Buying a property is one thing that people strive towards, but often initially find that that their chosen location can sometimes be out of reach. This is when buying in up and coming areas means that you can take advantage of an impending property boom. Some people also think that buying a house that needs moderniing can help them to afford more initially when it comes to the purchase. However, a renovation project can be somewhat overwhelming, especially if it is your first one.
There’s much to consider, and the options are varied. You could buy something that needs cosmetic work or go the whole hog and replace all sorts from the ground up. Whichever route you decide to go on, here are some of the factors to consider when buying a renovation project.
1. Finding the right renovation project
One of the first things to think about would be finding the right project for you. As discussed earlier, your options are varied. You could choose to do something simple that requires very little work but could still help your turn a house into a home that has been designed to your tastes or certainly help you turn a tidy profit. Or you could move up the ranks in regards to work level, perhaps replacing kitchens and bathrooms, or even knocking walls down to rejig a floor plan and make better use of the space.
Finally, you could consider rebuilding or adding an extension to increase the square footage of the property. However, when finding the right renovation project for you try to consider your experience and the costs.
2. Making sure the structure and property is stable
One of the biggest factors to consider is whether the property is structurally sound or not. The main thing to do would be to get some checks done initially to see what work might need doing and when. You may need the help of a foundation repair or structure specialist who could advise on the changes needed and the repairs to ensure that the property is viable for any other work taking place.
3. Deciding on the finish
One of the decisions you will make early on in your project would be what sort of finish you will go for. This may depend on whether you decide to live in the property, offer it for rental, or choose to sell on to make a quick profit. However, the finish could help in regards to the value, so it’s always worth thinking about where would be good to invest in your home, and where you could save some precious budget.
4. Working out the time it will take to complete
A timescale can be hard to place on a renovation project, especially if you haven’t done one before, but it’s important to help you adhere to your budget as well as ensure that the property doesn’t cost you more in overheads such as mortgage and bills while the work is being done. Again, if you are unsure on how to work out how long it will take to complete your project, speak to the different professionals undertaking the work.
You may also want to consider how they can or will work together to complete certain jobs. But, always be mindful that these timescales tend to be moved through unforeseen issues or even the length it can take to complete a job onsite.
Let’s hope that these factors help you be more aware of what is involved with a renovation project.