TIPS FOR A PROFITABLE RENOVATION

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Renovating your property for profit can be easy if you know what you are doing. With various television programs such as Homes Under The Hammer or Property Ladder, it seems everyone wants to try their hand at property renovation. On the face of it, it seems like a good idea and can be highly profitable, but the truth is that very few renovators make money, and worse still some lose money.

Research

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A property that has been on the market for more than a few months suggests there isn’t a great deal of profit to be made. Research your chosen location thoroughly, consider who you’ll be pitching your finished property to and the type of local amenities important to them. For example, if you are renovating a family home, are the local schools in the area good ones.

Things to look out for

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With an older property, you really should be prepared for anything. Stripping wallpaper could involve the walls themselves coming away with paper, incurring further plastering costs. Don’t be afraid to make various appointments to every type of tradesman or contractor in order to know what you’re letting yourself in for.

Ask advice from the Experts

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Engaging the services for estimates of specialist contractors in roofing, damp specialists, electricians, and plumbers will charge nothing or very little to offer estimates on work and will be more beneficial to you than a surveyor in the earlier stages of property investment.

How Much Work Is Involved?

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This really does depend on the type of property you are choosing to invest in. But don’t bite off more than you can chew. A good place to start is trying to do up a dated property rather than a complete wreck. Renovating a new kitchen, bathroom, re-decoration, adding central heating and new carpets can transform something dated into a modern new home. 

Finances and budget

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Be prepared. Set yourself a budget and build in some contingency funding, fifteen percent of the total cost is a good guideline. With multiple quotes from qualified contractors, this will offer a guide of how much your renovation will cost.

Organize and manage your project

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If you are confident enough you could manage the renovation yourself or employ an independent project manager. Get all quotes well in advance from tradesmen or contractors, this way you can calculate your expenditure. Never expect scheduled timescales, things can go wrong and may not always go as planned. Seek as much advice as possible, especially from people who’ve done it before. If you’ve bought a property to renovate and live in, be prepared to live in a building site until things are settled.

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