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How to assess the potential of a renovation project

People who love a challenge and a beautiful home will find it easy to renovate their house. When done properly, house renovation can pay off, especially if the homeowner plans to stay in the home.
Like all home improvement projects it takes planning and hardwork. However, a home remodel can bring life back to an old home and will increase its value.

How to locate a property to remodel

Property that is ready for renovation is often described in the details by an estate agent as ‘in dire need of modernisation’. This can be anything from a new kitchen, some cosmetic fixes, or removing the tree from the lounge. You should set your budget before searching for a house. Decide what kind of work you are prepared to do.

You may have even seen potential in an existing house. It is quite rare but not uncommon for people to be open to selling after receiving a letter from an interested party.

How to assess the potential value of a renovation job

How can you ensure you don’t get sucked into a cash pit when it comes home renovation? A survey should be done on any property before you purchase it. This will be performed by a member of Royal Institute of Chartered Surveyors.

There are a few things an untrained eye should look for before making an offer or booking a view.

You can’t have everything.

A great piece of advice for anyone seeking a renovation bargain is the old saying that the worst house is on the best street. No matter how great the property may be, it cannot be as good as its surroundings. So make sure you check out the local schools, green spaces, and amenities. Google Street View can give you a good idea of the neighborhood and help to highlight any untoward events.

The street’s maximum ceiling value can be found here

Rightmove and Zoopla let you see similar properties that have sold. This will provide you with an estimate of the property’s maximum value so you can determine your return-on-investment after home renovations.

Watch out for expensive repairs

The cost of repairing a roof can run into the thousands. Check for missing or damaged tiles, and any signs of bowing woods. If water has leaked through, it could be a sign of trouble. Windows can increase the cost of your renovations. It is possible to increase the size of single glazing by up to two, which will reduce heat loss and operating costs. You should keep the windows of character if possible.

What are the homes of neighbours?

What will your proposed changes look like? What improvements have they made to their houses that would be beneficial for you? Do they maintain their homes in a way that shows pride?

Is there potential to expand?

You may be able to change the size of your house to suit your needs. A garage or loft conversion might be possible. A simple loft conversion will be very cost-effective if you have the right pitch. A garden that is large enough may allow for a rear extension. This would leave plenty of outdoor space. Take a look at nearby properties to see what is possible.

Do you think it will require extensive renovations?

There are so many things you can do to improve your home. However, if you don’t have the budget to pay for this and it will limit your ROI, you might not want to buy the property. Instead, look for something that’s closer to what your requirements are in terms layout and size.

Does it have modern heating or electrics?

This does not have to be a dealbreaker. However, if the house requires complete rewiring and/or central heat installation, it will cost an additional PS3,000 to PS5,000 per job. This is for an average three-bedroom home. Old-fashioned electrics can be identified by a dated fuse box with ceramic and cast-iron switches, surface-mounted cabling and black or fabric cable; Bakelite switches and sockets.

Check out Inspired Home Selections – the best home renovation store Gold Coast.

Step-by–step instructions for renovating a home

How should you order your house renovations? To get the best house renovation results, make sure you plan your project properly after you have found the right house. Make the best choice by using our checklist.

1. Make sure you research the period features to protect them

Many historic homes have lost the charm that made them special over the years. Beams are covered, beautiful original windows replaced by uPVC and fireplaces converted to electric. It is disappointing to see homes that lack character. However it is important to do your research before you attempt to restore them.

Learn about the history of the house and how it was constructed. Also, consider the lifestyle of the people who lived there. A typical worker’s home would not have the amenities of a Georgian townhouse. The best thing to do is repair any damaged features, make sure the house is dry and safe, as well as undo any mistakes (such breathable stone walls that are covered with impermeable waterproofing coatings that can cause damp).

2. Estimate the cost of your house’s renovation

Before purchasing a property, it is important to research the costs of house renovations. After you take possession, make sure you look around the property and evaluate the extent of the works so you can establish a detailed financial plan.

You can get financing from a mortgage lender and pay the money over time. These lenders will help you finance your renovation project in stages. Once you have determined the steps, you can calculate when each stage will be completed.

In other instances, it is important to be realistic with yourself about what you can and cannot afford to do. If your property isn’t in a habitable condition, you should first make it safe and dry. Do not move in until major work is completed. You can live with minor alterations so long as you have rooms that you can cook in, wash in, and sleep in.

You can do a renovation that does not require demolition if the property is in good condition.

Sarah Beeny, TV presenter and property developer says it’s essential to set a budget. She states that rule number one is to establish a budget, and then stick to it. You should calculate the costs for each room. Take into account everything, from structural work such as underpinning to finishing touches. Then add all of it up to find out if you are able to afford it.

Contractors should provide a clear quote to help you determine your budget. A contingency plan of between 10-20% is recommended in order to be prepared for unexpected expenses. A separate budget will be required for furnishing and decorating the home after structural work is done.

3. Before you start renovating, be sure to verify any restrictions.

It should have been obvious to you at point of sale that your home was listed. But if in doubt, you need to check. It is a criminal offense to perform unauthorised work on a registered home. Many buildings constructed after 1840 or earlier will be listed. Over half a Million in the UK are. Find out if your property is listed at British Listed Buildings. You will need to obtain Listed Building Consent before you can make changes. An listed property may make it difficult to modify the house’s exterior design. Even if you are allowed to paint or plaster a listed property with gypsum plasters, it is against the law.

A conservation area can also protect a home. Conservation Areas have no restrictions on the exterior of a home. However, the Conservation Areas will affect your rights to develop (works that can be done without planning permission). This means that you might need planning consent to do work that has been approved elsewhere.

4. Application for planning consents

Once you have created your plans, you need to determine which aspects of the proposed renovations require statutory approval.

Hugo Tugman recommends that architects understand all the consents they will need. Do you have permission to use this building as a dwelling? Will you need consent to make a material change of usage? Is the building listed? Are you in a Conservation Area? Do you require planning permission? Even if you do not have permission, you will likely have to follow building regulations. A professional architect can help you navigate this maze.

To get started immediately, you should check with your local authorities and only undertake projects that are permitted development (PD). This includes converting an existing garage roof space or garage. Factor in the time necessary to approve your proposal if you have to obtain statutory permissions for certain works. Planning decisions take approximately eight weeks while full building regulations applications can take anywhere from five to six to six weeks.

5. Conduct a bat survey

Bats enjoy the quiet, dark nooks and crannies of old homes. To harm or disturb bats while they are roosting is a criminal offense. You can conduct a bat inspection to find out if your project needs to be taken to the next level.

Bat surveys can be costly but fines for not taking precautions and disturbing bats may be higher. Therefore, do your research before you start a survey.

6. For your house renovation, create a design

It’s worth taking time to create a design that will suit your needs. How will the changes work with the original house? Do you want extensions to blend in or stand out from the property? Are you trying to improve the appearance of your home or make it more modern? Discuss your goals with an architect, then discuss them with you to explore all the options.

It is important to think carefully about how you place your furniture. Sarah Beeny states, “Focus on the introduction of natural light, as it has the power transform and uplift any area.” You should arrange your rooms so that the most of your time is spent where the light is. Consider the view. A great one can make a difference.

7. Prepare a schedule for your work

Before you start any home renovation work, it’s essential to plan your process. Before you even start to renovate your home, you should be clear about the steps involved. Prioritise any works that can prevent further decay and stabilize the structure. Sometimes, it is possible for one room to have an effect on the rest (especially in the case of wiring and plumbing). To avoid this, create a plan of work that lists the tasks and prioritizes them.

Do not attempt to do major structural work on a house or extend it without consulting professionals.

While a loft conversion may seem like a small job from the ground level, it can have a significant impact on the building regulations. It might also require a sprinkler system, fire doors and mains powered alarms. These issues can impact the budget and the aesthetics as well.

8. Find the best contractor for your renovation

Recommendations from family and close friends can be helpful in finding an architect, builder or project manager.

Michael Holmes, expert renovator says that it is important to feel at ease and confident in all of the workers on your site. It’s worth bringing an expert, such a builder, to view your property and get an idea on the costs. Then you can make an offer.