The renovation of a property is a challenge abundant in rewards upon completion. Research conducted by Rightmove demonstrates that 90% of individuals would consider purchasing a property to renovate; therefore Katie Malik Interiors has composed the following list of factors to consider prior to purchasing a property for renovation purposes.
Regulations and Planning Permission
Prior to purchasing a property you intend to renovate, it is exceedingly important to conduct research into building regulations and ensure you have the necessary planning permission. Period properties in particular have regulations preventing the modifications of internal and external features; whether it be for health and safety or heritage aspects. It is considerably important you are detailed in the particulars of your prospective renovation project, and the works are approved, in order to avoid breaching any legal protection that property has.
Commission a Full Building Survey
Instructing an experienced Chartered Surveyor to commission a Full Building Survey on your prospective new project can save you lots of money long term and prevent you from investing in a property which you otherwise wouldn’t have known is falling to pieces. Full Building Surveys bring to light issues that are not always visible initially; these reports extensively detail the condition of a property and the cost of any repairs that will need undertaking. These surveys also determine if a lender will feel comfortable investing in said property with you.
The excitement of discovering a low priced property abundant in potential, often over clouds the costs of home renovations. Early in the project individuals are fixated on elements and finishing touches that will make a fixer-upper their dream property. House renovation costs will easily escape you, therefore you need to be realistic with your budget. It is a good idea to create a strict spreadsheet detailing the exact costs of everything from window treatments and light fittings to skirting boards and radiators. Additionally, it is vital to set aside more capital to cover any unexpected costs. For example, old buildings, the popular site of renovations, often require new electrical works which can consume a lot of the budget; to rewire a 5 bedroom property including allowance for new light fittings can cost approximately £10k.
Timescale / Work Scheduling.
Often individuals invest in a low-priced property so that they can renovate and sell for a considerable profit, meaning they may be paying for their property alongside their new project. Factoring in your timescale is vital to prevent any financial dilemmas down the line. Creating a logical scheduling of works will enable you to be a better project manager - should you need professional assistance, KM Interiors would be happy to assist you. Finally, any construction industry professional would strongly advise against attempting any building work you are not capable of; as this will ultimately cost you in materials and expenses when later having to employ a workman. More so, this will amount in stress and cost you mentally.
Katie Malik Interiors is proud to offer house renovation services and renovation ideas to those seeking the reward, without the stress of scheduling and overseeing all necessary surveys and works. For more information regarding our cost effective, step by step services of renovation or Interior Design, contact the team today!