More people are looking at investing their money in property. Not just to live in or even to rent out these days, but to renovate and improve and then sell on for a nice profit. It may sound easy, right? Buy a house, splash a bit of paint around, fix a few walls, make it look amazing and then sell it for a higher price than what you invested. But it isn’t as easy as that. Of course, there are varying types of renovations you can take on. You might think about something more cosmetic that needs modernising. This could maybe take you a few months to complete and provide you with a small profit. Renovations can get bigger the more work that is required, but of course, the more you put in potentially means the more you get out of it when it comes to the end of the journey. However, there is much more to consider even at the beginning stage than most of us realise, which is why I thought I would share with you some of the things you need to consider before jumping head first into your first renovation project.
Get all the necessary checks and surveys done
The fun part of buying a house to renovate is actually looking for one and deciding on the right project for you, possibly the easiest part of the process. But once the offer is accepted the next hurdle to overcome is the checks. You need to protect yourself and your investment when it comes to renovating, so enlisting the help of firms like Allcott Associates chartered surveyors could be beneficial. These sorts of professionals can do surveys on the general repair of the house and even things like wood work and damp. This is especially important for properties that have been vacant for a while or older homes. Many mortgages may even stipulate certain checks to take place so make sure you have a contingency fund in place, just in case.
Consider your budget and timescale
Budgets are never a nice conversation to have, but it’s important to ensure that everyone involved in on the same page when it comes to the finances. This is why you may want to outline what you want to spend ahead of time. You also need to consider the timescale for the project. As each month passes, you may be paying a mortgage payment or bills on the house, which will all be deducted from your overall budget.
Visualise the end result before you even begin
Visualising how you want the renovation to look completed ahead of time is a quick tip to help you with your budget, but also to ensure you know what sort of work is needed to take place. This helps you with your timescale and also appointing any professionals. Some builders and workmen have ongoing jobs so you may need to book in ahead of time.
Finally, make sure you are realistic about your skills and how much time you can put into the project yourself. If you have a job still during the week, you may not want to dedicate your whole weekend to the project. You might also need to hire professionals to do some of the trickier jobs. As you are selling on, you will want to ensure that all work is up to standard.