
Not every property is going to need planning permission, and in the UK there is a lot of leeway for those working under the permitted development laws. Always check with your council before you commit to a house purchase, because finding that there are limitations to what you can do withyour period home when you have committed to the sale might seriouslyrestrict your potential development plans. You should also consider your home insurance costs. Period homes come with a whole set of additional elements to consider for insurance companies. Factors like having a thatched roof can impact your premiums, so ensure that you have a policy that has Thatched Roof Insurance included. Renovating a property can take time, and your new home may be exposedto the elements for short and long periods, so make sure that you are legally protectedand that your property is fully insured.
Every professional builder knows the simple truism of finding suppliers: bigger is not always better. A big company might have a better website and more enthusiastic sales staff, but they might not have the skill or expertise of a smaller operation. Don’t be tempted by a large supply firm just because they have slick brochures, no matter how tempting. When a large corporation has high overheads, what they charge will naturally be higher in order tomake a profit. Smaller firms, or even a one-personband, will usually be able to offer you a much better price, and you will get more personalisedattention as well.
Whether you’re planning on doing the work yourself or contracting out to professionals, renovating a period home can be fun and exciting.It can also be very profitable, and by preparing correctly, you’ll gain a lot more from your new venture. Do your research into your legal requirements, and check reviews of any company that you use. When you protect your investment, you’ll be prepared to tackle the trials and tribulations of a period home renovation project.