Whether you’re thinking about buying a property to renovate with the intention of selling it on, or you’re simply looking to enhance your current property, taking on a renovation project can be exciting, challenging and extremely fulfilling.
With many of us spending an increasing amount of time at home this year, you might already be working on a renovation project or be thinking about starting one.
Here’s our guide to everything that you should consider when deciding whether to renovate or not.
The impact of the renovation
Before reaching for your toolbox or calling in the professionals, it’s important to consider every aspect of the renovation project. Make sure you get your head around the costs involved, how long the project will take, and the impact it will have on the rest of your household whilst the work is being carried out.
Remember, renovation work should be carried out by trained professionals as it can involve work far more substantial than a fresh lick of paint or changing a door handle or two. Taking a DIY approach to certain jobs could end up costing you more money in the long run.
If you do decide to undertake the renovation yourself, make sure to strike a balance between working on your property and your home life. It’s incredibly easy for renovating to take over every single weekend and spare minute you have.
Shop around
When deciding whether to renovate your property or not, shop to find the right contractor for the job and don’t be afraid to get quotes from several different companies.
Always ask for testimonials – contractors with a good track record won’t be afraid to share them!
Renovating a house – where to start
There are five key criteria to consider when undertaking a renovation project, especially if you’re looking to sell your property following the renovation. These are the location, the demographic of your potential buyers, market value, and the size and style of the renovation.
Why location? It’s crucial to consider the location of your property as this can have a huge impact on the type of renovation work potential buyers consider valuable. For example, if other properties in your area have had new kitchens fitted or have converted the floor plan of their home, it’s a good idea to consider this type of work for your own property, especially if the work has added value. Consulting an estate agent to see what renovation work they believe will add value to your property is also a good idea.
You should also try to understand the demographic of potential buyers. Understanding current trends and tastes that are dominating the housing market will allow you to tailor your renovation to appeal to your target buyers.
The market value of your property will determine how much it will sell for, with or without a renovation. The economic standing of the property market can often have more of an impact on sale value than whether you’ve updated your kitchen or not, so it’s a good idea to talk to an estate agent to find out whether a renovation would be worthwhile.
The size of your renovation is something you need to consider early on in the process too. This will affect both the amount of time that you’ll need to spend on the project, and also the budget that you’ll have to work with.
Disadvantages of a renovation
One major disadvantage of renovating is that it’s often not possible to completely recoup the costs of the project when it comes to selling the property on. While a major increase in space, such as an open plan renovation or an extension, could increase the property’s value, smaller renovations don’t often have as much of an impact as you might think. In terms of rooms, a kitchen renovation or bathroom renovation will often add more to the price of your property than, say, an office renovation.
Additionally, when a renovation is ongoing, there will be a lot of disruption at your property. You will need to be prepared for the lack of a room such as a kitchen or bathroom – and of course, you will need to deal with the noise of construction.
Buying a property to renovate and sell
What rooms to start in?
Whether you’re renovating or redecorating your home, it’s important to make a list of what work needs to be done so you can work through each room methodically, with minimum disruption to the rest of your household. You should also prioritise the work that needs doing based on what’s most important, such as any plumbing or electrical work.
And remember, if you have come across issues that could cause problems further down the line, make these a priority. The order you do the work in should also be considered. For example, you can’t plaster a room before any electrical and plumbing work has been carried out, and you can’t paint or decorate until a room has been plastered.
Handy Renovation tips
Taking on a renovation project can be extremely challenging yet incredibly rewarding. Before beginning any project, take the following tips into account to ensure your renovation runs seamlessly.
Building report
First and foremost, you should always commission a building report from a chartered building surveyor. This will uncover any hidden problems that you won’t see from a viewing alone.
Budget
When setting out your budget, be realistic and budget for every eventuality. This will give you a clear idea whether the renovation work will add value to your home and whether it’s worth it. A spreadsheet will become your best friend! Remember, always reserve 10% of your budget for unexpected hiccups along the way.
Work to schedule
When starting any renovation project, establish a schedule, outlining every job that needs completing, from start to finish. Your list should also include how much each aspect of your renovation will cost.
Finally, there are consent checks to consider before starting work on your house renovation, including:
- planning permission
- building regulations approval
- listed building consent
You will need to make sure that all of the above is in place before starting the project.
Let Titan Storage make life simpler during your renovation project
Here at Titan Storage, we have a variety of flexible storage solutions that are helpful and convenient during any renovation project or house move. Whether you want immediate short-term storage, or long-term storage for those items that don’t have a place in your home at the moment, get in touch to see how we can help.
Publisher Note – Originally published in June 2018 – Updated 06/07/2020 to reflect the current market
