Posted on: Tuesday, September 6, 2022
Build your dream home and jump a few steps up the property ladder, without breaking the bank on a spot in your ideal location. Here are our top tips on buying to renovate:
The first step in buying a property to renovate is working out exactly what you can afford. It’s important to note that borrowing money from a lender isn’t guaranteed for all properties, so make sure you research your options thoroughly before setting your sights on a property. Buying a property that needs renovating will likely enable you to save on stamp duty, which gets higher as the cost of the property increases. However, you should weigh up how the cost of renovating will compare to buying a house that doesn’t need any substantial changes making.
Home renovation is not for the faint-hearted and you shouldn’t rush into any decisions without the help of trusted tradespeople. Whether you have worked with them before or they have been recommended to you, make sure you do your own research and never settle with the cheapest option to cut corners on expenses as this could result in large spending further down the line to amend poor workmanship. If you plan on doing the work yourself, consider the longevity of the products you will use and whether your skills meet the scope of your plans.
It’s important to realise the potential and limitations of how much value renovation will add to your property. Demand for a property is often reflected by the popularity of its location rather than the interior, so make sure your changes are adding real value rather than wasting money on bold and flashy additions. Fail-safe investments include fixing structural issues, loft conversions, updating your kitchen, bathroom and bedrooms.
Planning permission in the UK is required for home renovations and is granted by the local authority. The cost of planning permission depends on the scale of your project, so it’s wise to ensure your budget has some leeway before mapping out your project. Furthermore, the renovation must comply with building regulations, regardless of planning permission. These are the minimum requirements for design and if the standards aren’t met, you could be served with a notice to take the extension down. Once your offer has been accepted, it’s advisable to organise a full building survey from a qualified building surveyor.
Expect the unexpected and plan ahead for any future curveballs. You never know what surprises you’ll encounter once work starts. Unexpected issues arising such as woodworm, damp, missing roof tiles, plumbing and rotten window frames, will need to be factored into your overall budget - just in case.
Are you looking for an amazing home to make your own? Contact your local Guild Member today to begin your journey.
We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.