Property Renovation: In Pursuit of the Perfect Property
Parmdeep Vadesha
September 08, 2008
Property renovation remains an avenue that many homeowners in the UK find a worthwhile one. This is evidenced by recent research by Yorkshire Bank that showed more than half of those surveyed said they would be ready to purchase an older house that needs restoration so they could achieve the perfect property they are looking for. The bank says that the current condition of the market is prompting many homebuyers to take on moderately major renovation work to secure their dream home for a price they can afford.
Renovation Options
Renovating a property is an opportunity that many investors delve into. It may require a moderately minor upgrade to major structural modifications. Some possibilities include:
Improving and modernising the property by putting in heating, door entry systems, or installing new windows among others
Refurbishing and fixing roofs, walls, etc.
Refitting and restoring old plumbing, electric wiring, kitchens and bathrooms
Modifying the layout into something more appropriate such as subdividing spaces, altering room usage, or repositioning inner partitions
Dividing a large unit into two or more smaller ones
Renovation Advantages
Smaller initial capital expenses
Increase in capital income and/or rental revenues
The opportunity to develop the property according to your requirements
The possibility of obtaining grant funding for the venture
What to Do
Making the decision to renovate a property is something that should be taken seriously. Factors need to be taken into consideration such as the nature and extent of the repair work to be carried out, the requirements for planning permission, and most importantly, the cost. For this reason, experts in the field recommend some essential steps property investors should take prior to taking the step towards renovation.
Evaluate the work thoroughly. Obtain an assessment of the scope of the work required from an architect or building inspector.
Get an estimate of the costs. Make sure to obtain a reliable estimate of the expenses you will be incurring from a building contractor, a quantity surveyor or an architect.
Check the planning permission situation. Confirm the possible need for planning permission and if it´s possible for you to obtain it in the first place.
Secure your source of funds. Make certain that your source of finance has already given approval for your funding.
Verify the availability of grant funding. Inquire if you can get access to grant funding which you can use to offset the expenses – call your local council for help.
Get the opinion of an expert. Discuss your venture with a financial adviser and ask for advice regarding the undertaking. Also speak to experienced property developers and estate agents who know your local market.
Once you become an expert in renovating properties, even those with structural defects, you will gain a tremendous advantage over others in the market. Your skill will enable you to purchase practically any home, including those that some property investors choose to overlook. This is especially profitable, most particularly in sought-after locations.
After you have performed the necessary repairs, you will be able to resell the property at a much higher price than what you initially paid. When you have bought and resold a few smaller properties, you will sooner or later be able to work your way up to larger properties, which could represent more lucrative opportunities for you.
Renovation Options
Renovating a property is an opportunity that many investors delve into. It may require a moderately minor upgrade to major structural modifications. Some possibilities include:
Improving and modernising the property by putting in heating, door entry systems, or installing new windows among others
Refurbishing and fixing roofs, walls, etc.
Refitting and restoring old plumbing, electric wiring, kitchens and bathrooms
Modifying the layout into something more appropriate such as subdividing spaces, altering room usage, or repositioning inner partitions
Dividing a large unit into two or more smaller ones
Renovation Advantages
Smaller initial capital expenses
Increase in capital income and/or rental revenues
The opportunity to develop the property according to your requirements
The possibility of obtaining grant funding for the venture
What to Do
Making the decision to renovate a property is something that should be taken seriously. Factors need to be taken into consideration such as the nature and extent of the repair work to be carried out, the requirements for planning permission, and most importantly, the cost. For this reason, experts in the field recommend some essential steps property investors should take prior to taking the step towards renovation.
Evaluate the work thoroughly. Obtain an assessment of the scope of the work required from an architect or building inspector.
Get an estimate of the costs. Make sure to obtain a reliable estimate of the expenses you will be incurring from a building contractor, a quantity surveyor or an architect.
Check the planning permission situation. Confirm the possible need for planning permission and if it´s possible for you to obtain it in the first place.
Secure your source of funds. Make certain that your source of finance has already given approval for your funding.
Verify the availability of grant funding. Inquire if you can get access to grant funding which you can use to offset the expenses – call your local council for help.
Get the opinion of an expert. Discuss your venture with a financial adviser and ask for advice regarding the undertaking. Also speak to experienced property developers and estate agents who know your local market.
Once you become an expert in renovating properties, even those with structural defects, you will gain a tremendous advantage over others in the market. Your skill will enable you to purchase practically any home, including those that some property investors choose to overlook. This is especially profitable, most particularly in sought-after locations.
After you have performed the necessary repairs, you will be able to resell the property at a much higher price than what you initially paid. When you have bought and resold a few smaller properties, you will sooner or later be able to work your way up to larger properties, which could represent more lucrative opportunities for you.