Four Potential Pitfalls When Buying a Property to Renovate

Property renovation has risen in popularity after several television programmes were aired on the subject. Whether a property is being renovated for resale or to create a dream home, renovation is a big project which will require a lot of investment both in terms of time and money. Renovation projects rarely go completely as expected, however, so to make your project run as smoothly as possible, consider these four potential pitfalls and ways to avoid them.

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Not Budgeting Effectively

Try not to make too many changes to your project once work is underway unless a problem is discovered which makes this necessary, as making changes can be very costly. Try to repair items where possible rather than replacing them, as this will save money, and in older properties it is wise to retain as many original or period features as possible, especially if you are hoping to sell the property on at some point. Above all else, make sure you have a contingency of around 10-20% of the build budget to allow for things taking longer or requiring additional materials.

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Not Getting a Survey

Properties which require renovation are going to be far from perfect. Not all renovation that is required will be cosmetic, so don’t wait for your work to uncover problems with the property such as damp, subsidence, rot or major structural defects. Getting a survey done can warn you of these before you even commit to buy. If you need a building survey London has options such as Sam Conveyancing. Use a chartered RICS surveyor and you will receive valuable information about the building such as the type of construction and the materials which have been used, as well as details of defects found, how to rectify these defects and the likely cost.

Not Choosing your Builders Carefully

Do your research and ideally get a recommendation from someone you trust. Make sure you have seen examples of their work and spoken to previous clients before signing on the dotted line. As tempting as it is to go with the cheapest builder who can start right away, think about why they are cheap and why they aren’t busy. Real Homes gives a list of signs to look out for. A good builder that you can rely on to get the job done properly is definitely worth waiting for.

Taking On Too Much Yourself

The phrase “if you want something done right, do it yourself” may not always be true when it comes to property renovation. Some things are definitely best left to the experts, who will complete the job much quicker and to a better standard and finish than even the most expert DIYer.