Top tips for a successful property renovation
Whether it’s a hobby or a business decision, there are more and more people getting into property. The best way people find for making money on a property is through home renovation – if you buy a property cheap and can fix it up well then there is a profit to be made. Some people do decide to renovate property in order to create their ideal home for themselves, but whatever your reasons are, take a look at our top tips for renovation.
Renovation research is key
When spending large sums of money, even if the property is being sold at a knock down price, you should always do your research. Find out key details, such as how long the property was on sale for and what problems there are inside and out. The more you find out, the better prepared you can be; this means taking lots of time to assess how much work there is to be done – you won’t want to purchase a money pit where all of your funds are constantly tossed into an never-ending black hole.
Get expert advice
Whether you have experience in the industry or not, there is no better way to find out what work needs doing than to ask the experts. Make sure you have tradesmen visit before you purchase the property to discuss plumbing, electrics and other vital areas. Most tradesmen will be happy to give you a quote early on, so you get a good idea of what work needs to be done and what you can afford to do with the space.
Prepare for extra costs
It’s such a cliché these days, but it’s very rare for a project to come in on budget – there are always difficulties with every renovation because some of the problems will always remain hidden until they’re on top of you. Ensure you have an extra 10-15% extra on your initial budget to cover these costs and arrange your funding early on; if the cash stops flowing once you hit a problem there could be a long delay in your project.
Get the basics right
Thinking about all the amazing things you want to do with the space once you get a hold of it can be a pitfall for some people, as they become blinded by the grandeur and forget to take care of the basics. Make sure you get the boiler, hot water and heating system sorted before creating a library loft conversion; get the rewiring done before you install any expensive gadgets and get the kitchen in working order before blowing the budget on one expensive item for the bathroom.
A lot of the key decisions which need to be made you can get help with: a project manager, architect and your builder are all people who can help you to keep things on track and get the work done properly.
If you need help with your renovation project and need project management, then look no further than Aedifice. We provide professional, comprehensive services to help take care of all aspects of your renovation, extension or refurbishment work. Simply contact our team today for more information or to discuss your requirements.