These days, it seems like everyone’s renovating a property. Switch on any property show and you’ll see people creating their dream homes from run-down, neglected buildings. So, if you’re looking for your next home and want to create the perfect space, what do you need to know before starting a renovation project?
At Brookings, we cater to clients throughout East London and Essex. Whether you’re looking for a turnkey new build or a project needing some TLC, we can help you find the property you’ve been dreaming of.
And, if you’ve got your heart set on doing up an older property, we’ve put together some key points you’ll need to consider before embarking on a large-scale renovation project.
A Lower Asking Price Doesn’t Necessarily Mean a Cheaper Property
You may find older properties in need of work are priced lower than newer or well-maintained homes. However, it’s important to remember that what you save on buying the building, will more than likely be spent bringing it up to standard. You’ll need to pay for an architect, surveys, builders, building materials and much more. Not forgetting that little bit extra in your budget for those surprise costs. Renovation projects often go over budget so you need to be realistic about what you can afford.
Is the Property Mortgageable?
It can be difficult to find a lender for some older or run-down properties. For example, properties without a bathroom or kitchen, those that pose a safety risk due to structural issues, properties with unsafe cladding and those built from non-standard materials can all pose problems when it comes to getting a mortgage. This could mean seeking other finance options such as a bridging loan, which can be complex to navigate without proper advice.
Planning Permission Could Hold You Up
If you’re hoping to extend a property or make significant changes to the structure, you may need planning permission from the Local Authority. This process not only adds to your costs but can take a considerable amount of time to come through. And with every added week, comes additional expenses such as mortgage payments or labour costs, without achieving what you need.
Daily Life Vs. Renovation Requirements
Often people underestimate the amount of time and planning a renovation project can take. If you have a full-time job or other daily responsibilities, are you going to be able to manage a large renovation project alongside these? Not only will you need to be available to discuss the works and keep on top of what’s going on, but you’ll need to choose every detail of what’s going into the new house (from door handles to skirting boards). You will also need to continually check that the work is up to standard and take care of the numerous other tasks that will inevitably arise. You could hire a project manager, but you need to be aware that this will eat into your budget. Make sure you have the time to get it done before you commit.
About Brookings
Based in Romford, we’re an experienced independent estate agent and have sold thousands of homes all over East London and Essex including Hornchurch, Upminster, Barking, Dagenham and Havering. Our team can help you find the perfect project, from a full-scale renovation to something a little less daunting.
So, if you’re ready to start your search, give us a call on 020 8591 9088 for a quick chat.
We look forward to working with you.
