The latest Rightmove survey has revealed that an impressive 90% of house hunters are willing to purchase property that is in need of renovations.
To assist these potential home buyers in identifying the ideal house renovation project, we asked two experienced property experts for their hints and tips.
1. Have a Sensible Budget
The number one piece of advice that Martin Tucker (25-year owner of his own architectural consultancy) can give is to budget for the entire project and work from there rather than adding up expenses as the project advances. A good figure to start with is an average of £1,850 per square metre for a home extension or renovation. An additional £1,000 per square metre should be added to the budget for decorating the space and any extra modifications.
Kitchen renovations are generally more expensive and can cost anywhere between £10,000 and £100,000 depending on the extent of the project. Basement remodels are currently trending but are expensive and can cost anywhere from £3,000 per square metre.
2. Due Diligence
Thorough research is essential, and Miles explains that it is recommended to consult with estate agents, or property managers such as Curchod and Co, regarding which features home buyers are looking for before selecting one of the thousands of properties that are currently available and in need of an upgrade. This will help ensure that the end result will add more value to the property and that there is increased interest from potential buyers when the time comes to sell.
3. Understand the Planning
Martin adds that it is critical to be realistic in what can be achieved. For example, the 45-degree rule that is still implemented as part of the Council’s Residential Design Guidelines may restrict planning for extensions and renovations. Basically, the rule states that no structure can be built within the area of a 45-degree angle from a neighbour’s nearest window. Although this rule is not always applied, it is important to be aware of it in the planning phase. Ask questions like “Can it be renewed?”, “Has it been extended in the past and has it reached its maximum extension?”, “Is it located in a greenbelt?” and “Is it in a nature conservancy?”
4. Understand What Can and Can’t Be Done
According to Martin it is important to check whether the property forms part of a World Heritage Site or has historical significance. For instance, Georgian homes may have certain features that may not be changed.
5. Interior Remodelling
As important as it is to bring the kitchen and bathrooms up-to-date, it is just as important not to neglect the outside of the property and ensure that the garden is suitable for children as well as entertaining friends and family, according to Martin. Privacy is essential, as is a patio and BBQ area to round-off the ideal home renovation project.
6. Don’t Cut Corners on Construction
Martin says that it is better to cut corners where décor and decorating are concerned rather than compromise when it comes to the actual structure and construction of the project. You simply won’t get as much value for your money in the long run by opting for lower-quality building materials and labour if you choose to save some money in the short term.
7. Personalise Your Home
One of the greatest benefits of buying a house to renovate is that you can tailor it to your needs, says Martin. So enjoy the process and design a home that you can enjoy and be proud of. If you are developing the property for resale and to make a profit, keep this in mind during the renovation as well as the fact that housing prices will fluctuate.
8. Focus on the End Result
Always keep the end result in mind. According to Miles, potential buyers are attracted to homes that are presentable from the road. Natural light is an appealing feature indoors as is loads of storage and cupboard space. A renovation that provides a kitchen and bathrooms that are sparkling and luxurious is a winning formula.