While there are still plenty of homeowners looking for a property they can walk into without needing to do any work, homes in need of fixing up are 8% cheaper than the average property for sale.
Are you looking to take on a project? Fixing up a property can be a rewarding but challenging endeavour.
Check out our tips below:
Understand the costs involved in renovating a property. Consider the purchase price but also renovation costs, taxes, and fees. Remember, unexpected expenses are common so set aside a contingency fund to cover unforeseen issues or changes in plans.
Check if your plans require planning permission. Some alterations may need approval from the local planning authority and ensure your renovations comply with building regulations. This includes structural changes, electrical work, and plumbing.
Hire a qualified structural engineer or surveyor to assess the property's condition. Identify any structural issues early to avoid costly surprises later. Address critical structural issues before cosmetic improvements. This ensures the property is safe and structurally sound.
Consider improving insulation to make the property more energy efficient. This not only reduces utility costs but can also increase the property's value and can be an attractive selling point too.
Understand the local property market to gauge the potential resale value. Consider the features that are in demand in the area. Focus on quality renovations rather than quantity. Well-executed, tasteful renovations are likely to yield a better return on investment.
Remember, patience and thorough planning are key when dealing with a fixer-upper. It's also wise to consult with professionals, such as architects, contractors, and real estate agents, to ensure that your renovation project is successful and aligns with your goals.
Need advice on how to add value to your home? Our team will be happy to assist.
You can contact us here.