Property renovations are a very interesting proposition especially if you have done your research. The amount of slightly rundown to outright derelict buildings available are bountiful, and if you select carefully you can grab yourself a real bargain and possibly make yourself a profit on the way. There are plenty of estate agents online to search through, and you may even fancy a trip to the auctions to try and find that new project.
The types of run down properties come in all shapes and sizes ranging from 1 bedroom flats to commercial buildings. One of the main advantages of buying a property in need of renovation is not only the cut down price, but the fact you can revitalize it to your own specification. If you purchase a property that does not need any work then you do not have as much negotiation power and it will be to somebody else’s requirements.
A lot of people can be put off by seeing the state of a rundown building, so this can work to your advantage if you can get past the initial shock. An older property can have character in abundance which some people feel newer properties lack, obviously this is a personal preference to the individual. Depending on size and budget, generally a like for like home built pre 1980’s will be larger than a home built after this time. Factor in a lower price sale for a neglected property, and you have a great opportunity to purchase a decent building that you can customise and modernise to your specification.
Works that may need undertaken when renovating a property, obviously depends upon the condition it is in. The project may need completely stripped out comprising of; new heating system, new kitchen, new bathroom, new doors/frames, news windows, full re-wire, new roof, decoration the list can go on depending on what is required.
The biggest thing to consider before you purchase a property is the asking price, and its future value once the renovation has taken place. This is the hardest bit to assess because nobody really knows the answer to this question! You can get a cost set against the building work, however this is quite hard to achieve due to the facts; firstly you have not bought the building and might not have full access and a complete understanding of what you want to achieve, and secondly it’s hard to get an exact quote off a builder at this early stage due to the lack of direction by the client for the above mentioned reasons. These uncertainties can be very off putting and daunting to say the least but with some structured research and logical processes you can minimise the risk.
To try and assess what the property will be worth once the works have been completed you can look online at companies such as Zoopla. Zoopla is basically a website that estimates a property’s value and also acts as a database for completed house sales, this enables you to search properties in the same street or area for recent sales information. This is a very helpful tool and can help you calculate the future value of the property. One thing to bear in mind when looking at these database websites is that you do not know the history to the sale, you may see a real difference in price on the same street two neighbours could have sold for £25k fluctuation in property prices in the space of a month. The condition of property is critical and if it needs work that must be reflected in the price, as is the necessity of the seller urgency for a quick sale.
If you are buying the property for a business venture or as a personal home, this can have a great influence on the price you should pay. A business venture is more money orientated as profit is always at the forefront of the project. Whereas if the house is to live in you may not be too concerned by the profit side and you may be more than happy to spend your money to get the house exactly how you want it, and take the budget near its forecasted ceiling resale value.
At CJK Builders we are aware of the needs of our clients and we can differentiate between a personal project and a business proposition. We have expertise in both of these types of renovations and can work with you closely to get then end result that you desire and on your agreed budget.