Ask Away Blog: 3 Things to Consider When Buying a Renovation Project

3 Things to Consider When Buying a Renovation Project

Wednesday, August 14, 2019



Choosing to buy a house that needs a lot of work is a big decision. The reality is a house that is in a bad condition or near-derelict state costs time and money before you can start to reap the benefits of your purchase. Expect the unexpected is the best way to tackle things projects of this nature. But regardless of whether you are flipping the house to resell, or making it your forever home, there are few things you should make sure to keep in mind when considering buying a home that needs renovating completely.
Photo by Milivoj Kuhar on Unsplash


Planning Permissions.

It goes without saying that things such as planning permission should be sought before you buy the property but before you do anything drastic like start work on increasing the size of your new building, check any limitations. If you are found to have built or removed something you shouldn't have, you may have to remove it and reinstate any original features.

So get everything confirmed in writing before undertaking any major works to make sure you don't fall foul of the law after renovations have started or even finished.

Finances.

Have a budget in mind, then have a contingency budget too. You never know what you are going to find no matter how detailed the survey or buyers information supplied. From needing damp courses to replacing rotten floorboards, sometimes things just take you by surprise. For example, if you come across asbestos in your property, you may need to hire  asbestos skip bins to be able to dispose of the waste correctly.

It makes sense to have a back up just in case things do crop up you weren't expecting so you are able to complete the works in a timely fashion without running out of funds to finish what you have started.

Timescales.

With all the best will in the world, sometimes things just don't run to plan. Be firm with your projected timeline and make sure yuo are sticking to it as much as possible. If this isn't something you are able to do yourself why not look at hiring a project manager who can take on the logistics of organising any outside contractors you need to hire to make sure everything is running as smoothly as possible. After all, if you are selling the house one, the longer it takes, the more money you lose as you have to make repayments to your mortgage provider until you sell the property.

Insurance
Make sure you are covered for anything that goes wrong by making sure you have the correct insurances in place for the work being undertaken. This needs to cover any damages to the property outside of expected changes, injuries to anyone on the property (although contractors should already have their own cover in place for employees).

It may be worth considering getting a warranty to cover yourself for any faults or damages relating to flaws in the design. The important thing to remember about getting this type of warranty is that the cost increases as work progresses so get it as early as possible.


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