Five Things To Consider When Buying A Home Renovation Property
Buying a property can be exciting, especially if you want to take on a renovation project. We have compiled a list of things to consider when buying a project property, our handy list will help you consider some key factors when choosing the perfect property to buy.
Location
Location affects the value, demand, and potential resale of a property, making it a key consideration for buying a renovation project. As this can’t be changed, factors such as proximity to amenities, schools, and local services can all impact the property's desirability and price. Additionally, planning regulations may affect the feasibility and cost of a house renovation.
Budget
Budget is a crucial consideration when buying a renovation project. Your budget determines how much money can be allocated for materials, labour, and contingencies. Set a realistic budget, inadequate budgeting can lead to unfinished or inadequate work, which can negatively affect the property value and resale potential. Prioritise the big jobs that can’t wait such as structural or electrical work, a low-budget bathroom or kitchen makeover may mean you can put off full renovation of those rooms until you’ve had time to save more.
Garden
The size of the garden is also a key factor to consider as it can impact the property value and the cost of renovation. A larger garden may offer more outdoor living space and enhance the property's aesthetic appeal, but it may also require more time, effort, and money to renovate. On the other hand, a smaller garden may be easier to care for but may limit the property's potential for outdoor living and entertaining. Think about your target market and who the property will appeal to, in terms of what sort of garden would be suitable.
Space
The space on offer throughout the property is an important consideration in a renovation project, is the current space sufficient? Will it need some re-modelling to create a desirable kitchen-diner or can you create an en-suite by moving some internal walls? Re-modelling, the existing space to create the areas you want, can be more cost-effective than adding extensions.
Timescale
The scale of work that is required will determine the time it will take. With this in mind, you will need to consider where you’ll be living during the process. If you want to save some extra pennies instead of looking to rent elsewhere, it is possible to live in a renovation! Keeping a room or two clear to have space to relax in will help you cope with living in a home renovation project. Another possibility is to split the work into smaller projects depending on priority and also budget, this way you can use the completed rooms to live in whilst you complete the next room!
