If you’re in the market for a new home, whether it’s to live in, rent out, or quickly sell on for a profit, then renovation is something that you’ll want to consider. It might be that you’re looking for a property with potential, so that you can shape it to your own particular needs and tastes as a homeowner.
Assessing Structural Integrity
If your project is going to succeed, then the existing structure will need to be sound. There is no such thing as a successful renovation in a building that’s fundamentally flawed. Bring in a chartered surveyor to inspect the property. This kind of professional will be able to spot the signs of subsidence, dampness, and damage to the fabric of the building.
There are many different kinds of surveys available. A measured survey, for instance, will provide you with a scale drawing of the building. But in most cases, you’ll just want a survey that’s extensive enough to provide peace of mind. The Royal Institution of Chartered Surveyors (RICS) provides a searchable database of qualified professionals. Look for one near you.
Evaluating Essential Systems
As well as looking at the structure of the building itself, you’ll also want to inspect the essential systems. It might be that the wiring is outdated or dangerous, in which case it’s a good idea to rewire it before you start additional work. You might also take this opportunity to replace the boiler with an energy-efficient, modern alternative. Combi boilers tend to represent the gold standard, particularly for smaller properties. They’ll generate more heat using less gas, and drive down your bills in the process.
Understanding Planning Permissions and Building Regulations
Certain renovations will require planning permission. These tend to be the changes that will expand the footprint of the building, or fundamentally alter its character. You’ll also need to ensure that your builders can comply with regulations and demonstrate that they’ve done so.
In conservation areas, or listed buildings, you might face even more stringent restrictions. Do your research thoroughly before you commence work. That way, you’ll avoid having to restore the building to its previous condition.
Budgeting for Renovation Costs
Your renovations may be costly. You should have an idea of how much to spend before you agree to the work, or sign any contracts. Your budget should extend to materials and labour. Make sure that you have a figure from all of the labourers you intend to bring in. To be safe, it’s a good idea to add an extra contingency figure of around 10-20%. This will allow you to deal with unexpected costs, without having to resort to debt – or to delay your project indefinitely.
